Forgot to mention bad overnight for the Hang Seng. So many China ADRs hit this morning with a couple of names actually breaking the 50 day this morning. This is overdue. Patience here. Let’s see where they take them to.
Woke up this morning, getting ready watching tv, saw two pundits say we are going to have a bull market for about another 10 years. Will let that rest with you.
Futures down. No way! NDX futures worse than DOW/S&P. Don’t worry. Should be up by 11 am. (Sarcasm…maybe)
Just to be repetitive…sentiment indicators have been off the charts bullish and frothy…but as we have told you, sentiment is not a pinpoint indicator but something to watch. If the market decided to correct a little here, it would be as normal as a NY Knick loss.
Yesterday did give a little clue…DOW up 160, NASDAQ flat. It is those types of huge divergences that corrections come from.
One story out is that Iphone 8 not selling well…so AAPL down $2.60 this morning. Suppliers also smacked a bit.
ADBE updated numbers…up $11.
Gappers to the downside are EBAY, GPC, AXP, KALU.
The big story this morning is IBM as it is up almost $10. IBM reported lower earnings and sales from the year before but BETTER THAN EXPECTED. Of course, IBM used about an 11% tax rate. But in the spirit of IT’S NOT THE NEWS, IT’S HOW MARKETS REACT TO THE NEWS, we take no issue. This will surely open the Dow above 23,000 (yippee) as that’s about 70 Dow points. BTW, up until this morning, IBM is trading just above where it was in the year 2000.
Leader LRCX also reported…and they were strong numbers. Up about $3. Keep in mind, semis have had a strong run.
For the rest of the week, earnings out of:
AXP, EBAY, BBT, BK,DHR, DNKN, ITW, KEY, URI, KEY, NUE, PM, PHM, PPG, SAP, TRV, UNP, VZ, ETFC, ISRG, KLAC, MXIM, PYPL, STLD, GE, HON, KSU, SLB, STI….and that’s just the beginning.
NDX futures hardly up but DOW futures better because of IBM.
What a turd. Puts others in harm’s way for his cowardice…and we traded 5 Taliban prisoners for him. I guess one can argue after all, he is an American. I guess!
GS up about $2.80 in the Dow.
After being up a few last night, NFLX now down almost $1. Lots of spending going forward.
MS up about 1.5%.
UNH up $4 in the Dow.
JNJ up $1 in the Dow.
HOG down $1.50.
BMI down about $9 big dollars.
After the close: IBM, UAL, CP. IBM has been a big lagging name.
BIIB up on upgrade and drug news.
Leader LRCX now upgraded.
Markets remain very overbought but hasn’t and so far, doesn’t matter. The best thing the market could do is work off the past 3 week’s move…