All nine sectors moved
higher on Wednesday…XLK, XLP and XLE were the strongest sectors and XLP
was the weakest.
Breadth strengthened as advancers led decliners 1.40
to 1 on the NYSE and decliners
led advancers 1.16 to 1 on the NASDAQ.
Wednesday – strengthened, advancers led
Tuesday – weakened,
mixed
Monday – strengthened,
advancers led
Friday - weakened,
decliners led
Thursday – weakened,
decliners led
Wednesday –
strengthened, advancers led
SPY up 1.03 at 210.63 on 78.01 million shares
VIX down .54 at 12.71…
TNX up .56 at 19.72…
TLT down 1.98 at 127.72…
XLF up .17 at 24.28 on 21.5 million shares
AAPL up 1.71 at 128.62 on 37.6 million shares
FB up 1.01 at 84.63…on 45.3 million shares
Technical Commentary:
IWM +0.15%,
DIA +0.45%, SPY +0.49%, QQQ +0.55%.
QQQ led the broad market ETFs with
strength in point leaders MSFT, FB, AAPL, GOOG, INTC, TSLA, AVGO, BRCM, MU
and PCLN.
After the
close FB was lower on an eps beat by two cents but on revenue of $3.54
billion vs. an estimate of $3.56 billion.
If we remember how to count, that’s a miss of $20 million dollars. Imagine a performing sky diver assigned to
land on the 50 yard line of a football field and who lands at the 49 1/2 yard
line instead. That’s the magnitude of
the miss.
Of course FB
moves down $1.85 in
after-hours or roughly $4 billion on the 2+ billion shares outstanding. Now here is the irony…that was after
the CFO told analysts that revenues would have been $190 million higher except
for foreign currency translations. The CFO
also indicated that currency impact will be greater in the second quarter. In other words had the dollar not been so
strong this would have been a revenue beat.
This could be one of those instances once everyone thinks through the
situation the stock reverses back into the direction of the uptrend. Time for a Wall Street IQ test.
Semiconductors SOX +1.37% which had a good day, got hit after the close on negative earnings reactions
from TXN -6.52% on .61 eps vs .62
estimate, revenues 3.15 billion vs. 3.2 billion estimate, QCOM and XLNX. We are looking for semis to reverse today’s
gains on Thursday morning.
The DJIA
was led by gains in MCD, V, AAPL, GS, AXP and IBM which accounted
for about 73 points of the 88
point gain on Wednesday.
The SPX
was led by percentage gainers FTI, STJ, BRCM, PRGO, TSO, MAT, V, YUM, MA,
ETFC, AVGO, BK, MU, MCD, EMC and INTU.
Thursday
has numerous companies reporting earnings including MMM, LUV, PG, UNP
before the open and AMZN, GOOGL MSFT and SBUX after the close. See list below.
Wednesday’s Earnings
Winners: BRCM +5.00%, YUM +3.95%, ABT +2.61%, EMC
+3.08%, KO +1.30%,
MCD +3.13%
Losers: CREE -8.59%, CMG -7.41%, ILMN -4.65%, ISRG
-5.45%, URI -2.16%, YHOO
-1.16%, URI -2.16%, BA
-1.40%
Earnings reactions
after-hours: EBAY +6.17%, ORLY +3.84%, T
+1.19%,
TXN -6.52%, XLNX
-3.45%, QCOM -3.00%, FB
-2.19%, FFIV -2.84%, TSCO
-1.68%
This week more than 150 SPX companies are reporting earnings.
Trade with the trend of
the chart you are trading and
continue to move your profit protection stops. Continue to follow your rules.
Short-term Chart Targets:
SPY = 210.33, 210.70,
211.40...
QQQ = 108.38, 109.17…
IWM = 125.55, 127.13…
Support Levels
SPY = 207.01, 205.39...
QQQ = 105.55, 104.50…
IWM = 123.77, 122.90...
