AAPL and MSFT weighed heavily on the market today as both fell after posting earnings Tuesday evening. Commodities fell as crude oil closed below $50 for the first time since early April. Gold too closed lower as the precious metal fell below $1100 an ounce. There is certainly two tails to the tape with the Dow lagging with commodities and with the NASDAQ a shade below is most recent high. A bit of a bright spot was small cap stocks were able to close in positive territory today. Earnings continue to be a mixed bag and it appears revenues are on the decline. Price action has faltered a bit for blue chips and remained okay for the NASDAQ. We will continue to monitor our price signals and execute our risk management process.
Thursday will be the day we see a ton of earnings announcements as well as economic releases. Tonight’s commentary is short due to travel. Stay focused on executing your trading signals.
