Stocks rallied across the board as earnings improved and the Fed beige book provided more evidence that the economy is on track. All tech sectors participated in the rally. Software and MSFT (mega market cap.) had a big hand in today's big move. For a perfect NR7 setup, take a look at MSFT daily chart (below).So last night's technical picture was off because of earnings. And next week earnings season really kicks in, making the writing of this post a bigger challenge. As indicated here earlier this week, the market is priced to perfection so we need big earnings to keep the bears at bay. For the moment it looks like we are heading higher since we closed at the top of the session. However, GE, another mega market cap, reports BTB and could set the tone for tomorrow's trade.
Tomorrow's economic calendar includes import/export and retail sales BTB, Michigan sentiment at 9:50, and Business inventories at 10:00. Oh, and tomorrow is also Friday the 13th!
2 comments:
Jamie,
Just wanted to thank you for sharing your knowledge and the effort you put in to keep this blog full of trading information. Your blog is the first one I read every night and I am really looking for the information that you impart. I am certain that I am not the first person to tell you how resouceful your blog is, but I do want to let the opportunity pass by without complimenting you on your excellent work.
Sam
Thanks Sam,
Your kind words are very much appreciated.
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