Earning Reactions:
The mega caps have shouldered much of the move higher in the major averages, and should their softness following “well received” earnings reactions be worrisome? Below is the chart of FB, which actually has not been one of the more robust names as of late, did reverse from intraday highs, and even more so from the after hours highs last night. The same could be said for TWTR which was higher in the high teens on a percentage basis Wednesday afternoon. Again, not a leader but notable price action. TSLA finished well off intraday highs, with a 100 handle range. AKAM and AMD which have been leaders never gained any traction after their respective reports, and MSFT is making a lukewarm attempt at jumping above a cup with handle pivot at the 180 number. Telling tonight will be the reception of AAPL and AMZN. If they do not excite, and sell off will the Nasdaq follow suit to conclude a fierce amount of earnings this week? Give credit for the tech heavy benchmark being up better than 2% thus far, and remember Mondays have been higher 4 of the last 5 weeks.