Futures are up…duh! Never going down again.
Earnings this week:
Before open: AMTD, ATI, BAX, CAT, CNC, EDU, FITB, FCX, GLW, JBLU, LMT, LLY, MMM, MAS, MCD, NVS, PCAR, R, SWK
After close: CHRW, CNI, COF, CMG, DFS, EW, ESRX, IRBT, P, T
Before open: ALK, ANTM, AVYM BA, GD, GM, HES, HLT, IP, KO, LEA, NSC, NOC, PII, SLAB, TUP, UTX, WYN
After the close:: AFL, AMP, BCR, EFX, FFIV, GRPN, LSTR, NOW, ORLY, RMD, SU, TSLA, TXN, TSCO, TRN, WHR, XLNX
Before the open: ALXN, AMT, AN, BUD, BIIB, BEN, CME, CMCSA, DPS, F, IR, LUV, MA, MCK, POT, PX, RS, RCL, SHW, SAVE, STM, TROW, TAL, TECK, TMO, UPS,, WM, YNDX
After the close-
AMD, ALGN, AMZN, AMGN, BIDU, BWLD, CENX, CY, DECK, EXPE, FISV, FTV, FTNT, GOOG, HBI, INTC,LEG, MSFT, UCTT, WDC
AAN,ABBV,AAL, CL,MRK,UBS, XOM
Dates subject to change. Please check for yourself. Notice lots of important names this week. This is just a small sampling. Many more names reporting.
To be repetitive on the sentiment front:
Sentiment remains off the charts bullish. Markets remain verrry overbought as price is stretched and extended. BUT…as we have always told you, sentiment is not a pinpoint indicator. Very often, too bullish sentiment can stay on the high side for a while. So, watch price…and to this minute, price remains strong.
ALL major indices remain above support and moving averages. WORLD markets are also in tune. The best bullish markets are the ones where world markets are working. ALMOST 7 out of 10 stocks are now working. MORE and more sectors are showing up on our screens. Not sure we need to say more. but REACTIONS to earnings have been good. Bad earnings like IBM gap up. Really bad earnings like GE reverse the gaps to the downside. Good earnings are rewarded.
TRANSPORTS remain strong as the pullback has been minor.
SMALL CAPS, while resting have hardly budged.
FINANCIALS are working. Poor reaction s like GS get bought up. Smaller financials are also setting up into earnings.
SEMICONDUCTORS remain beasts. The worst we can say is the group is the most stretched and the most overbought on our screens.
There are still a bunch of areas to avoid like:
A slew of OIL/ENERGY names though the REFINERS are strong.
CONSUMER STAPLE areas like FOOD,TOBACCO.
MEDIA, a ton of RETAIL, RESTAURANTS,CABLE/SATELLITE,.
We remain in the midst of earning’s season. So far, so good. A few big blow-ups are occurring but this is normal. Just realize at any time, the “overboughtness” can take over but so far, nothing doing.
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.