OPEX left the major averages in the red, and while the TSP funds took a pretty good hit, large-caps outperformed as the Dow lost only 0.1%.
All the major averages hit new 52-week highs this week, but we'll have to wait until next week to see if today's decline is just another fast buying opportunity.
Financials led the way lower today after JPMorgan Chase missed estimates. Plus, a stronger dollar today contributed to the I fund's weakness, which eclipsed both the C and S funds.
I know a number of folks on the MB are anticipating 4th quarter earnings pushing the averages higher and that might be the case, but bullish levels are rising and this bull run is extended. But we shall see how it goes. This week Alcoa (AA) missed on the bottom line and the stock lost 11% the next day. Intel (INTC) did well on the other hand, but the market took its toll on that stock too, as it traded modestly in the red today.
So for me earnings has been a mixed bag so far, but we'll have plenty of reports next week to help determine where the market is headed. Here's a list of them: Citigroup (C), IBM (IBM), Bank of America (BAC), Morgan Stanley (MS), Wells Fargo (WFC), eBay (EBAY), Starbucks (SBUX), Goldman Sachs (GS), American Express (AXP), Capital One (COF), Google (GOOG), General Electric (GE) and McDonald's (MCD). This is a good group and should provide some trading catalysts.
There are few data points being released next week and Monday is a holiday, so earnings will probably be the main storyline.
And the Seven Sentinels?
They flipped to a sell today. But will it stick in a market bent on pushing higher? Here's the charts:
All four flashed a sell here today.
All three flashed a sell here. That's seven of seven signals on a sell, which flips the system to sell mode.
The last time the system went to a sell was on 17 Dec, just before the holidays. It lasted two trading days, but that is not typical. I am hoping this one sticks for a little while giving us a better buying opportunity. But of course that remains to be seen.
I'll post Top 15 and Top 50 results this weekend. See you then.
All the major averages hit new 52-week highs this week, but we'll have to wait until next week to see if today's decline is just another fast buying opportunity.
Financials led the way lower today after JPMorgan Chase missed estimates. Plus, a stronger dollar today contributed to the I fund's weakness, which eclipsed both the C and S funds.
I know a number of folks on the MB are anticipating 4th quarter earnings pushing the averages higher and that might be the case, but bullish levels are rising and this bull run is extended. But we shall see how it goes. This week Alcoa (AA) missed on the bottom line and the stock lost 11% the next day. Intel (INTC) did well on the other hand, but the market took its toll on that stock too, as it traded modestly in the red today.
So for me earnings has been a mixed bag so far, but we'll have plenty of reports next week to help determine where the market is headed. Here's a list of them: Citigroup (C), IBM (IBM), Bank of America (BAC), Morgan Stanley (MS), Wells Fargo (WFC), eBay (EBAY), Starbucks (SBUX), Goldman Sachs (GS), American Express (AXP), Capital One (COF), Google (GOOG), General Electric (GE) and McDonald's (MCD). This is a good group and should provide some trading catalysts.
There are few data points being released next week and Monday is a holiday, so earnings will probably be the main storyline.
And the Seven Sentinels?
They flipped to a sell today. But will it stick in a market bent on pushing higher? Here's the charts:
All four flashed a sell here today.
All three flashed a sell here. That's seven of seven signals on a sell, which flips the system to sell mode.
The last time the system went to a sell was on 17 Dec, just before the holidays. It lasted two trading days, but that is not typical. I am hoping this one sticks for a little while giving us a better buying opportunity. But of course that remains to be seen.
I'll post Top 15 and Top 50 results this weekend. See you then.
