NASDAQ futures are coming into Thursday at record highs after an overnight session featuring elevated range on normal volume. Price worked higher overnight, sometimes slowly, sometimes rapidly. Durable Goods and Advance Goods Trade Balance data came out at 8:30am and both were huge bullish beats.
Then came the earnings. Here’s this morning’s big winners:
Comcast Reports Q2 EPS $0.52 vs $0.48 Est., Sales $21.165B vs $20.86B Est.
Mastercard Reports Q2 EPS $1.10 vs $1.04 Est., Sales $3.1B vs $2.97B Est.
UPS Reports Q2 EPS $1.58 vs $1.47 Est., Sales $15.75B vs $15.5B Est.
Celgene Reports Q2 Adj. EPS $1.82 vs $1.78 Est., Sales $3.27B vs $3.23B Est.
P&G Reports Q4 Core EPS $0.85 vs $0.78 Est., Sales $16.1B vs $16.02B Est.
Twitter Reports Q2 Adj. EPS $0.08 vs $0.05 Est., Sales $573.9M vs $536.5M Est.
Dow Chemical Reports Q2 Operating EPS $1.08 vs $1 Est., Sales $13.8B vs $13.61B Est.
Southwest Reports Q2 Adj. EPS $1.24 vs $1.20 Est., Sales $5.7B vs $5.72B Est.
Also on the economic calendar today we have Fed nominee Quarles confirmation hearing at the Senate banking committee at 10am, then a 7-year note auction at 1pm.
Yesterday we printed a neutral day. The day began with a gap up, sellers stalled ahead of record highs instead going range extension down. Sellers, however, could not close the overnight gap. Then the Fed left their key borrowing rate unchanged at 2pm. Third reaction off the announcement was a sell, but buyers ultimately took the day back to the highs. Then, after hours, several strong earnings reports pressed the NASDAQ even higher.
Heading into today my primary expectation is for sellers to work into the overnight inventory and press down to 5974. Buyers step in here and two way trade ensues.
Hypo 2 stronger sellers work a full gap fill down to 5948.75 then take out overnight low 5947.25 setting up a move to target 5936.25 before two way trade ensues.
Hypo 3 buyers work up through overnight high 5993.50 and tag 6002 before two way trade ensues.
Hypo 4 buyers sustain trade above 6002 triggering a rally/trend higher.
Levels:
Volume profiles, gaps, and measured moves:
I hate $TWTR. I own plenty of it too. It needs a buy out at this point so they can get fresh minds in there.
Bezos setting up new “1492” lab to look into telemedicine and ways to tap into electronic medical records.
Amazon moving into health care?
Yup yuuup
Today was hypo 2 and then some. Your weekly thesis worked out well ultimately, hopefully you caught more of the move than I did with the $VX_F longs I had for days.
caught two nice waves thursday, biggest waves of the week, very good