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Earnings Start To Ramp Up
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This week we will hear from a few tech giants.
PRE-OPEN MARKET COMMENTS MONDAY – The economic calendar is light this week and the focus will be on a handful of tech giants (GOOG, IBM, TSLA, TXN and INTC). I am expecting a fairly slow start to the week. Overseas markets were mixed with very little net change and the S&P 500 is opening flat.
The gradual float higher will remain intact. Don’t chase gaps up, they have been reversing. Once support has been confirmed, buy stocks with heavy volume and RS. During the bid check these stocks will be treading water or moving higher (RS).
Don’t be fooled by earnings beats. The bar has been lowered dramatically in the last few months. I want to evaluate the guidance and the earnings reactions.
Next week will be very busy with mega cap tech earnings, major economic releases and the FOMC Statement.
We need a market pullback to shake things up and we could get that in August/September. It doesn’t have to be deep or nasty to serve its purpose. A seasonally weak period of the year is approaching and a hawkish Fed could make investors nervous as the Fed heads into recess.
Right now we are in a pattern where the intraday ranges are fairly compressed. Any gap up is challenged and it attracts profit taking. When we have that type of opening, we have to be patient and we have to wait for our windows of opportunity to set up. Our best scenario is a gap down. Those have been gobbled up and then we can enter trades earlier in the day once support has been established.
I prefer to keep my swing trades very short term (overnights) and I am focusing on day trading. The market direction for August and September is likely to reveal itself in the next two weeks.
Support is at SPY $626.50 and resistance is the all-time high.
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