The market was extremely volatile this week, with sharp moves in both directions. The market fell sharply in the beginning of the week, then, proceeded with an abrupt bounce during mid-week; only to end on a weak note on Friday. We had some mixed results:
GOOG reported solid earnings on Thursday, although its attempt to overly control the company may have left a bad taste in the investor’s mouth. Its stock dropped 4% today. Both JPM and WFC also reported solid earnings, beating the estimates. However, both stocks traded lower today, pressuring the financials. On the other hand, MA and V bucked the trend and pushed to new heights, with MA gaining almost $10 intraday! AXP reports next Wednesday. CMG recorded a new all-time today, reaching above $442/share! CMG reports next Thursday. INFY fell more than 13% after delivering a disappointing quarter report. CTSH dropped almost 4% in sympathy.
This was the first meaningful pullback since the market rallied in the beginning of the year. Both SPX and Nasdaq managed to close above some key levels this week, which we’ll take a closer look on Sunday in my weekly Market Forecast. Earnings season is about to kick into full action next week. It should be another fun and busy week. I’ll be looking at some trading ideas on Sunday in the Sector Watch.
Have a wonderful weekend and HappyTrading! ™