Market Wrap

Dow: +224.09…
Nasdaq: +71.54… S&P: +42.84…

The S&P 500 advanced 0.9% on Wednesday, driven by (GOOG +203.16, +7.4%) following its earnings report and helped by lingering rebound momentum. The Dow  (+0.6%) and Nasdaq  (+0.5%) followed suit, while the Russell 2000 fell 1.0%.

Facebook just reported and is getting clocked, down about 21.0% and that’s taking the Nazzy down. Paypal (PYPL) is also got eviscerated today on earnings, and was down 26%. Some ugly action for sure, especially if you disappoint on earnings.,

QQQ– 10- minute chart. Nazzy was putting in a decent effort today, it was +0.8%, now down 0.8% on the FB report. 

So the FANNMG stocks were mixed so far with earnings. GOOGL & AAPL were really good, MSFT just OK and FB & NFLX screwed the pooch.

Meanwhile, ARKK had a rough day after its dead cat bounce.  SARK, which gets you short ARKK was +9.1% today.

Energy (XLE) continues to outperform and is still one of the most under-owned sectors. XLE may be a little ahead of itself, but there should be some excellent entries on a pullback. Still in bull mode.


SYY– Bullish head & shoulder pattern. Targets 84-85

IBM– I never thought I would say it because this company has disappointed on earnings since the Carter administration but the chart looks promising believe it or not.  Maybe its time has finally come.  Bullish cup and handle on this one. 142-145 targets.

See you in the morning.


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