Google's earnings last night are helping to put a bid under tech stocks. Overall the market is set to open flat, after another strong session yesterday.
Here are Friday's reads:
How can you recap the market today without mentioning GOOGLE? The stock spent almost all of 2015 mired in a tight range, clinging to $550 like a baby clings to its mother. And then this week Mom let it go and its up over $670 after the bell. A huge earnings move.
The chart was setting up and today it broke in a big way.
Here we are one week removed from #Greebola and the Nasdaq is up at record highs. Greece and China, according to the financial media and every bearish columnist writing on this side of the Gamma Quadrant, was supposed to send stocks lower. Instead its done what every other sell off the last 6 years has done.. created a tremendous buy the dip opportunity.
Some of today's live audio from the chat room
Unusual Option Scans / Stock Scans
The $SPY is up to a key juncture:
$GOOGL recently broke the $550 tractor beam that had the stock clinging to that level for most of 2015. The recent move higher is setting the stock up for the record high prices I said were coming before the year started.
One thing is for certain - Google feels pretty good about itself
The chart is perfectly positioned heading into tomorrows earnings report. Will tomorrows report send it to record highs? Or was the recent test of resistance a chance to sell and buy at lower prices?
More on Google's earnings report below: