Once again stocks find some support at the day’s lows only to rally higher. AAPL’s jump helped out the NASDAQ and NASDAQ 100 tremendously as the stock jumped after reporting earnings. The Fed released a statement after its most recent meeting holding rates steady and not giving a hint when they may raise rates next. Remember, in December they indicated they would raise rates 3 times during 2017. Bond yields slipped a tad, but there wasn’t much to today’s session. Utilities were slammed today after performing well yesterday. They continue to head sideways remaining in its current consolidation pattern. All-in-all today was not a bad session for the market.
Next up is FB to report earnings. Thursday we see AMZN’s latest earnings and we will see how much they dominated the Christmas season. Earnings season has not been a great catalyst for the market so far and pundits continue to be distracted by Trump and zeroing in on his next tweet. Speaking of earnings UPS followed up yesterday’s loss with another large drop extending its losses. The stock is now well below its 200 day moving average and diving towards $100. Not a good sign.
Tomorrow we will see the NAAIM exposure index as well as the AAII sentiment survey results. It will be interesting to see how investors reacted to the current market environment. It does feel like we are doing a lot of running in place and not making much progress in the general market, but our portfolio continues to push higher. Sound money management helps a ton!