Well, Wednesday was kind of a disappointment. It started off great, but once oil started firming (and, even moreso, energy stocks), things started to turn south. Gains from CMG and TLT ameliorated the damage, but on the whole, yet another “turnaround” day stunk up the place for the bears.
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You’ve probably all been hearing about the California drought. Here’s a little snippet from my dog walk this morning: San Francisquito Creek meanders through my neighborhood. Here’s a picture I took of this lovely waterway just today:
Very late post today as I was out much of the morning and I’ve had a busy open.
SPX failed just under triangle resistance yesterday and I have open 5min & 15min sell signals here. I’m looking for SPX to most likely test the globex low in the 2083-7 area before another test of triangle resistance. If Monday’s low at 2072.37 is broken, that would open up a test of triangle support in the 2055 area. SPX 15min chart:
Something that I like to watch for as we head into the thick of earnings season is the market’s reaction to quarterly earnings reports. Although one day does not make a trend, I went ahead & put together some stats on the market’s reaction to the most recent batch of earnings reports. I chose yesterday because the US equity markets were essentially flat, with the $SPX virtually flat at a close of -0.15%, the $NDX closing up +0.42%, S&P Mid-Cap index a flat +0.01%, S&P Small-Cap index -0.24% & the Dow Jones Total Stock Market Index closing at -0.11%. That’s about as flat an overall market close as you get. Therefore, all other things being equal, the reaction to individual companies that reported after the bell on Monday or before the open yesterday shouldn’t have been influenced by money flows in or out of the broad market tracking instruments (e.g. – S&P 500 index funds, QQQ, IWM, etc…), as is most often the case.