Follow-Through
Posted on January 31, 2008
Filed Under Market Speculator |
4:01pmEST Markets follow-through after taking a dive at the open.
The Nasdaq was able to pull off what seemed impossible this morning. Futures dove after a higher than expected Jobless Claims number. Traders sold index futures hard and by the open stocks were putting in the lows of the day. Steady buying throughout the day held a very strong intraday uptrend. However, just before the close the Nasdaq broke that trend. It fought hard to stay in follow-through territory.
GOOG just posted EPS of 4.43 missing analysts expectations of 4.45. Great growth, but missing estimates may hurt the stock.
This does not have a look or feel to a market bottom. With that said, we have a market follow-through and we are able to look for stocks to go long. My only issue is that I see very few stocks, if any at all. Tread carefully and look for powerful stocks with powerful earnings and sales growth!
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