Monday saw a strong gap up in the SPY, QQQ and especially IWM.  (DIA did not get the memo.)  After that gap, the SPY and QQQ had a nice day, but the DIA just treaded water and the IWM may have printed a Shooting Star candle (subject to confirmation).  In supporting roles, the Transports (IYT) and Semiconductors (SMH) also both put in very strong candles.  As a result, the uptrend remains intact.  It looks as if the Bulls want to at least test those all-time highs again.

Earnings season will really be the focus for the remainder of the week.  In fact, there are too many major reporters to list individually today.  However, suffice it to say we’ll see more industrials and Consumer names this week.  The only economic news on the day will be a Fed speaker (Bowman).

Overnight, Asian markets were up, but European markets are mixed at this point.  As of 7:30 am, U.S. futures were flat to slightly green across the major indices. It looks like PG is going to gap up and HAS to gap down on earnings this morning.

If earnings remain strong, this should stay a bullish market.  (Assuming no unexpected bad news, of course.) However, in recent months trading has been very volatile and “whippy.”  So, be sure to use caution, take profits along the way and trade your plans.

Ed

For Your Consideration: These trade ideas for your swing-trading consideration. Long – AAPL, KLAC, MCHP, CM, ABBV, HES, NRG, JBL, TPR, WU, GME Short – LSCC, LDOS, SBUX, CME, BLL, MYL, MDT, HEI . Trade smart, take profits along the way and trade your trade. 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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Disclosure: We do not act on all trades we mention, and not all mentions acted on the day of the mention. All trades we mention are for your consideration only.

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