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Here’s the Likely Market Pattern
www.oneoption.com
The breakout held and the news has generally been good. Watch for a light volume drift higher.
PRE-OPEN MARKET COMMENTS FRIDAY – Yesterday CPI was a touch higher than expected and initial jobless claims spiked. Neither reading had much of an impact.
This morning JPM posted solid results. After and early pop, the stock is unchanged. WFC also reported and it is trading higher. In general, bank earnings should be good and I am expecting them to tread water or to move slightly higher. Financials will dominate the earnings scene next week and they will provide solid footing for the market.
Monday is a banking holiday so the volume should be light. Retail sales, Philly Fed and initial jobless claims won’t have much of a market impact.
The focus will be on earnings releases. NFLX and TSM are two non-financial companies that report next week. TSM would be the more important of the two since it might provide us with some insights into semi-conductor stocks.
My suggested approach has not changed.
Have some starter swing longs and don’t add much exposure. Take gains on nice winners and swap in stocks that are just breaking out.
Day traders should patiently wait for dips and buy on support.
Overseas markets were fairly neutral and the SPY is almost flat overnight.
Support is AVWAPQ and resistance is the high from Wednesday.
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