Amazon (AMZN) reported after the market close yesterday and reported a 69% increase in 3rd quarter earnings helped by its Kindle product and also reported revenue growth of 28%. Other positive earnings reports from yesterday came from AT&T (T) and 3M (MMM) who both beat estimates, providing a boost to the markets yesterday as all the indexes closed up. Microsoft (MSFT) reports today, and it will be interesting to see how they are performing.
Gold and silver continues to surge, and it is expected that more speculative action can be expected. Oil has been moving up, but volume is divergent.
The futures and the DAX are positive this morning indicating a positive open. The market condition scans are showing a high number of overbought stocks and the market bias indicators are starting to show a few sell signals. This combination suggests that although the markets open up, they may sell off into the close. The probability of this increases as it is a Friday.
| Index | Change | %Change | Level | Phase |
| TSX | +91.35 | +0.80% | 11533.37 | Bullish |
| DJIA | +131.95 | +1.33% | 10081.31 | Bullish |
| Nasdaq | +14.56 | +0.68% | 2165.29 | Bullish |
| SP 500 | +11.51 | +1.06% | 1092.91 | Bullish |
| Russell 2000 | +8.27 | +1.37% | 613.38 | Bullish |
| NYSE | +75.70 | +1.07% | 7182.91 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive to neutral bias
Energy: weak
Primary Trend: sideways to up
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
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