Thursday Morning Market Video - $SPY $FB $IWM $QQQ $GOOGL and more
Today was a slow day in the market, with modest fades across the board in most names. The big question for the market is whether the breakout on the SPY above 217.50 will hold. It is important to look to market leaders for clues. I tend to look to ‘FANG’ (Facebook, Amazon, Netflix, and Google) and the banks for clues. While all closed off their morning lows I think there is a bigger picture that we need to be aware of in order to navigate the markets in the coming weeks.
Today’s session continued the theme of a slow and steady grind for the broader market with a few individual names that led the tape. FB had very strong earnings yesterday but showed signs of stalling early in the morning. On the other hand AAPL found support at 103 and held that level the entire day closing near the highs. AMZN and GOOGL both reported exceptional earnings after the bell and are up in the after hours session. There is however a common theme between all these names, something that worries me deeply and I will go over this in the article. In addition, I will go over my strategies for AMZN and GOOGL tomorrow and my trades from today.