What a strange week.
Overall, it was a big, ugly”W”: We began the week at about 8,100, fell to 7,800 Tuesday morning, rose to 8,050 on Wednesday (hump day), fell to 7,800 again on Thursday and then back to 8,100 on Friday. In summary – NOTHING HAPPENED! We have that gap to fill on Monday around 8,000 (last Monday’s gap down open) and, unlike this past week, next week is going to be chock-full of scary data points including Consumer Confidence and Case/Shiller Home Prices on Tuesday, GDP and the Fed on Wednesday, Jobless Claims and Personal Income and Spending along with the Chicago PMI on Thursday and Friday is still busy with Michigan Sentiment, Factory Orders, ISM and Auto Sales for April.
It’sgoing to be fun, fun, fun next week as another 25% of the S&P 500 are set to report and early on,we’ll be keeping our eyes on the following:
- Monday: BEAV, CHKP, GLW, ENR, HUM, LO, ONB, QCOM, SII, TZOO, VZ & WHR. Evening: AXS, BIDU, FNF, FADV, HLTF, HXL, MAS, MTH, OLN, RCII, SWN, TUES, UHS, WRE, WRI and XL
- Tuesday: AG, AMFI, AMED, AM, BDX, BMS,BMY,BCO, CRDN, CCE, CVH, ELNK, FMD, BEN, FDP, HCP, HL, KELYA, LAZ, LCAV, LVLT, MHP, NWPX, ODP, OXPS, ORB, PCAR, MALL, PCZ, PFE, SMG, SBNY, SPAR, STFC, TLAB, X, UA, VLO and WAT. Evening: ACE, BLDP, BWLD, CRI, ETFC, FIS, HTZ, MEE, NAL, PNRA, PRAA, RFMD, SUNH, JAVA and VFC.
So plenty to keep us busy but earnings last week were way better than expected overall and guidance was not too depressing so we’ll have to see what kind of follow-through we can now get on that and if there is any gas left in the market to finally punch through that 8,200 mark or if we are still doomed to correct back to 7,632 in the very least.
As I mentioned in last week’s wrap-up, we called it right by entering the weekend 55% bearish despite the fabulous stick save of Friday the 16th. In fact, I should have gone with my gut at 3:43 that day when I said to members: “DIA – 1/2 cover into the close it is then. I wanted to go more bearish but the levels won’t let me!” Thank goodness we stay bearish though because, as you can see from the chart above, there was no time to adjust on Monday morning as we gapped down almost 200 points in…