Major Markets
| S&P 500 (SPX) | -0.04% |
| Dow Jones Industrials (INDU) | 0.37% |
| Nasdaq Composite (COMP) | 0.08% |
| Russell 2000 (RUT) | -0.54% |
| 10yr Treasury Yield (TNX) | 2.64% |
| Dollar Index (/DX) | 0.13% |
| Oil (/QM) | 2.12% |
| Gold(/ZG) | -0.92% |
| Volatility Index (VIX) | -4.25% |
Top 3 Sectors Up
| Tobacco (TOB) | 2.47% |
| Housing (HGX) | 1.24% |
| Semiconductor (SOX) | 1.22% |
Top 3 Sectors Down
| DJ Real Estate (DJUSRE) | -2.43% |
| KBW Bank (BKX) | -2.16% |
| DJ Internet (DJUSNS) | -1.63% |
General Electric (GE), Bank of America (BAC) and Citigroup (CI) were the highlight earnings announcements of the day. Bank of America and Citigroup opened higher and closed lower, while General Electric gapped lower and closed near the lows of the day.
IBM and Google reported earnings Thursday, after the stock market closed. IBM raised its earnings, while Google appeared to have missed.
I would expect some weakness in IBM as it closed right at a 78.6% Fibonacci retracement. I would like to see it come into the 110 level and hold, before considering any longs. This would also fill the gap that was produced yesterday.
Late in the day, Brazilian mining company, Vale, denied that it is interested in buying Mosaic (MOS). This caused a massive drop in price around 3:30 PM. On a daily chart, Mosaic formed a massive topping-tail. They are to report earnings on July 22 (AMC: after market close).
The rumors of the potential buyout caused a gap up on Thursday. Watch for any violation of that gap, as it may try to close it; to around the 45 level. This stock is very volatile, just as most of its peers, including Potash (POT). Be very nimble and don't become complacent.
0 comments:
Post a Comment