Around the world, the rally continues. Europe was led higher by
telecom. China is up 1.95% as Premier Li Keqiang said 7% GDP should
be supported, giving some hope that the Bank of Japan will
stimulate. Japan is back at eight-week highs and it's only 5% off
the highs from this past May.
(INDEXSP:.INX) futures are up 2-4 handles after a very lethargic
day yesterday. The road to S&P 1700 seems to be getting to its
exit about a year and half ahead of schedule. I anticipated a
little bit more traffic.
The summer trading environment continues as it's been a very stock
specific tape. Especially during earnings season, stocks can
diverge considerably based on their numbers.
Las Vegas Sands
) reclaimed its 100-day after seeing a nice ignited move upon
Thursday . It's now hovering around the 50-day and holding above
the break out level of $55.20, showing some commitment. Look for
potential continuation above $56.43. LVS is reporting
earningstomorrow July 24 after the close, so it's prudent to wait
until the numbers are out.
) has seen a nice snapback since the June 24 lows, as it has been
stair-stepping higher above the 8-day moving average. The stock is
flagging nicely at new highs and looks poised potentially to make
another move higher above $16.25. It has earnings onAugust 6 so
there is some time before the report. I still think $18-22 in 2014
) is also acting better even though it still has some selling
pressure from the 50-day at around $134.30. The stock saw a nice
move up on July 11 which helped it to reclaim key short-term moving
averages, then it's been trading in a tight range above the 21-day.
A break and close above the 50-day at $134.30ish could set it back
) saw a nice break out on July 10, then has been flagging above the
8-day since. The longer it holds above $15.50ish, the higher
probability we could see some upside follow-through above $16.63.
Then it has some intermediate resistance at $17.35ish from the
downtrend since March. The company is reporting earnings on
nextMonday, July 29 after the close.
More recent or upcoming earnings:
) reported second-quarter earnings after the close yesterday of
$.49 per share on revenue of $1.07 billion. Earnings beat forecasts
of $.40 per share while revenue was only in-line with estimates.
Stock saw volatile trading as it touched the $240 level. It's down
a bit this morning, but it will be interesting if it bounces back
like Google has this weekÂ·
(AAPL) is reporting at the close today. The stock saw a sharp
sell-offon Friday which sent it back down to the 21-day at $423.66.
It showed little strength yesterday as the stock traded in a tight
range to finish the day up 0.32% while it closed below the 50- and
100-day moving averages. Consensus EPS estimates are $7.31.
(BRCM) is reporting after the close today. The stock has been
hanging by a thread at $32.70-33 area as it continued to get
selling pressure from the moving averages overhead. There is also a
Head and Shoulders pattern in place that points to potential lower
prices if the stock fails to hold key intermediate support of
$32.70. The company is expected to report earnings of $0.69 per
(PNRA) is reporting after the close today. The stock has a macro
accelerated uptrend support since October 2011. It saw a nice
bounce off the 100-day moving average on June 24, then has been
hovering around the 50-day since as it has some intermediate
resistance at the$192-195 area. It's currently holding above prior
break out level of $184. A break below this could take it back to
retest the 100-day at around $180. The company is expected to
report earnings of $1.77 per share.
Some quick hits.
(TSLA) provided nice movement to the long side off the open
yesterday from our listed action area of $120.55 from the Price
Point Sheet. The stock then peaked at $126.68 and retraced lower
for the entire session to close well off of highs. It still held
above Friday's lows and above the 21-day MA, but it might need a
few more days.
(BIIB) (reportingThursday, July 25 before the open) put in a big
bottoming tail yesterday as the stock saw some volatility during
trading hours. Overall, it still held above the 21-day moving
average that has been providing good support to the stock. It has
room to the 52-week high at $242.64.
(GOOG) saw some upside follow-through yesterday to close the day up
1.6% after seeing a strong snap backon Friday . The stock is
already back above all key moving averages as it closed above the
8-day yesterday. Short-term resistance is $928 from the all-time
(JPM) has been acting better as it held above the 8-day and is
flagging nicely after seeing break out at the $55.60 area last
week. Look for potential upside follow-through above $56.67. MS
also worth a look if it clears $27.80ish.
(MCP) broke out of its bull flag pattern and gained 7% yesterday.
The stock broke above the 200-day. The next obstacle is standing at
Some uranium plays, which have been off the radar for a while, are
(USU), small illiquid name in the sector, had a huge move. I do
(CCJ) is worth a look out of a lower-level base. If it can get a
big volume break above $22.40ish, it could send this in play.
Metals had a nice continuation move yesterday as they've acted
better after the capitulation lows of late June. They could use a
rest. Gold (NYSEARCA:GLD) needs to hold above $127ish to keep some
fast money in it. That important short-term level for silver
(NYSEARCA:SLV) is $19.55.
All in all, despite it being summertime, there have been things to
do in the market. However, I think the action could get more and
more choppy during August leading up to the Fed's September rate
decision. Either way, fighting the trend is sure not friendly.