Good morning everyone
Well, my hopes for a big tech pop fell flat on its face just a few seconds after the market closed yesterday and AMZN reported a earnings miss. GOOG quickly followed with a report that beat but failed to inspire a move to offset AMZN. Consequently, we remain stuck in the very narrow range that has plagued the market for 2 months now.
The Dow futures were basically flat at about 5 AM and although we are getting a little fluff up push in the Pre-Market action I think we can expect more chop today.
The GDP number this morning has the potential of moving the market this morning but unless it is a big surprise I wouldn’t want to hold my breath that it will do much of anything. There are more than 100 earnings being reported today but again I think it to be unlikely they will generate adequate energy to break the support or resistance log jams.
If you can, today would a very good day to turn off the computer and go do something productive or fun rather than wasting a Friday watching chop. It will get better I’m confident of that but likely not until we get past the election.
Trade Wisely,
Doug
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