This morning, the S&P 500 Index e-mini futures (ES-H3) are trading lower by 1.00 points to $1494.25 per contract. Investors seem to be shaking off any negative news reports each and every day. Yesterday, the markets held up very well despite the weak and negative GDP report. Earlier today, the weekly jobless claims increased by 38,000 to 368,000 and the stock futures actually jumped, trading off of the morning lows. It goes to show you that bad news is now considered good news and good news is great news. That is sometimes how markets behave in Euphoric times, this is why we watch the charts and do not the care about the news.
Corporate earnings reports continue to be released in droves. Some notable names that reported earnings include Facebook Inc (NASDAQ:FB), QUALCOMM Inc (NASDAQ:QCOM), and Mastercard Inc (NYSE:MA). This tells us that many other stocks can be sympathy plays to these market leaders. For example, often stocks such as Zynga Inc (NASDAQ:ZNGA), and Groupon Inc (NASDAQ:GRPN) will often follow the action in Facebook Inc. Many leading semiconductor stocks such as Broadcom Corporation (NASDAQ:BRCM), and NVIDIA Corporation (NASDAQ:NVDA) will follow the action in QUALCOMM Inc. Obviously, leading credit card stocks such as Visa Inc (NYSE:V) and others will follow the action in Mastercard Inc. So there should be a lot of morning action for day traders.
Below you may find the video.