A solid day for the NASDAQ as traders push the index back towards all-time highs. Certainly a nice way to start the week with solid price gains. The market took a step further to proving itself once again as we have been teetering on the edge of a new downtrend. We are not out of the woods just yet, but today was a great step forward. Volume was lower on the session, but was not too far off from Friday’s run rate. Earnings will continue take center stage this week with a big earnings day this Thursday with AAPL, GOOGL, and AMZN reporting their most recent quarterly earnings. A great start to the week and now we await whether or not we will see this market follow-through.
Earnings season continues to roll on and so far, it hasn’t been that bad. MSFT hit an all-time high after reporting earnings after the bell on Thursday. This Thursday will be even bigger with AAPL, AMZN, and GOOGL reporting. AMZN and GOOGL continue to act well while AAPL is still trying to find its former glory. It will be interesting to see if these three continue where MSFT left off. If this market can follow-through after today’s gains, there is a good chance we just march higher into the Presidential election.
Before we hit the Presidential election next week we will have the next Federal Reserve meeting on Wednesday. Much will be made of whether or not we will see a rate hike this year. Odds are in favor of a rate hike in December, but this meeting many will be expecting more color around what the Fed is thinking. The meeting will come prior to the jobs report before the election.
Speaking of the election there are plenty of marijuana stocks in play. There are always something moving intraday and with the election these weed stocks should provide us with opportunities.
There are a lot of news headlines over the next few weeks and there should be no shortage of fireworks. Have a game plan and execute!
