The Heart Of Earnings Season – GOOG, GE, Citi All Top Estimates

April 17th, 2009

First, I hope you checked out last night’s Trading Video. Very important stuff on there. Lots of news for the market to sift through today with nearly all of the big name companies having very good earnings reports since yesterday’s market close. Google, GE and Citi all beat estimates. Good thing I didn’t suggest going long FAZ yet as there is still more up-side in these financials. Still, members and I have tightened stops on some of our more profitable positions this morning – locking in profits of nearly 15% on some trades.

 

As for today’s actions, if we close higher today, that will put us into a 6 week positive movement – which is a very rare bird in deed. 6 weeks of positive gains is way more than enough to convince me of AT LEAST one down week coming up. Having said that, if we get any higher near the close today I WILL be buying index puts! 6 week rallies are great but they are NOT sustainable in the least. You can mark this post as I will be referring to it in the future when I link back to it and say “I told you so!”

 

Here are your updated S&P targets. If you look back at yesterday’s morning post, my target resistance level was 871 and the high of the day was 870 before the market pulled back. Again these levels work! Use them to your advantage!

 

spx8

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