Futures vs FV: SP +6.33; DJ +33.98; NASDAQ +26.14
Stock indices try to continue the Thursday relief move that was, in most cases, nothing more than a relief move. SOX was solid and will continue to be solid thanks to AMAT earnings and its comments about the chip equipment space helping NVDA's price as well. Everything else has to prove itself.
That means NFLX, AAPL and other 'sure thing' stocks. One analyst is saying this is a rare opportunity to buy AAPL on a dip. Perhaps. Friday after a selloff is not necessarily the best indicator sessions.
That said, there are some nice patterns out there upside. If the selling resumes, the drugs/biotechs with some very good patterns will move. Today perhaps not as the indices are in the second day of relief. There are other stocks in good position that are not drugs and the more defensive.
Earnings Beats: GPS; ROST; CRM; ADSK; AMAT
Misses: DE (TL, but really increased guidance); FL (TL, BL); CPB Soup (TL, BL); MCK (TL)
CRM, DE and others noted the weaker dollar helping earnings. If that is the case, AAPL should really be helped as most of its business is outside the US.
OTHER MARKETS
Bonds: 2.243% vs 2.229%. Bonds fade, yields rise as political scene calms.
EUR/USD: 1.1187 VS 1.10985. Dollar fades again against euro.
USD/JPY: 111.05 VS 111.584. Down a bit against the yen as well.
Oil: 44.91, +0.56. Was back over 50/bbl, but slipping a bit of its gains.
Gold: 1255.20, +2.40
Trump heads to Saudi Arabia. When it gets hot in DC, leave, right?
We will look for opportunity upside from good patterns; if they show the moves, they show the moves. The overall market bounce is still a question mark, but it is going to start higher and that could spring some good patterns.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm
PLEASE DO NOT REPLY TO THIS EMAIL. USE THE CONTACT US PAGE ON OUR WEBSITE.
Customer Support: http://investmenthouse.com/contact_us.php
No comments:
Post a Comment