Keep Your Eye on Tech Earnings
Tuesday left us in an inside day narrow range days on each of the broader markets.
The NASDAQ 100 closed red, while the Nasdaq Composite, S&P 500 and Dow all closed green. The inside day shows a lot of indecision in the market. Higher volume on the NYSE and Nasdaq markets left an accumulation day despite the narrow range action.
Crude closed up $2.46 at $55.04. Talk of increasing reserves gave the boost along with cold weather continuing through the week. The President’s State of the Union speech will address the reserves so look for more volatility into Thursday’s session. Gold rallied up $11.80 on the day to close at $645.90.
As I thought last night we would see some upside today. It left us with inside days across the broader markets and most key sectors. With the after hours news being pretty split we are still left with a neutral outlook. The tech sector is definitely in need of some positive news which AMD
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As long as we hold the semi’s over 446 I don’t think the market will see any panic selling. But this is definitely key and the place to look. With no real economic data, just crude inventories, due out on Wednesday things may start off very quiet. The market will want to digest the oil reserves increase off the inventory data and also absorb AMD’s impact. Banks and brokers continue to hold up well and banks are winding tight on the 20dema. All this leaves me pretty neutral without a strong bias on direction, but if I had to pick I would probably lean to the upside over the downside.
Economic data for the week of January 22 —27: Wednesday10:30 Crude Inventories, Thursday 08:30 Jobless Claims, 10:00 Existing Home Sales, 10:00 Help Wanted Index, 10:30 Natural Gas Inventories, Friday 08:30 Durable Orders, 10:00 New Home Sales.
Some earnings for the week of January 22 — 27: Wednesday pre market FLWS, ABT, AMG, ALB, ABC, AME, AVX, CHKP, CPS, CNH, COP, GLW, DSPG, GD, HSY, MCD, SAP, UIS, WLP and after the bell ARBA, ASIA, CBT, EBAY, FFIV, FDC, ISIL, LSI, MTH, NFLX, NVLS, PTEC, QCOM, RMBS, RYL, SSTI, SWFT, SYMC, TALX, TER, TXT, VARI, VAR, WSTL. Thursday pre market AGR, ALK, ACV, ABI, T, BAX, BZH, BJS, CCMP, CAH, CRA, CY, DOW, DJ, F, FTD, IMCL, LM, LMT, LYO, MESA, MEH, NOK, BTU, PII, DGX, STJ, SPWR, TSM, UNP, ZOLL and after the bell AMGN, BEBE, CA, CSH, CPWR, ELX, FRNT, LSCC, LAVA, MSCC, MSFT, PMCS, SANM, SYK, SYNA, VSEA, WDC, ZL. Friday pre market CAT, CDWC, CCUR, FO, HAL, HON, IDXX, TROW and after the bell CHRT, EEP, NTY.
ES (S&P 500 e-mini) Wednesday’s pivot is 1433.75, the weekly is 1437.50. Weak open left the morning in range and a break through 1431 finally moved us as lunch was getting underway. Intra day support: 1432.50, 1431.25, 1429.25, 1427, 1424 and 1421.25. Resistance to look for: 1437, 1438.25, 1439.50, 1443. 60 minute chart is below.
Teresa Appleton has traded equities and options for
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