OTC: July 26, 2016 By Steve Smith SPY/SPX: Earnings are in focus this week and it’s hard to keep up with all of them, but more importantly which ones will affect the overall market. Today’s main miss was McDonald’s MCD -4.5% as it failed to meet expectations after its year long rally. The restaurant sector […]
OTC: July 25, 2016 By Steve Smith SPX/SPU: The market stalled lower today as it awaits 40% of the earnings reports this week.Oil (USO) followed thru to the downside after the breakdown we flagged yesterday and that weighed on the S&P with much lower oil stock sector. Gold (GLD) tested the 125 support level again […]
OTC: July 24, 2016 By Steve SmithSPY/SPX: The week ended on the upside for the 4th time in a row as the market continues to exhibit strength against the common consensus that a dip is near and expected. Earnings will ramp up this week with some heavy hitters starting on Tuesday with Apple (AAPL) andTwitter (TWTR) […]
OTC: July 21, 2016 By Steve Smith SPY/SPX: Down… what’s that? There was panic in the air as traders looked at downticks and wondered if they should liquidate their IRA’s.That is what it felt like, but when you look at the chart the SPY is well contained in the new upper range and still […]
OTC: July 20, 2016 By Steve Smith SPX/SPY: The bull parade marches on today and it was the Nasdaq QQQ that outperformed withMicrosoft (MSFT) beating earnings and rising over 5%.Traders are grabbing the good news and setting aside any hiccups to confirm what the charts are saying and that is up. The S&P never dipped to […]
OTC: July 19, 2016 By Steve Smith SPY/SPX: Earnings have kicked off and the market seems to be very happy at all-time highs and not ready for any type of correction to work off its overbought status after what now is a 180 point rally for the S&P from the Brexit low. Netflix’ (NFLX) miss and IBM […]
OTC: July 18, 2016 By Steve Smith SPY/SPX: The Indexes had a slow day today, hovering at all time highs after the failed coup in Turkey would have given a good reason to take profits and have a more meaningful dip. Earnings will be the next catalyst, with some heavy hitters all coming out this […]
OTC: July 17, 2016 S&P 500/ SPY: The week ended the way it started making new highs everyday.This is a big run up and the charts are stretched especially the S&P. Earnings will hit high gear this week which may cause some more 2 sided action as a dip would be welcomed even […]
OTC: July 14, 2016 S&P 500/ SPY: The rally vaulted further today on the lead from JPM earnings coming in better than expected rallying the entire bank sector. These stocks had been under pressure from ever lower interest rates and this better than expected earnings could mean the effects will not be as severe […]
OTC: July 13, 2016 S&P 500/ SPY: A bullish consolidation day as the bulls took a breather from full charge ahead to rest just above new highs. The macro factors today were also quiet except oil giving back most of yesterday’s gains but staying within its recent range keeping the correlation algos in […]