The Fed, Facebook and Record Highs

Hello traders everywhere. Strong quarterly earnings have propelled the DOW, S&P 500 and NASDAQ to record highs today. Just to give you an idea of how great earnings season has been so far. 34% of the S&P 500 components have reported as of today, and 78% of them have beaten expectations on the bottom line, and 73% have topped on sales, according to data from The Earnings Scout. I'd say that's pretty impressive.

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The Federal Reserve will release its FOMC meeting minutes today at 2 pm, and it is widely expected to keep monetary policy unchanged, but investors will look for clues about the central bank's next move.

Facebook Inc (NASDAQ:FB) is set to report earnings after the close today. Wall Street expects Facebook to report second-quarter profits of $1.13 per share, based on the average estimate of 35 analysts who rate its stock. That's up from 97 cents per share a year earlier with revenue rising to $9.2 billion, a jump of 43% year-over-year. According to most estimates.

Key levels to watch next week: Continue reading "The Fed, Facebook and Record Highs"

Market Ends On A Weak Note

Hello traders everywhere. The indexes are ending the week on a soft note after reaching records highs earlier in the week. This is primarily due to General Electric Company (NYSE:GE) falling more than 4% to a 19-month low.

Meanwhile, the euro climbed to its strongest level against the dollar since January of 2015 after ECB President Mario Draghi said that the ECB would discuss plans to unwind quantitative easing this fall.

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Key levels to watch next week: Continue reading "Market Ends On A Weak Note"

Earnings, Earnings, Earnings

Hello traders everywhere. The stock markets opened little unchanged for on Monday holding just above the record levels set on Friday. The reason for the slow start? Earnings. That's right, it's earnings season and we're kicking off a big week of earnings with Netflix Inc. (NASDAQ:NFLX), which reports after the close today.

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If you're looking for a place to find a full listing of earnings dates look no further. I use Yahoo! Finance's earnings calendar.

Key levels to watch next week: Continue reading "Earnings, Earnings, Earnings"

Indexes Hover Around All-Time Highs

Hello MarketClub members everywhere. As the trading week comes to an end, the DOW and S&P 500 are hovering around their all-time highs with the S&P 500 surpassing that mark as I write this. Weak economic data has also dimmed the chances of another rate hike this year, while lukewarm forecasts by J.P. Morgan and Wells Fargo have limited gains.

EDIT: Shortly after I posted this video the NASDAQ triggered a green weekly TT. Your key level to watch next week is now 6,081.96. A move below that level would issue a new red weekly TT.

Shares of J.P. Morgan Chase & Co. (NYSE:JPM) fell 1.3%, Citigroup Inc. (NYSE:C) was down 1% and Wells Fargo & Company (NYSE:WFC) fell 1.8%, despite their quarterly profits beating analysts' expectations.

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Gold and crude oil are both posting weekly gains of 1.3% and 5.2% respectively.

Key levels to watch next week: Continue reading "Indexes Hover Around All-Time Highs"

Trump Jr. Emails Spook Wall Street

Hello MarketClub members everywhere. Stocks were sent for a wild ride today as traders weighed the impact of emails released by Donald Trump Jr. via Twitter.

The Dow initially fell 100 points on concerns that the Russia controversy that’s plagued President Trump’s presidency will worsen. However, the major averages recovered about half an hour later. The Nasdaq and Dow are now in the green while the S&P 500 remains in the red.

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Key levels to watch this week: Continue reading "Trump Jr. Emails Spook Wall Street"