Friday Morning Thread

Just as the bearish engulfing candle in Feb  (up arrow) was not indicative of the immediate future price action , I believe the bullish engulfing candle (up arrow) may too prove itself wrong in the short term.  There is still a huge unfilled gap from the action in early Feb .  I will be watching this one. No pos

Thursday Evening

AMZN earnings are being received well in the after hours session.... stock is up about 12% so far. Looks like our old friend the V is back in business.

I've come back to this post to edit.... S&P has cut Spain to BBB+ from A (Outlook negative). The bears hit the S&P futures with large sell orders immediately and current trade is about 1391ish. All of the sudden it looks as though a V shaped recovery is not in the cards... tonight and tomorrow should be interesting as market players digest the news.

Thursday Afternoon

WMT Daily Chart (11:40 AM)

The news has been mixed but generally ugly for the big retailer.  It bounced this morning from just above the 200 day sma.  That could be the short term (maybe long term) bottom if you want to trade it.  Volume has already exceeded the 50 day sma so clearly buyers are interested.