Mid-Market Update: To no surprise, the backup support levels I mentioned in this morning’s Pre-Market Update are now in play as a result of today’s 2% pullback. I also talked about the potential for another 3%-4% slide to make up for the overseas markets, but, interestingly, volatility has been calmer than it was on Friday, as the VIX has traded lower for much of today’s session.
Pre-Market Update: The bulls started last week off with a strong performance that pushed the market’s upper resistance levels and tried to establish fresh support, but the bears took advantage of the sketchy Fed-speak on Tuesday and Wednesday to keep the two-month trading ranges intact. This was expected, as the Brexit vote was also an overhang going into Thursday. However, what wasn’t expected was a push past resistance ahead of the news.
Mid-Market Update: The first word I got on the Brexit vote came nearly four hours after the market closed on Thursday, and the race was tight, with 51% of the U.K. electing to stay and 49% voting to leave. This was an early indication that a donnybrook would occur throughout the night. My initial reaction was that the vote was closer than the market expected and that a possible selloff was in play.
Pre-Market Update: The market stayed strong from the start of trading into the closing bell on Thursday as Wall Street took early bets on a “positive” outcome from the Brexit vote. There weren’t many bearish bets being made that Britain would leave the European Union ahead of yesterday’s vote, although I mentioned that there could be a sell-the-news event afterwards. The good news is that the Brexit wait is over, and today’s action will most likely influence next week and possibly July.
Mid-Market Update: The bulls are pushing fresh weekly highs today as voting on the “Brexit” vote winds down overseas. The polls will close at 5 p.m. EST, but the result as to whether Britain will leave or stay in the European Union won’t be known until 3 a.m. EST on Friday.
Pre-Market Update: The bulls tried to extend their winning streak to three-straight sessions yesterday, but they fell shy of doing so following the weakness that arose during the final hours of trading. The nervousness was to be expected, however, with the results of the Brexit vote pending ahead of today’s action.
Mid-Market Update: Market participants spent the first half of today’s trading session waiting for and listening to Fed Chair Janet Yellen’s comments regarding last week’s Federal Open Market Committee (FOMC) meetings. After reading her prepared statement, she continued to stress caution about the jobs market and the potential “Brexit” in the Q&A session that followed.
Pre-Market Update: Despite continued “Brexit” worries and concerns relayed by Fed Chair Janet Yellen, the bulls held their momentum for most of Tuesday’s session to get the overall market win. Although some damage was done to the small-caps, the bears failed to gain any traction against rising support.
Mid-Market Update: Market participants spent the first half of today’s trading session waiting for and listening to Fed Chair Janet Yellen’s comments regarding last week’s Federal Open Market Committee (FOMC) meetings. After reading her prepared statement, she continued to stress caution about the jobs market and the potential “Brexit” in the Q&A session that followed.
Pre-Market Update: Wall Street woke up in a good mood on Monday following the overseas market action, and the rebound rally held into the close. Although the indices finished well off of their highs, key resistance levels were tested. The bears aren’t likely to go away quietly during of a week packed full of market-moving events, but they did lose some of their momentum.
Mid-Market Update: Aside from this week’s events concerning the Federal Reserve and the “Brexit” vote, there are a few notable companies that are scheduled to report their latest numbers this week. Second-quarter earnings season officially starts in early July, but companies with different fiscal years will be reporting up until then.
Pre-Market Update: The bears wrapped up a volatile week of trading with Friday’s market pullback to get the weekly win. The bulls were caught backpedaling throughout last week as lower lows came into play, and this week promises more of the same volatility, with Fed news here in the United States and the “Brexit” vote overseas.
Mid-Market Update: Futures were choppy throughout the night, but they turned negative ahead of the opening of overseas markets. The action improved slightly ahead of the start of trading on Wall Street to open flat, but the bears have the lead at halftime.
Pre-Market Update: The bears pushed lower lows on Thursday, but the bulls refused to go away quietly. While the market did manage to make a trip into positive territory following the nasty open, the highs were lower than those that were made during Wednesday’s session. Lower lows and lower highs are usually bearish signals, but bullish clues are still in the mix as well.
Mid-Market Update: Shares of Nike (NKE, $53.27, down $1.04) have been in a downtrend since they peaked north of $65 in mid-March. The 52-week high is just above of $68, and the 50-day moving average looks nasty. Trouble started in mid-April when the 50-day moving average breached the 200-day moving average, which formed a “death cross.” This is usually a bearish setup, but I often mention that “stretch” levels can come into play, which is what we are currently seeing in the market.
