The stock market averages have no clear bias right now other than trading at or near all-time highs. The recent momentum move in price action off the story in Greece just got a healthy pull-back to the 20ema on the daily chart but remember that moving averages don’t mean anything if they are going sideways.
The key to watch today is whether or not the market can hold the positive open from the great earnings reports.
- If we are trading above the open after 2pm (summer Friday), we have a good shot at making a run at $215 in the SPY.
- If we are trading below the open at 2pm, the market is showing signs of cracking.
Either way, I think we will finally pick a direction outside of the Great Trading Range of 2015.
July 24 Stock Market Today: Map of the S&P 500
(click the map for a full view)
SPY will flip-flop back to the positive side this morning. Trade your stocks not the market. The stock market indices are no help right now for conviction.
(click the chart for a full view)
Stocks to Trade | Friday July 24, 2015
- Haven’t traded a market this stock specific in, well, forever.
- Let’s hope we get a gap and go this morning and not a gap and dud.
Interesting Chart Lessons:
FitBit Inc. Fit
For a new issue FIT is proving itself to be a solid stock to consider for day trading. It trades good volume and has an average true range of $2.99.
Today we are looking at an inside week and inside day, occurring near the highs. Looking for a trend day today.
(click the chart for a full view)
Earnings in play today > 1M avg shares: AAL, COG, ABBV, JCI, BIIB, STT, XRX
Bullish Ideas ATR/Volume/Price: FIT, AMBA, CELG, NFLX, GPRO, UA, MBLY, FB, AMZN, TWC,
Bearish Ideas ATR/Volume/Price: URI, APA, CAR, RRC, GMCR, EOG, UTX, UNP, MON, MMM
Weak Stock Weak Close: uri, aem, bhp, csx, dow, unp, swft, hlt,
Strong Stock Weak Close: GOOG, GOOGL, EA, JBLU, CVC, LLY, RCL
Weak Stock Strong Close: yelp, clr, rrc, lltc, wdc, stx,
Strong Stock Strong Close: UA, GPRO
20 day Breakdown: qcom, dow, sune, exc, kmi, hlt, cat, unp, uri, utx, mmm,
20 Day Breakout: DHR, GPR, UA, WM
2x Normal Volume: PYPL, GM, QCOM, SNDK, DOW, GPRO, EXC, CAT, UNP, URI, TXN, AXP, COP, UA, STX, DFS, AMZN, LLTC, CI, MMM, WM, CAR
Watch List Longs: MO, TWC, SBUX, DIS, CVS, ABT, BK, COF, WFC, PNC, JPM, EBAY, C, INTU
Watch List Short: cop, cvx, bby, axp<77, xom, wmt, lltc, inc, dd, qcom, orcl
Inside days: vz, ibm, jnj, mat, fit, car, ba, bhi, cbs, hrb, hog, gmcr, tol, cag
Amazon Earnings Soar | Game Plan July 24
Amazon sales rise 20%, easily top most optimistic estimates
Amazon shares spiked Thursday after the online retailer blew past quarterly earnings and revenue estimates, boosted by growth in the North American market and cloud computing segment.
The company posted second-quarter profit of 19 cents per share on $23.18 billion in revenue. Its sales rose 20 percent from the year-earlier period and were more than $300 million better than the highest of 36 estimates from analysts polled by Thomson Reuters.
Wall Street expected Amazon.com to report a quarterly loss of 14 cents a share on $22.39 billion in revenue, according to consensus estimates from Thomson Reuters. The shares were up as much as 18 percent in extended trading after the results and were tracking well above their all-time high of about $493.
Continue to cnbc.com
Amazon shares jump 15% after company beats estimates
Amazon Inc. AMZN, +19.15% shares jumped 15% after-hours Thursday after the company beat second-quarter earnings expectations.
The e-commerce company reported net income of $92 million, or 19 cents a share, after losing $126 million, or 27 cents a share, in the year-earlier period. The FactSet consensus was a loss per share of 15 cents. Amazon reported sales of $23.1 billion, above the FactSet consensus of $22.4 billion.
Amazon said it expects third-quarter sales between $23.3 billion and $25.5 billion. “The teams at Amazon have been working hard for customers,” said CEO Jeff Bezos, citing the company’s launch of Amazon Business and Prime same-day delivery, among other factors.
Amazon shares have gained 23% in the past three months, compared to the S&P 500’s loss of 1%.
Continue reading on marketwatch.com