🔥Earning Season is Driving Us🏎️

Earnings Season is in full effect and currently driving the indexes. This is good news. We are focused on what is impacting companies versus simply looking at the indexes. Overall earnings have been very good MSFT and AAPL last week had great quarters . AMD and GOOG last night had exceptional reports with virtually no flaws. While the Indexes sold off initially today, they stabilized holding key levels. There is nothing wrong with pulling back and and filling. Its preferred and healthy. When we have a correction usually there is an initial bounce which we have had. Next we go sideways or back fill. Even a retest of the previous low can not be ruled out. Overall baring something unforeseen I do not see that happening. Earnings have been very good on the whole. The probability of 4 or more rate hikes have dropped. This is all good for the equity markets. Focus on closing above 21 day moving averages on the SPY and QQQ. This is where we rallied too today and stalled. As long as we stay above those lines, consider adding to positions on dips. Facebook earnings will be our first test. The company missed earnings projections massively and is down over 20% after hours. It’s dragging several names in the sector down as well. Its also causing some weakness overall. This is a good thing. We need to test the recent rally. A bounce tomorrow would signify less probability of making new lows.

Tomorrow morning all eyes will be on Jobless Claims at 8:30. The 245,000 estimate is lower then the previous week. ISM non-Manufacturing and ECB Press Conference at 10:00 am. Both of these events can also move the markets. Below I cover 5 stocks to BUY/SHORT tomorrow. Entries and targets are marked off. Let’s get to it.

Let’s Look at our Indexes

Let’s Look at our Stocks

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