Pre-Market Update: To no surprise, the Federal Open Market Committee (FOMC) held interest rates steady without an increase on Wednesday. Coming into 2016, Wall Street was factoring in up to three or four more rate hikes for 2016, but I have mentioned all year that the financial stocks would be lucky if they got just one.
Mid-Market Update: While I would have loved to have been able to trade the backtest to and breach of the 50-day moving averages, the gap-downs and whipsaw action this week have made it extremely difficult to open fresh trades. I warned coming into the week that I wouldn’t be able to get a good feeling about how the market would trade over the rest of the month until Wednesday rolled around.
Pre-Market Update: The Doobie Brothers are still touring, and they are coming to my home state in early July. Given the recent trading range, I feel that this morning’s headline — also the title of one of their albums — is appropriate, and it fits my mood this week. Watching the computer and looking at hundreds of charts has been a tedious task, but I see some big paydays in the weeks ahead.
Mid-Market Update: I spent the majority of last night and this morning looking for potential New Trades, and I have 15 serious candidates on my watch list. Wal-Mart Stores (WMT), Best Buy (BBY), Microsoft (MSFT), Energous (WATT) and Caterpillar (CAT) are in the top five for possible trades that look to be in play. However, the last thing I want to do is risk money when I’m unsure of market direction. With the S&P still within a massive trading range, anything could happen following Wednesday’s FOMC update.
Pre-Market Update: The bulls weathered Monday’s storm, but their home base at higher highs is being threatened once again. I mentioned that yesterday’s opening hour would be an interesting test for the bulls, and they did not fail to impress.
Mid-Market Update: Apple’s (AAPL, $97.61, down $1.22) Worldwide Developers Conference (WWDC) is set to kick off shortly, and the event has some on Wall Street bustling with enthusiasm. The talking heads are calling the WWDC a big deal and want to hear strong announcements. While some analysts have already come out to say that investors should “buy any dip” in the stock, shares look weak on a technical level and, personally, I would be running for the hills.
Pre-Market Update: The three-week winning streak for the bulls ended last Wednesday as the bears pushed the market’s backup support levels. “Brexit” concerns, oil and the financial stocks were the main culprits that were blamed for the pullback — at least, that’s what the talking heads were saying.
Mid-Market Update: Futures were showing that a backtest to support would be in play today, and those levels have been stretched following this morning’s opening pullback. Going into the finals hours of trading, backup support levels are holding, but the close will be important.
Pre-Market Update: Thursday’s pullback represented a tug-of-war between the bulls and bears that left slight hints about how today’s action might play out. I don’t expect a breakout or breakdown from the mini trading ranges that are forming until maybe next week. However, today’s action could provide pivotal clues as to how we should prepare for new trades over the next few weeks.
Mid-Market Update: Although higher highs have been made this week, today’s sluggish action was being forecasted during the overnight session. Futures were showing losses of up to 0.5% throughout the night, and that’s pretty much where the major indices stand now.
Pre-Market Update: The bulls showed some follow-through on Wednesday and pushed key resistance levels in their bid to return to all-time highs. The bears are still lingering, but they seem reluctant to engage. I’m still expecting a strong surge towards the market’s upper resistance levels, and that could come this week or next.
Mid-Market Update: I mentioned in Monday’s Mid-Market Update that there were a few earnings trades I was looking at this week, and one of them was a bearish trade on VeriFone Systems (PAY, $20.69, down $7.54). I was also looking at taking a bullish position in Dave & Buster’s Entertainment (PLAY, $45.89, up $4.03).
Pre-Market Update: The bulls pushed higher highs on Tuesday, but the lag in tech spoiled the session, as most of the overall gains were lost into the closing bell. Volatility was calm until the final hour of trading, with the bears pushing resistance. The mixed action still looked bullish, but, as always, I’m watching the warning signs.
Mid-Market Update: Shares of Zillow (Z, $32.08, up $1.75) are surging today following the company’s $130 million settlement with News Corp’s Move Inc. and the National Association of Realtors. The two-year-long legal battle over trade secrets could have cost the company nearly $2 billion in damages. The fact that the company won’t have to pay the 90%+ difference between these two figures was a huge windfall, and it puts the issue to rest.
