Futures and the DAX are up this morning, indicating a positive open. Apple (AAPL) and Texas Instruments (TXN) posted both positive earnings and revenue growth which will likely boost the Nasdaq today. Many of the DOW components, while beating earnings expectations appear to have achieved this primarily through cost-cutting as opposed to revenue growth.
The market condition scans show a mildly positive bias today and the market bias indicators are showing a very weak negative bias, suggesting another narrow range day, similar to yesterday. While all the market indexes closed positively, volume was below average indicating the lack of energy in the market.
Oil is approaching $80/barrel. Both gold and silver are up, testing their recent highs. TSX was up yesterday due to gold and rumours surrounding Potash Corporation (POT, POT.to), suggesting BHP Billiton (BHP) could make an all cash bid for the company.
| Index | Change | %Change | Level | Phase |
| TSX | +33.63 | +0.29% | 11538.39 | Bullish |
| DJIA | +96.28 | +0.96% | 10092.19 | Bullish |
| Nasdaq | +19.52 | +0.91% | 2176.32 | Bullish |
| SP 500 | +10.23 | +0.94% | 1097.91 | Bullish |
| Russell 2000 | +6.16 | +1.00% | 622.34 | Bullish |
| NYSE | +88.25 | +1.24% | 7222.21 | 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
Posts
No comments:
Post a Comment