All nine sectors moved higher on Friday. XLE +4.00%, XLB +2.64% and XLI +1.80%, were the strongest sectors.
On Friday the Euro was up 100 pips to 1.3878. TNX was up +0.63 to 22.32. TLT was down -1.68. Financials XLF was up 15 cents.
GOOG +32.69, +5.85% announced earnings after the close on Thursday of 9.72 vs. estimates of 8.74 and revenues of $7.51 billion which also beat estimates.
This week AA reported earnings and revenues above last year, but with EPS less than estimated. AA did affirm a 12% growth rate for 2011. A positive macro factor suggesting a double dip recession is a low probability.
GOOG +32.69, +5.85% announced earnings after the close on Thursday of 9.72 vs. estimates of 8.74 and revenues of $7.51 billion which also beat estimates.
This week AA reported earnings and revenues above last year, but with EPS less than estimated. AA did affirm a 12% growth rate for 2011. A positive macro factor suggesting a double dip recession is a low probability.
JPM reported better than expected earnings, but investment banking fees fell 31%. A major bank still profitable in an extremely low interest rate environment is a positive macro economic factor.
Chart Signals sees the early earnings announcements as positive from a broad economic point of view.
Oct 17 -21 Earnings Highlights of Interest:
Monday – C, DAL, HAL, HAS, IBM, SWK, STLD, UAL, VMW, WFC
Tuesday – AAPL, BAC, CHKP, CREE, CSX, INTX, ISRG, JNJ, JNPR, LLTC, STT
Wednesday – AXP, AMR, APOL, CRUS, EBAY, FCX, LRCX, RVBD, TRV, UTX, WDC, WYNN, XLNX
Thursday – ALXN, ALTR, T, CY, FLEX, INFA, ESI, KELY, MXIM, MSFT, PCX, SNDK, ST, TPX
Friday – MCD, SLB, STI, VZThe broad indices moved higher with the RUT +1.95%, NDX +1.94%, COMPQ +1.82%, SPX +1.74% and INDU +1.45%. The SPX moved up +20.92 and closed at 1,224.58. The SPX had its strongest open to close up week in more than a year.
The VIX moved down -2.46 to 28.24. Today is the lowest close in the VIX since August 3 when it closed a 23.28.
Thursday’s non-confirmation by the VIX, NDX and COMPQ of the SPX move down was followed by a SPX reversal to the upside on Friday.
AAPL, AMZN, BIDU, GOOG, PCLN and QCOM all moved higher on Friday. AAPL and AMZN both made new all-time closing highs.
(click image to enlarge)
Friday is the high day of the recent short term up trend as the SPX closed above its 1,216 – 1,220 horizontal resistance area.
Breadth strengthened as advancers led decliners 5.13 to 1 on the NYSE and 3.00 to 1 on the NASDAQ.
Exchange NYSE NASDAQ
Advancers 2,530 1,896
Decliners 493 632
Leading stocks > +2% on Friday RVBD, PCX, UCO, HAL, SLB, JNPR, CIEN, MCP, RCL, ARUN, ANR, URE, LNDK, CLF, SWKS, FCX, CRUS, CDE, DOW, FAS, SWN, JDSU, LVS, CAT, FWLT, POT, SLW, FFIV, X, WLT, TBT, HLF, ANF, C, VMW, CSTR, CHL, A, TPX, NTES, GES, COH, TIF, LDK, DE, ENTR, SOHU, MOS, UNP, CF
Losing stocks < -2.0% included TSL, FAZ,
NDX 100 stocks stronger than the NDX included GOOG, SIRI, ADSK, AMZN, ADBE, VIDU, AAPL, MU, QCOM and QCOM.
Stocks weaker than the NDX include MCHP, VRTX, MYL, FSLR, MRVL, MAT, FAST, ILMN, ALXN and NFLX.
Two NDX stocks APOL and LINTA moved above their 30 DMA making 80 NDX stocks now above the 30 DMA.
Stocks to Watch on Monday
Holding Above 30 DMA = 49
IBM, ARUN, DECK, FFIV, ICE, INFA, SNDK, CRUS, CSTR, F, NDAQ, NKE, ANF, COH, ENTR, NVDA, UNP, CRM, CROX, DHR, DOW, GLW, SMH, STI, SWK, TIF, TPX, UAL, V, VMW, ZION, C, JNPR, NGLS, RCL, ZAGG, CAT, CMG, DLR, FWLT, GES, HLF, LNKD, SWKS, SWN, NTES, SINA, WDC, WLT
Moving Above 30 DMA = 13
AKS, CIEN, CREE, ESI, FAS, HAL, HUM, LVS, POT, RVBD, SLB, TBT, UCO
Moving Below 30 DMA = 0
Staying Below 30 DMA
A, TLT, FAZ, GMCR, CHL, IL, JDSU, SLW, DE, URE, ATI, CF, KKD, MOS, CDE, CLF, MCP, PCX, SOHU, TSL, BAC, VECO, LDK, FCX, GS, ANR, X
Nine Week Intermediate Term Market Trend: Neutral
Short Term Market Trend: Up
1 comment:
Thanks Dave Hope you had a great weekend
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