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The next three days are going to be the center-of-the-meat when it comes to Q3 earnings reports. Below are five of the largest, most important reports tumbling out after the close. I have no positions in any of these, although I’ve got to say, Visa (V) looks like of enticing. Please remember that there are some great tools in the Earnings sub-menu of the Equities menu, so check those out.
Another day, another victory for the bulls. As I’m typing this, every single quote is bright green, and optimism has flooded the markets (and the press, as I showed with ZH last night). The 3800 Fibonacci has been shunted aside, and 3900 is within easy reach at this point, which would make for a nice trendline tag.
It’s been said for years that no real bear market can happen until Zerohedge goes bullish. I guess it’s finally happened. See, ZH opened its doors in February 2009, almost to the exact day of the market bottom. They spent the next dozen years talking about how the market should go down, all while it kept going up. Well, they’ve changed their tune, big time. They’ve become more and more stridently bullish, and in just the past few hours, there’s been this maelstrom of Jim Cramer-level buy/buy/buy vibes:
The projection of the larger bull flag that I posted on Thursday morning delivered like a champ, with a perfect touch of the channel support followed by a break up that almost reached the target at a retest of the flag high on Friday afternoon. The full target should be made at the open today. So what now?
SPX 5min chart:
Sunday futures started off with a bullish bang, with the /NQ up triple digits instantly and the /ES vaulting over 50 points higher. Permabull Slopers began chiming in with their “be long or wrong” mantra, just as the market started fading, until it had reversed nearly 80 points. The central bankers of the world leapt to the rescue, as they always do, and have pushed almost everything green again.