Pre-Market Update: The slick-talking pros spent some time debating why the market surged on Monday, with roughly half of them saying that the dovish comments by Fed Chair Janet Yellen were bullish for the market. Anticipation is building for the June Fed meeting that may or may not result in an interest-rate hike, but Yellen instead reiterated that gradual rate hikes are likely appropriate. The other half of the suits-and-ties were citing the spike in oil for the rally past resistance.
Mid-Market Update: I profiled a number of possible long and short trade setups on gold and the financial sector based on observable resistance and support levels in this morning’s Pre-Market Update. This afternoon, I also want to scan the week’s upcoming earnings announcements for a possible trade, although they are a little trickier to identify.
Pre-Market Update: The bears pushed lower lows almost every morning throughout last week, but the bulls powered back each afternoon to test higher highs, excluding Friday’s session. The Dow fell 66 points, while the S&P 500 eked out a slim gain. The Nasdaq added 9 points, and the Russell 2000 jumped 14 points, or over 1%, for the week.
Mid-Market Update: Futures were tight throughout the night and offered no clues about how the action at today’s opening bell might fare. However, the action turned slightly bearish following the release of this morning’s jobs report, as only 38,000 jobs were created in May.
Pre-Market Update: Thursday’s session showed signs of lower lows and higher highs, which kept Wall Street on its heels, and the action could continue to heat up with today’s jobs report and the other economic news that will hit the tape going into Friday’s close.
Mid-Market Update: After opening lower this morning, the major indices battled back into positive territory by the close. The S&P 500 spent the last several days pushing up against 2,100 level, but, each time it did, the bears were there to claw it back down again.
Pre-Market Update: Wednesday’s action carried over from Tuesday’s session, and the major indices traded within a tight range to give the bulls the overall market win. The bears did make some noise, however, as they pushed lower lows at the open before rolling over. The bulls then went on to test higher highs into the close after holding support, but it was another dead-money session.
Mid-Market Update: Futures were choppy ahead of the opening of overseas markets this morning, and they were mostly weak heading into Wall Street’s current matrix. However, the mixed signals from Tuesday’s session resulted in the market holding both support and resistance, as the major chess moves continue to unfold this week.
Pre-Market Update: Much of Tuesday’s drama was focused on the Dow’s 100-point gain in May and, while the bears tried their best to steal a slice of the pie, the bulls did enough into the close to get a clean sweep for the month.
Mid-Market Update: Although we are in a holiday-shortened trading week and first-quarter earnings season has come and gone, there are a number of high-profile names scheduled to report over the coming days that will be worth watching — and possibly worth trading.
Pre-Market Update: The bulls have weathered the storm in May, and they could come out of it smelling like roses. The “sell in May and go away” theme was bearish for much of the month, but it eventually turned into a buying frenzy. Today is the last trading day of the month, so the score still hasn’t been settled. However, I have a good feel for where there market could be going and how we are going to play the next few weeks of action.
Pre-Market Update: Thursday’s action was a little tighter following a bullish week and run to resistance. The bears are still lingering and looking to get aggressive ahead of the three-day weekend. The bulls will be looking to hold support.
Mid-Market Update: I am still traveling this afternoon, but I wanted to provide you with an update to our current trades, as our two remaining positions have been stopped out today.
Pre-Market Update: Due to some unexpected changes to my travel plans at the last minute, this will be an abbreviated update. The good news is that both of the Stop Limits for our current positions held into the close yesterday, and I do not have any adjustments to make to our trades at this time.
Mid-Market Update: The news concerning the Zika virus continues to grow, and I’m working on a refreshed bullish story, which I hope to have ready for you on Thursday.
Pre-Market Update: We tried our best to play yesterday’s rebound rally and the surge past resistance with iShares Russell 2000 ETF (IWM, $112.94, up $2.28) calls, but our orders ultimately went unfilled. The pros are now questioning whether the blast higher was a short-covering rally or a dead-cat bounce, which are fancy terms meant to confuse the rookies like you and I, but it is trouble playing ball with them sometimes.
Mid-Market Update: I got little sleep last night from the time I hit the pillow to the time I woke up, but, as I always say, “A dollar never sleeps,” and it has been a busy morning as well.
Pre-Market Update: The major indices traded within a tight range on both sides of the ledger on Monday before closing lower. However, the losses were held in check, as the continued trading range carries on.
Mid-Market Update: Futures were showing strength throughout the night, but the action at the opening bell this morning was much more subdued. Fed-speak and economic news have kept traders’ bullish emotions in check, as the market has shown some weakness so far today.
