So we got some not-so-good earnings reports coming out of the giants this morning with General Electric (GE) and Bank of America (BAC). As a result futures are taking a hit with the Dow down 60 points, NASDAQ down 9 points and the S&P off by 8 points. We have a consumer sentiment report coming out today at 9:55am so there is an opportunity for the market to improve itself through a news catalyst.
Overnight, Asian markets were flat, while European markets have been steadily selling off throughout there trading day, now seeing losses of 1% on average.
These are the first earnings reports that we have seen from major players that been received unfavorably by the street. It will be interesting to see what the ultimate reaction is from the market today, and whether we start seeing a renewed vigor for selling and taking profits.
Here are Today’s Trade Setups…
Long Setups: AYE, AEP, BDJ, GHDX, RXII, SGMO, VMC
Short Setups: CTB, EZCH, SLT, TSYS