Markets ended up but off session highs Thursday. Both benchmarks are off less than 1% off their 52 week highs. For the week the Nasdaq is up 2.6%, almost erasing last weeks 2.7% loss. The S&P 500 is up 1.9% thus far through Thursday, trying to erase last weeks 2.1% loss. We are in the thick of earnings seasons, and today we had some stocks that were punished. Perhaps we will start to see some movement out of defensive names, as PG fell more than 6% yesterday, and gave back almost another 1% today. Today SWY was sliced by 14%, undercutting its 50 day SMA in the process. BMY fell 3% after its earnings miss. More economically sensitive names reported today and some behaved swimmingly. UPS, suggesting it has a better handle on its business than FDX, recaptured its 50 day SMA today after an earnings beat. DOW beat, and edged past a double bottom trigger of 33.91 in very healthy trade. Make sure you keep an eye on your stocks and when they are reporting. Holding into earnings can be hazardous and I do not condone.
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