The major indexes have traded in a tight range following yesterday’s push to new all-time highs. There are a number of factors in play that are balancing things out as the Financials are showing a little strength while the Transports have taken a hit.
JPMorgan Chase (JPM, $55.30, up $0.16) and Wells Fargo (WFC, $42.70, up $0.90) knocked the cover off the ball with their earnings reports while United Parcel Service (UPS, $86.05, down $5.40) warned Wall Street they won’t make their numbers. Shares of JP and Wells are up moderately higher while UPS is getting slammed for trying to sneak in a miss.
The big difference we are seeing from this week’s push to new highs and the one in May is that the current rally appears that it could stick around for another week or two. The surge to new highs in May was met with a quick reversal. With the major indexes at and near all-time highs they will need to close above their intraday highs from May to continue the momentum.
We aren’t sure if it will happen today but a slightly higher close or a flat ending to the week should be bullish through next Friday. Next Friday is also July option expiration day that will make things interesting along with the huge flow of earnings that will start to pour in.
The Dow is currently down 47 points to 15,413 but if we take out Boeing (BA, $100.00, down $6.88), the Dow would be near even. The S&P 500 is off by 2 points to 1,672. The Nasdaq is down 2 points to 3,577 while the Russell 2000 is advancing a point to 1,034. The small-caps have triggered another all-time that no one seems to be talking about and is a bullish sign for next week.
We have some last minute updates in what has been a very profitable week as we head to the Members Area. We can’t wait to break down the charts and do some digging for more possible winning trades for next week as we have already taken third and half profits in a few of our current trades. Along with our current trades, our Watch List has been white-hot as well.
We will be back Sunday night with the Weekly Wrap (now 26-3 for the year and 70-5 since the start of 2011) and the Daily on Monday morning. We have recommended nearly 100 trades for the Daily so far this year and we are happy to say for those of you that have taken ALL of our trades, you should be up over 100% for 2013. Overall, we are hitting on nearly a 70% win rate for all of our trades.
Let’s go see where we are at with our current recommendations and if we do not send out a Profit Alert, have a great weekend, and be sure to check out the chart work for next week when the Weekly and Daily come out.