Ford, Ebay, Sprint Rally Early On Earnings – Thinkin’ Inverse

July 23rd, 2009

More of the same earnings news coming from all areas. That’s what you get during the heart of earnings season. I’m getting a lot of emails asking how I keep track of all the earnings, and the simple answer is that I DON’T! I’m a technical analyst and therefore pay little attention to every single companies earnings, and P/E, cash-flow, etc. I could care less. Now of course know in general who is beating and who is posting losses, but as I’ve said before – it all depending on how much analysts cut estimates. You cannot just take all these “earnings beat estimates” at face value. So, stick to the charts okay folks.

 

Now, futures again rallied this morning to around 955 before pulling back. I think anything higher this morning is just ridiculous and the over-bought train is coming to an end – at least short term. As members already know, we have a very good plan to make some money during this short term correction. Our trades are only going to be held for a couple days, but they are going to make some quick money and take advantage of this extremely over-bought situation we have in front of us.

 

I’m not giving these trades out of course, so here is the chart of the NASDAQ to think about support and resistance levels today…

 

nasdaq3

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