Pre-Market Update: The bears pushed fresh lower lows last week to crack levels last seen in late March and early April. However, the bulls once again showed signs of life on Friday, which has me feeling semi-bullish going into mid-June, although the six-week trading range I have been warning about is still in play to some degree.
Mid-Market Update: I was hinting this morning that today could be bullish, and the market is up with another half of the session to go. I mentioned that if today didn’t go the bears’ way, next week could be bullish. However, the way the following week plays out will have a major effect on our trades, as we are holding June expiration options.
Pre-Market Update: While today’s headline might be scary, it reflects my thoughts on the current market action. Thursday’s pullback can be tied to a variety of factors, but there was still some bullish action going on despite the negativity. The bears have controlled the week so far, and the lower trading ranges for the major indices are in play. However, if the bulls battle back today, next week will be interesting — to say the least.
Mid-Market Update: I mentioned previously that this week would be heavy on the news front and that major market moves were likely. My updates have been lengthy over the last few days because the trading action has been exciting to follow, but it has been much harder to write about and trade.
Pre-Market Update: I felt that the headline above was appropriate for this morning’s Pre-Market Update considering the action during yesterday’s trading session, which included wild price swings, mixed results among the major indices and some bullish and bearish signs. Obviously, the Fed minutes were in play, and volatility was heightened, so let’s go figure it out in simple terms, or at least try to do so.
Mid-Market Update: I have been talking about the weakness in retail stocks over the past few weeks, and one company that will face a crucial test after Thursday’s close is Gap (GPS, $17.07, down $0.26).
Pre-Market Update: The bears did some major damage on Tuesday, especially heading into the closing bell, and the continued trading range from mid-April is on the verge collapsing. Of course, the bulls have shown resiliency over the past month, but yesterday’s action may have confirmed that lower lows could be coming quickly.
Mid-Market Update: Futures were rising steadily throughout the night, and Dow futures were up by triple-digits at one point. However, they turned south ahead of this morning’s open. So far, the momentum pendulum has been swinging on both sides of the ledger, but today’s action has been a little more volatile given the price fluctuations before the opening bell.
Pre-Market Update: Apple (AAPL, $93.88, up $3.36) shares rallied nearly 4% on Monday following the news that Warren Buffett’s Berkshire Hathaway had disclosed a new position in the company. Berkshire reported that it owned over 9.8 million shares of Apple as of the end of the first quarter, or the end of March.
Mid-Market Update: First-quarter earnings season is winding down, but there will still be some major announcements throughout the rest of May and into June. Second-quarter earnings starts in early July, so the market will largely be driven by economic and geopolitical concerns as well as technical support and resistance levels over the next six weeks.
Pre-Market Update: The bears pushed lower lows on Friday despite opening slightly higher. It was the third-straight week of losses for the bulls, and the Dow and S&P 500 closed below their 50-day moving averages. Volatility also closed above a key level of resistance, and the “head-and-shoulders” technical pattern I warned about a few weeks ago has finally developed.
Mid-Market Update: Gold ($GOLD, $1,264, down $14) continues to push support at $1,250 and its 50-day moving average after tapping a high north of $1,300 earlier this month. The yellow metal has fallen in six of the past nine sessions, and it faces risk to $1,225-$1,200 on continued weakness.
Pre-Market Update: The market was choppy and somewhat subdued on Thursday following two back-to-back days of 1% moves. The major indices stayed within a narrow range yesterday, although they traded on both sides of the ledger.
Mid-Market Update: I am traveling this afternoon and am unable to write my regularly-scheduled Mid-Market Update. However, I want to update you on the two New Trades that I issued in this morning’s Pre-Market Update.
Pre-Market Update: The see-saw action on Wall Street continued on Wednesday as the bears rebounded from Tuesday’s drubbing to return the favor. Near-term support held, however, as the bulls played defense throughout the day before being saved by the closing bell.
Mid-Market Update: Gold ($GOLD, $1267.30, up $1.90) is trying to rebound today after falling in five of the past six sessions. The run towards resistance at $1,300 earlier this month was the result of a breakout from the previous March highs near $1,280.
Pre-Market Update: The bulls showed some moxie on Tuesday and regained some of their lost momentum as they pushed the market’s upper resistance levels. Volatility also slid to its lowest level in two weeks, although the bears held support. Lost in the shuffle was that the market could be on the verge of re-entering the upper trading range from early April that has limited upside.
