Today marked the 7th day of up-a-day/down-a-day price action. All the US indices closed up on low volume, amid very little news.
Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) report after the close and a slew of earnings are expected Wednesday, including Delta Air Lines Inc (NYSE:DAL), Boeing Company (NYSE:BA), Facebook Inc (NASDAQ:FB), and Dow Chemical Company (NYSE:DOW). Other than earnings, expect a slow news day.
As we’ve said, late July and August should see a lot of traders and institutions going on vacation. The “thin to win” environment could cause some large price moves, but overall, we expect a continued gradual climb upwards to 2000.
Tomorrow’s outcome is a coin-toss, really. But if the up-down pattern continues, as ridiculous as it sounds, we should see a down day as the S&P, still the global leader, does some more back and fill before rallying into the 1980s.
HIGH: 1980.30 After 10am
LOW: 1973.80 Early
LAST: 1978.00 UP 11.7 Handles
TOTAL VOLUME: 1.8mil minis; 4.4k bigs
MOC: BUY $100mil
Extremely small economic calendar
FOR TOMORROW:
MBA Purchase Applications
EIA Petroleum Status Report
Earning from Delta Air Lines Inc (NYSE:DAL), Boeing Company (NYSE:BA), Facebook Inc (NASDAQ:FB), Dow Chemical Company (NYSE:DOW), EMC Corporation (NYSE:EMC), Texas Instruments Incorporated (NASDAQ:TXN), and a host of other names
This is the 7th day of up a day down a day
Going long into the earnings, but it feels like a coin toss.