"There are just four kinds of bets. There are good bets, bad bets, bets that you win, and bets that you lose. Winning a bad bet can be the most dangerous outcome of all, because a success of that kind can encourage you to take more bad bets in the future, when the odds will be running against you. You can also lose a good bet no matter how sound the underlying proposition, but if you keep placing good bets, over time, the law of averages will be working for you."
-Larry Hite
Equities continued to chop around last week with neither bulls nor bears taking control. Earnings, political events, the FOMC statement and the jobs situation will give the markets plenty to try and digest in the week ahead. The technicals are signaling that caution is still warranted for the bulls.
IBB while there are some individual names that have good looking setups in the sector the IBB is below all its major moving averages' The 100 mark could be acting as price support but if we lose that it could get worse for the sector before it gets better
IWM has held up fairly well but we had a recent double top and its testing the 50 day as support, if we lose that we could be looking at a test of the 200 day
IYT managed to close above the 50 day on Friday testing a short term trend line need to see some follow though
QQQ found resistance at short term trend line and the 50 day MA AAPL and TSLA earnings could play a role in whether it can reclaim the 50 day or go retest the 200 day as support
SPY is below the 50 day and making lower highs however we did just make a higher low. If it breaks and closes below the 200 day that would be concerning for the bulls
The US dollar was strong last week and if that continues it could put more pressure on equities, more so for the multi nationals and consumer staples which have already been weak for the last several months
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This weeks stocks on my radar
$NR $ACRX $CARA $SPN $VCEL $BKD
Highly anticipated earnings
Source Earnings Whispers
Bloomberg Economic Calendar
Source Bloomberg
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