Mid-Market Update: I’ve mentioned previously that shorting a strong stock is hard to do. However, when a Wall Street darling falls out of favor on weaker fundamentals and the technical picture starts to look weak, it gets me excited.
Pre-Market Update: The market moved within a tight range on Monday, and the major indices traded on both sides of the ledger following the pullback in the price of WTI crude oil. While there were other factors in play, the 2% drop in oil caught traders off guard, and it did not offer any real clues on how the current trading range might unfold.
Mid-Market Update: One of my favorite stocks to trade, Krispy Kreme Doughnuts (KKD, $20.94, up $4.08), has entered into a merger agreement to be acquired by a unit of JAB Holding Company for $21 a share. The deal is valued at nearly $1.35 billion for the buyout.
Pre-Market Update: The bulls rebounded to get a clean sweep on Friday, as the market ended the week on a positive note. The bears still won the week, however, and they did some damage after forcing a lower trading range into play, which could become very volatile at some point this month.
Mid-Market Update: Heading into this week, I mentioned that there was a good chance that a fresh trading range could develop and that lower lows could be made. Today’s action was crucial in determining whether or not the market’s backup support levels would come into play following this morning’s jobs report and, while support is holding to some degree, it is getting stretched.
Pre-Market Update: The market traded within a tight range on Thursday ahead of this morning’s jobs report from the Bureau of Labor Statistics. Lower lows came into play, but today’s session should provide additional clues as to how next week is likely to play out.
Mid-Market Update: My watch list is full of bearish index option trades, including put options on the PowerShares QQQ ETF (QQQ) and the iShares Russell 2000 ETF (IWM), as well as call options on the iPath S&P 500 VIX Futures ETN (VXX). Additionally, I’m looking at bearish trades on Potash (POT) and Cisco (CSCO), but I’m bullish on Facebook (FB) as long as $115 holds.
Pre-Market Update: It was another bearish day on Wall Street yesterday, and the major indices retreated to their backup support levels. There wasn’t much of a rebound off of the lows either, as the bulls wasted their energy at the open.
Mid-Market Update: The back-and-forth action has continued this week, as the major averages have traded within a 1% range. However, the bears are looking to register their second-straight daily win with an hour left in today’s trading session.
Pre-Market Update: The bears did their part to keep the current trading range intact yesterday, as they recovered the bullish gains on Monday and then some. The lower highs and lower lows are becoming a fresh worry that is signaling additional weakness ahead.
Mid-Market Update: Monday’s action was a good sign that a “right shoulder” was developing in the market as it rebounded off of Friday’s lows. At this point within the potential “head-and-shoulders” pattern, it is too early to predict how long it might take the right shoulder to form, but today’s pullback confirms that one is trying to take shape.
Pre-Market Update: The bulls rebounded on Monday to get the bears off of their backs, and they were able to regain key resistance levels for the market that had previously served as support. The higher close to start the week was bullish, as was the fact that the VIX fell back below 15. The rest of the week promises to be exciting as earnings season reaches its peak, and Friday’s unemployment numbers could cause some fireworks as well.
Mid-Market Update: Whole Foods Market (WFM, $29.00, down $0.08) will announce its latest quarterly numbers following Wednesday’s closing bell, and analysts are looking for a profit of $0.41 a share on revenue of $3.74 billion.
Pre-Market Update: The bulls were looking strong throughout April, but the historical end-of-month weakness helped the bears earn a slice of the pie. The bullish momentum has clearly been lost, and many of the suits-and-ties are now saying that they “predicted” the pullback.
Mid-Market Update: In this morning’s Pre-Market Update, I talked about stretch levels of support that were being tested, but it is crucial not to overreact to them. I also noted that one-day price movements do not make a trend, but, more importantly, I mentioned that there could be downside risk ahead.
Pre-Market Update: Thursday’s action started off bearish before it turned slightly bullish, and then things got a lot worse into the closing bell. The lower lows were a negative development, and volatility broke above key levels of resistance.
Mid-Market Update: The bulls are working on a continued rebound today and, this time around, tech stocks are joining the ride higher. Monster earnings results from Facebook (FB, $118.95, up $10.06) have propelled shares to fresh 52-week and all-time highs. The company beat Wall Street’s estimate by a whopping $0.15 with earnings of $0.77 a share. Revenue came in at $5.38 billion versus expectations for $5.26 billion.
