This week is a huge week for the stock market. Wednesday at 2pm we receive another FOMC headline and a slew of earnings reports. CAT and NVDA both disappointed as the general market ended in the red. Certainly a positive was we were saw stocks closing near session highs. IWM showed relative strength during the session and bodes well for the market overall. We would certainly like to see a bit more consolidation. However, with the FOMC on Wednesday and earnings it is doubtful we see anything close to what we’d like. Our focus remains with the price action of the overall market along with our stocks. There are opportunities out there and if you are willing to remain patient you can take advantage. Wherever this market goes we will follow.
The government shutdown ended up not impacting the stock market the way most thought it would back in December. We’ll leave the politics at the door as our sole focus remains on price and volume action of stocks. Where we go from here remains to be seen. There are certainly some positives we can hang on our hat on. Remember, even though we are in a confirmed market rally we cannot fall asleep at the wheel and forget where our exits are in the event the market turns against us. Our risk management process remains on point and allowing us to take advantage of this market. Stay focused and with Big Wave Trading to help you navigate this stock market environment.
AAPL reports after the bell today and should provide a bit of a show after the market close. Earlier this month the company reported it had disappointing sales figures. Lagging iPhone sales have certainly hurt the company and tonight we will find out how bad the situation has become. It doesn’t help the Xs model is over $1,000, but we do not want to go down the rabbit hole of unnecessary analysis. AAPL is such a large part of the NASDAQ it will have an impact during Wednesday’s session. FB reports Wednesday after market close then we have AMZN Thursday after the closing bell.
Remember to check your holdings for earnings date. Adjust position sizes relative to risk and obey all exit signals. Earnings season is in full swing and with the FOMC meeting on Wednesday we should have plenty of action intraday. We hope you have a fantastic week of trading!
