The market over the last two days tells you what it really cares about. Yesterday we worried about Greece, but the market shook it off. Today however, the big stocks, the “bluest of blue chips”, screwed the pooch and failed miserably on earnings. You know the names, MSFT, CAT, PG…….
So the bottom line is earnings, and that’s what the market is focusing on.
I will say that we didn’t take any battle damage today. No stops and we sold 1/2 CLDX for a 20% short term profit.
Biotech again continued to act well on a relative basis and many names in the sector had outstanding days. IBB was only down about .05%. Not bad.
AAPL reported earnings after the close, the number was good, but the stock is only up about 2%. The Nasdaq needed a decent number out of AAPL. The technology ETF (XLK) is looking weak and needed some help from AAPL. Maybe support will now hold.
I added two new stocks today during market hours.
SCMP – I added at 16.10 (still buyable)
AGEN is working on a beautiful bull flag. Target 6.50 then 8. Still buyable.
See you in the morning.