Wednesday another narrow range day that spent most of the day chopping around. The Nas Composite, Nas 100, and the Dow closed slightly green on the day on heavier volume than Tuesday delivered. The S&P 500 closed modestly red on heavier volume than Tuesday delivered. The TRIN closed bearish at 1.74 and the VIX at 16.32 which is about mid range on the day. Gold closed up $4.80 to $1144 and oil down 17 cents to $83.68 a barrel.
The market continues to sit under the years highs, although Apple did help to prop the market up today. Mixed results after the bell with SNDK, SBUX, NFLX up nicely and EBAY, QCOM, ISIL all selling off. Futures reacted mildly to the downside off the releases after the bell, unlike the huge reaction on AAPL yesterday. Market breadth did not support the upside move today with the TRIN at 1.74, that is certainly showing there was some profit taking going on. The U/D and A/D lines were neutral throughout the day.
Into Thursday the market has the first look at economic data this week. Earnings continue to rollout and the range is stuck digesting near the years highs. The Semi’s were weak on the day and that should be closely watched into Thursday. The Nasdaq will struggle to get far without that participation. The ES continues to wrestle with 1204 and until that clears we won’t be looking for the bulls. Through 1204 and onto 1211 and 1214.75 would be where the bulls head. Under 1185.5 and we look for 1179.5 and onto 1171 for support on the ES. The NQ under 2005.75 look for 1997 and 1985.75 is likely.
Economic data for the week (underlined means more likely to be a mkt mover) Thursday 8:30 PPI, 8:30 Unemployment Claims, 8:30 Core PPI, 10:00 Existing Home Sales, 10:00 HPI, 10:30 Natural Gas. Friday 8:30 Core Durable Goods Orders, 8:30 Durable Goods Orders, 10:00 New Home Sales. Saturday IMF meetings (Greece concerns likely to be a focus).
Some earnings for the week (keep in mind companies can change last minute: Thursday pre market ALK, ABC, BG, CAL, CY, FITB, F, ESI, LLL, MAR, NOK, NUE, BTU, PENN, PEP, PNC, PFS, RS, LUV, SU, TASR, TRA, UNP, VZ, WSO, ZMH and after the bell AMZN, AXP, COF, CAKE, DECK, IGT, LSCC, MSCC, OSIP, PMCS, RMBS, STMP, STM. Friday pre market CMS, HON, IR, SLB, TRV, XRX and nothing after the bell.
SOX (semiconductor) closed -4.29 at 391.42. Support: 388.98, 385.03, 381.07. Resistance: 394.10, 395.88, 397.47, 398.58
