______________
As we move through the New York lunch hour, the bulls have done an admirable job in holding this morning’s gains. The price action is impressive, and breakout plays appear to be working. Moreover, oversold names are seeing solid bounces, namely FCX. With that said, there are two important points to remember:
- We are still in the midst of earnings season.
- We remain in the 1300-1332 trading range on the S&P 500.
With AAPL reporting this evening, it remains to be seen just how much of a pull that stock has on the rest of the market. Beyond Apple, many of the names that I have been charting for you, especially the retail stocks, report earnings next week. It will be interesting to see if they run ahead of earnings, setting a possible “buy the rumor, sell the news,” scenario. AMZN reports earnings on 04/26, and is sporting an enticing chart as well, seen below.
______________