Earnings Week of April 6 – AA, BBBY, WBA, STZ
Earnings Week of April 13 – JNJ, JPM, FAST, WFC, INTC, BAC, CSX, DAL, LLTC, SNDK, NFLX, GS,
C, AMD, AXP, CE, MAT, NOW
Earnings Week of April 20 – CHKP, HAL, HAS, MS, RCL, STI, IBM, LRCX, ZION, ARMH, ATI,
BHI, DD, HOG, LMT, PCAR, TRV, UA, VZ, AMGN, BRCM, CMG, CREE, ILMN, ISRG, URI,
UTX, YHOO, YUM, ABT, BA, EMC, KO, MCD, CTXS, EBAY, FB, FFIV, ORLY, QCOM, T,
TSCO, TXN, XLNX, ABBV, ALXN, BAX,
CAM, CAT, DHR, DOW, DPS, FCX, HP, HSY, LLY, LUV, MMM, MO, NDAQ, PEP, PG, SIAL,
SWK, UNP, WHR, ALTR, AMZN, ETFC,
GOOGL, HBI, JNPR, KLAC, MSFT, SBUX, SRCL, SWN, AAL, BIIB, STT
Q1 Earnings Reaction
Positive Reactions – BRCM, ILMN, YUM, MCD, KO, EMC, ABT, ATI,
LRCX, PCAR, ARMH, AMGN, HAS, CHKP, HAL, MS, STI, NFLX, CE, MAT, C, DAL,
FAST, INTC, JPM, LLTC, STZ, WBA, KMX, DGLY, CTRP, JUNO,
KBH, MFRM, NKE,
More than 10% - ATI, HAS, NFLX, CE, DGLY, CTRP,
JUNO,
Negative Reactions – CMG, CREE, ISRG, BA, HOG, TRV,
UA, URI, YHOO, DD, BHI, RCL, AXP, BAC, GS, JNJ, SNDK, AA, BBBY, MU,
GME, YOKU, XONE,
More than -10% - NOW, AMD, YOKU,
Reversal in progress –
AA, GS,
Reversal of Initial Reaction – GME,
MU, YOKU, XONE
The SPX Market Forecast is
pointed up
at 78.
___________________
Setups
Horizontal Breakout: SPY,
CSIQ, EXPE, FEYE, JASO (long term), JD, QIHU, RAX, SCTY, SPLK, SUNE, ZION, HPQ,
JNPR, TBT, AAPL, EA,
Diagonal Breakout: DAL,
SWI, SWKS, UNG, ADBE, ADSK, EBAY, INTC, MSFT, ROST, SBUX,
Bull Flag: AIG, JCP, LOCO, UA, NFLX,
Potential Bullish
Divergence: KNDI,
Gap Up: EBAY, ORLY, T,
Gap Down: FB, QCOM, XLNX, FFIV, TSCO, TXN
At Support: BABA
Moves
New Highs: AKAM,
H Breakout: SPLK, TPX,
V, YELP, MU, PCLN,
D Breakout: Z
Bull Flag Bounce: C, ETFC,
GPRO, SCHW,
Bounce: BAC, FAS, SINA,
MTW, GMCR,
MACD Divergence Bounce:
AVGO,
Gap Up: ANGI, SFUN, BRCM,
TSLA, KO, YUM,
Gap Down: CMG, CREE, ISRG, URI
______________________
69 of 100
NDX stocks closed higher and one was
unchanged on Wednesday.
Leading NDX 100 stocks included: BRCM, TSLA, MAT, AVGO, MU, INTU, REGN, GMCR,
WYNN, TRIP
Lagging NDX stocks included: ISRG, ILMN, MYL, GRMN, YHOO, ALTR, CHTR, GILD
SPLS, WFM
Leading stocks > +2% on Wednesday:
GPRO, V, ETFC, JASO, SINA, SOHU, SPLK, VSLR, ZION, FAS, SCTY, QIHU, YELP, SUNE,
TPX, Z, MBLY,
Lagging stocks < -2.0% included: CREE
Stocks to Watch on Thursday
Holding Above 30 DMA = 58
LVNTA,
SIAL, KRFT, ORLY, ADI, ALTR, VRSK, XLNX, CTRX, ESRX, ISRG, MDLZ, VIP, CTXS,
DISCA, TSLA, MYL, AMGN, CMCSA, DTV, NFLX, PCLN, SBUX, VRTX, GILD, PCAR, VIAB, ALXN, STX, TSCO, VOD, MAT,
AKAM, CSCO, ILMN, INTC, MU, WDC, SYMC, AAPL, ADSK,
AMZN, ATVI, BIDU, CHKP, EA,
FB, HSIC, LLTC, MNST, MSFT, REGN, SBAC,
SIRI, TXN, AAL, BRCM, LRCS
Moving Above 30 DMA = 10
AVGO, FAST, INTU, KLAC, NTAP, NVDA, NXPI, QCOM,
SRCL, WYNN
Moving Below 30 DMA = 1
YHOO
Staying Below 30 DMA
WBA, BIIB,
CERN, CHTR, CTSH, SPLS, FISV, LMCA, DLTR, ADBE, ADP, BBBY, CA, COST, EXPD,
ROST, PAYX, GOOG, CELG, CHRW, EBAY, FOXA, MAR, SNDK, TRIP, LBTYA, AMAT, GMCR,
DISH, WFM, GRMN
6-month Intermediate
Term Market Trend: Up
3-day Short Term Market Trend: Up
