SPY is holding the $133 level for now. There are a lot of strong earnings from market leaders, but it is waiting on a resolution to the debt ceiling. The chart still looks constructive as we flag in front of resistance and hold above key moving averages, but the action right now is very headline driven. While most expect a deal to get done at the 11th hour, it is important to stay plugged in. Tonight we saw positive earnings from AMZN and LVS.
Trade Update: MCP has been a good focus in the past week with the first entry at $55 with an additional add-on buy above $61. It closed strong today, +6.25%. Use your own trading rules to take profits.
BIDU has been another good targeted trade as it made a strong move into earnings. Positive earnings were released last night. BIDU gapped above 52-week highs and looks good for higher prices. Wait for a few days of consolidation of this big move as it is extended from previous buy entries.
The Chinese internet sector showed relative strength to the market today after a strong earnings report from the leader in the sector, BIDU. YOKU is a laggard play in the sector, but has a decent chart set-up and closed the day +9.50%. Today was the first day up in this stock, look for continuation over today's high of $37.45.
The semiconductor chip makers have had solid moves from stocks like IBM, MSFT, and INTC. The stock is a bit of a slow-mover, but a close above $23.25 in INTC could trigger a move to new highs.
The credit card sector is performing well. Visa has earnings tomorrow, Wednesday, July 27th, after the close. It could have a run into earnings or wait til after to make a move. Look for a momentum play above 52-week highs of $90.83.
SLB, an oil stock, posted earnings last Friday, July 22. It is holding the gap-up and consolidating in front of 52-week highs of $95.64. This could have a momentum move through those highs. Watch the price action in this stock.
SLV is holding above the 3 month range. An additional buy is above $39.90-$40. Also look to the chart of FXE which looks good for higher prices, which has a positive affect on commodities.
For the active trader, TZOO is setting up for a quick trade. Although, it had a big gap down on earnings, it is holding up well and the range is getting very tight. Look for a move above today's high of $61.60 with an add above $63.27 to fill some of the earnings gap. First resistance is $67.28.
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