Earnings Coming Fast and Furious

Dow: -39.54…
Nasdaq: -58.69… S&P: -10.73…

Company-specific news contributed to outsized stock moves, but overall gains in the market had been small until a hiccup on the Brexit front dragged the major indices into negative territory.

Hey, if it ain’t China its England and the UK. The market always needs a rationale for its behavior.

Earnings are coming fast and furious and it will be interesting to see how the FAANG stocks report. Being that heaven, hell, and purgatory are overweight these five names, it certainly will be interesting to see their reports and it will affect the market either way in a big way.

This market is starting to look heavy with a lack of confidence to me. I guess good earning can change all that.

Texas Instruments (TXN) blew up in the aftermarket and thats leaning on (SMH) which will probably lean on the Nasdaq tomorrow.

Software (IGV) continues to get hammered and there seems to be a pretty nice liquidation happening in these names. AYX etc…… I gave you about 25 of them to watch in the video and they are in the woodchipper almost everyday. Looks like a liquidation has begun in the sector. That can last a while. A lot of hedgies chased these names and now they’re getting hit in the face with a waffle iron.

XLF is approaching a triple top. Which way will she go? I don’t know, but it will be big either way I think. Gun to my head I’ll say lower, but I don’t have enough confidence either way yet. If it does fail I will short some FAS.

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