Fewer Upside Surprises In Today's Earnings Reports
The market is flattish in early trading as scores of earnings reports continue to flood in. Looking over today's report, there seems to be fewer upside surprises and more stocks that are trading down on in-line earnings reports. Here's a few examples:
Stocks rising on earnings:
- NUAN, SWI, EQIX, STMP, VIVO, REGN, MWW
- VAR, AKAM, LVS, DOW, DB, UPS, XOM, LSTR, NUS
Asian markets were mixed overnight, while Europe is mostly lower this morning. The dollar is lower vs. the euro and that is helping boost commodities. Oil prices are higher to $104.70 and gold prices have finally made a push above $1650 (currently $1657).
The 10-year yield again got rebuffed at the 2.0% level and is lower to 1.95%. And the VIX is fractionally higher to 16.95 after moving back below its 50-day yesterday.
Trading comment: The major indexes are holding above their respective 50-day support lines. This has the potential to put the bulls back in the driver's seat. Yesterday's rally came on rising volume, so that's a start. For those who follow the IBD-style market trend, we need to see a follow-thru rally on rising volume over the next week or so to confirm yesterday's rally attempt. We also need to see many of these growth stocks that have been rolling over start to find support and attempt to build new bases. Today SCSS is rolling over below its 50-day.
KAM Advisors has long positions in NUAN, SCSS, STMP, VAR, XOM