Dave will be on tastytrade this morning at 9 am CST...
BMO – ES -9.25 and NQ -10.25 futures are down 20 minutes before the open in pre-market trading and point to a lower open following JPM earnings this morning…volume is moderate for pre-market with a more stocks quoting down than up…Financial stocks, XLF is down 25 cents on 1,644,400 shares in pre-market at this time…FAS is down $3.81…
BMO – ES -9.25 and NQ -10.25 futures are down 20 minutes before the open in pre-market trading and point to a lower open following JPM earnings this morning…volume is moderate for pre-market with a more stocks quoting down than up…Financial stocks, XLF is down 25 cents on 1,644,400 shares in pre-market at this time…FAS is down $3.81…
TLT is up $1.04 and the Euro is down 123 pips overnight…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX, PCLN and QCOM are lower…
Dave’s Insight for Friday: lower Euro…higher bonds… Financials down…setting up a lower open …the Euro is lower overnight and is at its 1.27 support area …Follow YOUR rules for entry, exits and stops...TRADE THE TREND…
Markets appear to be reacting to JPM earnings this morning which met earnings but missed on revenues…XLF is down on heavy volume…
Chart Signals will be watching the Euro to see if support holds and the VIX to see if it stays below 25...we are particularly interested to see how large and how long the reaction in the financial sector lasts this morning going into the three day weekend …
SPX
Resistance: 1,292, 1,300, 1,315
Support: 1,277, 1,260, 1,249, 1,230
Quoting Down – GS, FAS, VMW, CRM, CLF, FFIV, CHL, C, CAT, DE, IBM, WLT, RCL, ANR, SOHU, TIF, SINA, STI, CSTR, DOW, SLB, PCX, X, MOS, PCX, POT, MCP, V, SLW, LVS, ATI, FCX, HAL, TSL, DECK, UCO, NKE, TBT, JNPR, BAC, GOOG, PCLN, AAPL, GOLD, FFIV, BIDU, WYNN, ORLY, NFLX, AMZN, VOD, FSLR, BBBY, APOL, VRTX, INFY, BRCM, FISV, QCOM, AMGN, TEVA, SHLD, ESRX, GMCR
Quoting Up – CMG, FAZ, TLT, LNKD, INFA, SWK, ANF, CTXS, MNST, CTRP
5 comments:
Dave - an especially interesting morning shaping up. Would be a great day for one of your mid-morning updates!
Dave,
Given move in the market over the last few weeks, would you say that a pull back would be expected?
Hope to see you in NY in Feb.
Thanks
Don
Don,
A pull back of what size? If you mean an multi-week or large point pull back, the 2-year chart suggests that is less likely than a continuation. However, I expect that earning reports over the next two weeks hold the real answer. Good guidance pull back less likely. Weak guidance pull back more likely.
I hope this helps.
Dave
Fantastic site. Lots of useful info here. I am sending it to several friends thanks for your effort! Patek Philippe Calatrava
Patek,
Thanks for stopping by. This is very objective technical analysis that leaves the balderdash and almost worthless opinions to the media and other sites that speak as if they can think the future.
Dave
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