Tuesday saw a small gap down on the prior evening miss by GOOG.  As you might expect, the QQQ took the biggest hit, but all indices were impacted.  After a morning rally trying to fade of the gap down, indices waffled most of the day.  The SPY and DIA ended flat (with larger upper wicks), but the QQQ printed an ugly black candle that faded about half of the Monday morning gap higher.  All in all, only the IWM continues to look like a nicely trending Bullish chart under the microscope.

Then after the bell Tuesday, CHRW, CXO, OKE, UNM, and VRSK all reported misses. Meanwhile, AMGN, CB, EA, FMC, MXIM, MDLZ, and SYK all reported beats.  It was also released after-hours that the Tuesday BA testimony in front of the US Senate disclosed that a Boeing Production Manager had tried to halt production until problems were addressed.  However, he was overruled by management, which led to the two crashes. These may all help move markets at the Open.

The Wednesday economic calendar includes ADP Payroll (8:15 am), Q3 GDP (8:30 am), Oil Inventories (10:30 am), but most importantly the FOMC Interest Rate Decision (2 pm) and FOMC Chair Press Conf. (2:30 pm).  Among the major companies reporting before the bell Wed. are ADP, BKR, CME, GE, HES, MAS, MCK, TAP, NI, RCL, SO, WCG, and YUM. (GE beat and raised guidance, while YUM and TAP both missed already this morning.)

Overnight, Asian markets were red.  In Europe, markets are mixed so far.  As of 7:30 am, U.S. futures were indicating a flat open with the DIA pointing up 0.1%, the SPY pointing down 0.05% and the QQQ pointing up 0.15%.

Earnings continue to be generally good, with some notable exceptions. However, it is the Fed that is likely to call the tune today, with markets fairly likely to continue assuming a rate cut while still waiting for the announcement to be sure.  So, don’t be surprised by lighter volumes and a more “wait and see” attitude in the market.  The trend continues to be in the bull’s favor.  However, be cautious, because the risk is on the side off Fed disappointment and there are major earnings reports still looming (like AAPL and FB after-hours Wed.).

Ed

Swing-Trade Trade ideas for your consideration. Long – COG, PM, AFL, UNH, TSM, PPG, AA, VMW, DE, JEC, JWN, KSS, CPRT. Short – KO, CINF, LMT, NOC, IBM. Trade smart, take profits along the way and trade your plan. Also, do not forget to check for upcoming earnings. Stocks we mention and talk about are not recommendations to buy or sell.

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