OK, thus far from last night's look at the stocks reporting this am, we have AMTD who actually had a good quarter from what I see. AMTD had a negative bias and is down nearly 2.5%. C had a positive bias and although it looks like they didn't have a complete beat, they're up 1.15% in an overall market that is down badly. GWW beat and is up over 2%, I had a negative bias on GWW. Hal I had as a positive bias, they doubled their profit and have recovered off the opening to nearly break even. LLY I had a negative bias on, it looks like their report wasn't great and they're down 1.61%, so all in all, I feel pretty good about what was published on these considering none looked overwhelming. Remember that when I'm using 3C for earnings, I have no idea what the actual earnings will be, I just have an idea of how the stock will react which may sound strange, but we've all seen a solid beat and the stock sell off or a miss and the stock rally, so this isn't about being right about the report, it's about direction.
The Friday afternoon distribution that I noted as intensifying and happening quit quickly seems to have manifested itself in the market tumbling this a.m., I don't know if this is due to overall earnings or whether there was a head's up on the PboC RRR hike, which the market didn't seem to care for last night.
The market is certainly in oversold territory on an intraday basis with the SPY down 1.75%, I do believe it will get some sort of relief before too long but as of now there's nothing indicating a divergence in the SPY yet, there is a little in the DIA and the Q's look as if they'll attempt soon.
No comments:
Post a Comment