Good Morning to you! It is a very early start for me this morning, after staying up late into the night watching my Miami Dolphins man-handle the New York Jets. What a game that was! But getting up this morning was horrendous. One thing can be said and that is Monday Night Football and the Stock Market are not very accommodating towards getting enough sleep in-between. Nonetheless, let’s get this morning preview started…
Today is extremely important as you have a couple of economic reports in the Redbook and Goldman Store Sales, but those two reports will take a backseat to the earnings releases of INTC and JNJ. Those are the major players today and when Intel reports after hours and Johnson & Johnson reports before the market open, it will likely heavily influence the market and begin setting the tone for earnings season. It seems to me that expectations are very high during this season, and the inability of companies to meet those expectations could trigger the end of this bull rally that we’ve been in for quite some time. I also believe that expectations for earnings are overdone, and may see some disappointment in the results achieved.
Overnight Asian markets wered mixed with a few of the indices posting gains of roughly 0.5%. European markets are all down on average of 0.3%. US Futures are flat with the Dow down 6 points, NASDAQ down 1 point, and the S&P down 1 point.
Here are Today’s Trade Setups…
Long Setups: PST, KKD, SRZ
Short Setups: AAN, ADTN, BCR, CVC, HAO, GCA, MIG
