Jack Steiman
SwingTradeOnline.com
There were many key reports this evening. There isn't much to add that I haven't already talked about for weeks or months now. The market is flat for the year. Nothing but chop back and forth as the market tries hard to unwind very poor weekly and monthly charts. The world was focused on Apple Inc. (AAPL) this evening, even though there were so many interesting reports coming out from all over the stock market world. The market seemed ready to sell as the Nasdaq was negatively bifurcating once again today. Technology issues ready to lead the charge lower. Not to be folks.
AAPL did everything you could have asked for. Beat by a mile on both revenues, and the top line. Announced massive buy-back programs and S&P 500 the stock seven for one. Stocks up about forty after hours with the Nasdaq up 50 on the futures. Who knows how much it'll hold, but if AAPL explodes so will the Nasdaq and that will carry the S&P 500 and Dow to new highs. As I have been saying, you can't short until the market breaks down appropriately with a failed back test. Not in the cards for now. We'll sell at some point and tomorrow will be an important watch technically, but the bears will have to take a back seat all over again thanks to AAPL.
Very strong earnings this evening were also seen from the likes of semiconductor stocks Texas Instruments Inc. (TXN) and Lam Research Corporation (LRCX). Add in great numbers from Facebook, Inc. (FB) and off we go. There were some disappointments from the likes of Flowserve Corp. (FLS) and QUALCOMM Incorporated (QCOM), along with Xilinx Inc. (XLNX), but there were enough big time winners from the most important stocks to give the market a blast tomorrow morning.
Earnings were key in trying to get the market to finally correct, and AAPL would have been a great catalyst, so now we watch to see how the good news from AAPL does or does not carry the market tomorrow once we open up for trading with that big gap up in place. Gap and run or gap and stall. We shall see, but the bulls have some good sleeping conditions this evening. The first hour to ninety minutes will be very telling for sure. An interesting day ahead.
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