bulls holding strong into earnings

$SPY well there’s been no slow down in this bull march after a very busy earnings week. Earnings seemed to be a mixed bag. We had financials report that were mostly beats with an overall bullish tone and then on the other hand we had some disappointments in tech land that came in under the streets expectations. Bottom line, we are at all time highs in the midst of a summer earnings season and there is no overhead supply in most of these indices and sector ETFs. The story remains the same as it has the past few weeks. Stick with whats working, stick with the bullish trend, and just be aware that things can turn ugly to the downside fast BUT until they DO you cannot afford to not be in this rally. Don’t let your own opinion cloud the array of bullish price action.  spy15

$AAPL all was good in apple land until friday came around and the stock dropped from the top of it’s weekly range to the bottom in one session. Perhaps an oh shit moment sparked from google earnings miss (or perhaps something they said in the call?) but at any rate we saw money moving out of apple causing it to slam down into the 424 floor that was resistance last week and became support this week. Ordinarily I would say pay close attention to the action early next week to see if this was a one day event or if the bears continue doing work against this stock and break it down below 423 but with earnings after the bell Tuesday it changes things a bit. Friday got me out of my long swing position I had established at 428 for a small loss and as of right now I don’t plan on placing any bets into earnings. Goodluck to those that are, I will stick to trading the action after hours. aapl15

$GOOG what a beautiful bounce after opening down some 40ish dollars on Friday morning post earnings. It took all of about 60 minutes of some down to sideways action on Friday morning to clear out the rest of the weak  longs before it began  its steamroll higher. It marched all the way up to tag thursdays lows before taking a breather.  If the 890 flag low can hang in there it sets up for a nice measured move back near all time highs at 918 as seen drawn on the chart. Despite being down on Friday this still looks bullish short term but just realize this action will probably slow down a bit and begin to digest these large moves.

goog15

$NFLX getting tight the past few days as its forming a nice triangle pressing into the 264 support level. Earnings for this name are also next week after the bell Monday so these short term levels will be meaningless come the next day. Given the price action this year and from the past earnings reports (and gaps that remain in tact) I wouldn’t be surprised to see another ripper to the upside post report. Time will tell, goodluck for all those playing, I will not be.nflx15

$FB surprising me a little this week reversing the breakout it started the week off with above $26. Earnings are also coming up this week after the bell wednesday I believe and it should be real interesting to see how the street reacts to their numbers and guidance. A young company with a lot of unanswered questions and somewhat cloudy future typically sets up for large post ER moves. Goodluck to all those playing, I will not be. fb15

$AMZN one of the more muted stocks this past week hanging around in a relatively tight range at all time highs. Amazon is also reporting earnings next week after the bell on Thursday and given the run up to new all time highs I would imagine the report should be bullish. But you always have that risk of the stock getting ahead of itself leaving it plenty of rope to hang itself if the report comes out under the streets expectations. Goodluck to all those playing, I will not be.amzn15

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Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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