Stock Trends
Earnings reactions, large cap long idea, Hot List updates and more
Good morning,
Q1 earnings season is officially underway, and, as always, it’s not about the numbers, but the reaction to the numbers.
Today, we’ll review the reaction to the major financials that have already reported, as well as some other blue-chip names.
We’ll also cover:
Large cap long ideas
Hot List updates
Software stocks
and more!
Earnings reactions: The financials
Goldman posts bullish reversal following initial drop
Goldman kicked things off Monday morning and was down nearly 5% early before reversing off the 50-DMA. We rallied Tuesday, but found resistance at the downtrend line from ATHs yesterday. The intraday high at $928 is now tactical resistance.
JPMorgan needs to stay above the 200-day
JPM was little changed Tuesday after earnings but fell 1.7% yesterday. We’re back above the neckline of a large top, but the relative chart still says this is a stock to avoid. Watch the 200-DMA ($303.47) the rest of this week.
Tough to be bullish BlockRock here
BlackRock is up more than 5% so far this week after reporting Tuesday before the open. Technically though, action below this resistance zone doesn’t mean much, it’s getting above that would change the chart. Color me skeptical for now.
Citigroup continues to lead
No skepticism here. Citi is a beast, breaking out Monday before earnings and adding to gains the last two days. Be careful chasing (RSI already over 76), but pullbacks and pauses are buyable.