Pre-Market Update: The bulls weathered another bearish storm on Wednesday with help from the blue-chips, although the market closed mixed. Financial stocks showed some strength following the Federal Open Market Committee (FOMC)’s decision to leave interest rates unchanged yesterday, but they gave back most of their gains by the close of trading. This also helped the market salvage the pullback in tech, but the action remains choppy.
Mid-Market Update: Earnings season always results in big moves in various stocks, either to the upside or the downside. I mentioned a couple of stocks in this morning’s Pre-Market Update that got crushed after announcing their numbers, and there are a number of other wild price swings happening elsewhere in the market as well.
Pre-Market Update: The bulls tried to regain their footing on Tuesday, but they were once again dragged down by tech. The financial stocks showed strength, although the bears could get aggressive today following the disappointing quarterly numbers from Apple (AAPL, $104.35, down $0.73) and Twitter (TWTR, $17.75, up $0.66).
Mid-Market Update: I talk about the S&P 500 Volatility Index ($VIX, 13.98, down 0.10) daily because it is one of the technical tools I use to analyze the market. There are many others indicators I use to gauge market direction in addition to the VIX, but I want to cover a possible trade that is on my watch list this afternoon.
Pre-Market Update: The bears were aggressive on Monday, but their attempt to crack support failed once again. The bulls did a mighty job of battling back, although they ran out of time before they were able to see green.
Mid-Market Update: I mentioned previously that the earnings flow would be heavy this week, as a third of S&P 500 companies are scheduled to report their latest results. While companies in other sectors will be announcing earnings as well, tech will be my main focus given the technical setup on the Nasdaq.
Pre-Market Update: The bulls pushed higher highs and showed some signs of continued momentum last week. However, the bears are starting to wake up from a mid-February nap, which should keep things interesting. The major uptrend lines are showing that the action remains bullish, but another mini trading range has developed heading into the last week of April.
Mid-Market Update: Futures were forecasting a mixed open when I went to press this morning despite a number of high-profile earnings misses following Thursday’s close.
Pre-Market Update: The bears had one of their better days of the month during Thursday’s market pullback. On the other hand, the bulls have been trying to build upon last week’s momentum, but they have fallen shy of short-term resistance. The earnings that were released after the close yesterday were disappointing, and backup support could come into play as the news weighs on the major indices.
Mid-Market Update: The market was a little choppy for the first hour or so this morning, but, with fresh support holding, the bulls are making a move towards higher highs.
Pre-Market Update: The first half of Wednesday’s action was slightly choppy despite futures showing a positive open. The bears’ attempt to mount any momentum and make lower lows stalled ahead of Wall Street’s lunch break, as rising support held. The bulls controlled the second half of the action while pushing higher highs, but they continue to struggle with near-term resistance.
Mid-Market Update: The market was a little choppy for the first hour or so this morning, but, with fresh support holding, the bulls are making a move towards higher highs.
Pre-Market Update: Despite the negative tone, the bulls performed well on Tuesday’s open and went on to push higher highs. The bears made a little intraday noise and took a stab at fresh support before rolling over to play dead. Today’s action could provide good clues as to whether higher highs are in store the rest of the week or if the market has reached a short-term peak.
Mid-Market Update: In yesterday’s Mid-Market Update, I talked about International Business Machines (IBM, $143.11, down $9.42) and Goldman Sachs (GS, $162.55, up $3.53). While these two behemoths are trading in opposite directions today, there are a number of other high-profile companies that are scheduled to report their quarterly results this week.
Pre-Market Update: The Dow got all the headlines on Monday, as the index closed above 18,000 for the first time since last July. I’m more focused on other things, however, and I mentioned that International Business Machines (IBM, $152.53, up $0.81) could slow the market’s momentum if the company disappointed Wall Street with its quarterly results. While the company absolutely surprised analysts with a beat on the top and bottom lines, a tempered forecast sent shares tumbling 5% in after-hours trading.
Mid-Market Update: Futures were forecasting a weak open throughout the night while I was wrapping up my weekend research, and global markets were in the red. Much of the weakness was due to the drop in the price of oil, as the zombies across the world decided against a production cut in their latest meeting. To make a long story short, the bulls have blown off the negative reaction and the drop in oil prices today to push the market higher.
Pre-Market Update: The bulls showed their usual April strength last week as the market broke out to fresh highs for the year. Friday’s slight pullback in the major indices caught all the media attention following another tight session. However, what was missed, or not reported, by the talking heads was the strength in the small-caps and the deflating VIX.
