Today, Wednesday, will likely be all about earnings – and about an hour before the open, the Dow, S&P 500 and Nasdaq were all indicating a lower open.
Apple, in early morning action, though, was indicated higher based on a 12 percent gain in sales and a 15 percent increase in third-quarter profit. Apparently after cutting prices in June, sales of Macs skyrocketed.
But banking sector earnings were were raising some concern. Morgan Stanley reported a third straight quarter loss that was worse than analysts expected – thanks in part to costs to repay the U.S. government. Wells Fargo reported second-quarter earnings that rocketed 81 percent for a new company record, but shares were lower based on worries that loan troubles are persisting. Bank of New York Mellon reported that it second-quarter earnings dropped 43 percent -- and SunTrust Banks reported a loss on increased credit costs.
Yesterday the market, after pulling back in the morning, posted a seventh straight day of gains -- all major Indices ending higher. Healthcare performed well, and there was weakness in Financials, likely because of the slew of earning reports due.
We are focused now, after the big run higher, on risk management – and believe that good setups will occur. We are looking at oils – and when the right opportunities are there, gold.
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