Thursday another win for the bulls to make it 11 up days for the bulls. What a big move into some of the last of the big cap earnings. Next week they are fewer and further between, leaving AXP, AMZN, MSFT and KLAC to wrap up this weeks action. The TRIN closed at 1.02 still too high for this type of action and very suspect. The VIX closed at 23.43 just off the lows. Volume gave us the best show of the week on the NYSE, Nasdaq and futures all coming in very nicely. Gold closed up $1.50 at $954.80 and oil up $1.64 to $67.04 a barrel.
After the bell earnings were alright but nothing blowing the markets socks off. Revenues and margins were a little disappointing on AMZN and MSFT, while AXP beat by 1 cent and missed on revenues. BIDU reported (they moved) and beat on EPS and Rev. So fairly mixed after hours but overall more stocks are trading lower off the announcements than we’ve seen all week and futures are off as well. The market is overcooked up here and no pullbacks for 11 days now, is making for a touchy spot for the bulls. They need to rest.
It is the same story technically with us being overbought on daily, 65 minute and almost there on the weekly charts and we still have one day left in the week. The Dow managed to trade over 9088.06 the January 6th high, but closed just under by the time the day ended. These late day tight consolidations we’ve seen are just tiresome and not providing a lot of opportunity. However, today did not ramp up late day, it fell off. We’ve been running to the bell with no downside thought even. Thursday changed that tone and ended the day off the highs and now falling in the after hours. AMZN off about 7.3%, MSFT almost 7%, AXP 5%, all off earnings, but futures trade all night and they are down, the QQQQ, SPY , DIA all down in after hours. Is looking like we may see the weakest opening we’ve had in awhile. Be careful with that, we could gap down and continue or see buyers swoop in. It is Friday and there is data at 9:55 which can be market moving.
Economic data for the week (underlined means more likely to be a mkt mover): Friday 9:55 Univ Of Michigan Consumer Sentiment, 9:55 Univ Of Michigan Inflation Expectations. Monday 10:00 New Home Sales, 6pm Fed Chairman Bernanke speaks, Tuesday 9:00 S&PCS Composite-20 HPI, 10:00 Consumer Confidence, 10:00 Richmond Manufacturing Index, 12:35 FOMC Member Yellen Speaks, 6pm Fed Chairman Bernanke Speaks, Wednesday 8:30 Core Durable Goods Orders, 8:30 Durable Goods Order, 8:30 FOMC Member Dudley Speaks, 10:30 Crude Oil Inventories, 2:00 Beige Book, Thursday 8:30 Unemployment Claims, 10:30 Natural Gas Storage, Friday 8:30 Advance GDP, 8:30 Advanced GDP, 8:30 Employment Cost Index, 9:45 Chicago PMI.
Some earnings for the week (keep in mind companies can change last minute: Friday pre market BDK, IR, SLB, and nothing after the bell. Monday pre market GLW, DEP, HON, SOHU, VZ and after the bell AMGN, MTH, VECO. Tuesday pre market BP, COH, ENR. TEVA, X, UA, VLO, and after the bell CTX, DWA, ERTS, NSC, PNRA, STM, THQI, ULTI, WCG, XL. Wednesday pre market AET, AMT, COP, GD, MSO, Q, SAP, S, WLP, and after the bell AEM, XRAY, DRIV, ESRX, GG, RYL, V, VAR. Thursday pre market ABC, ABX, CI, CL, CMI, XOM, IP, K, MA, MYL, MOT, NYX, ZEUS, PTEN, TRV, and after the bell DRYS, DTE, ERES, ESLR, FSLR, GPRO, MET, PDLI, VSEA, DIS. Friday pre market AEP, D, TOT, WY and nothing after the bell.
ES (S&P 500 e-mini) Friday’s pivot 965.50, weekly pivot 914.50, monthly pivot 918. Intraday support: 962.25, 957.75, 953.50, 947.25, 939.50, 933.75 38.2%. Resistance: 973.50, 976.50, 978.75, 981.50-982.25
