Nasdaq Stocks Rocket on Earnings
Today was a blast off day over on the Nasdaq. Amazon, Google, Starbucks and Microsoft as well a a few other big names reported their earnings and SMASHED IT!
The Nasdaq ETF’s we trade shot off like the rocket in the picture, great day and turning out to be a great trend. Of course, now we are in no man’s land at all-time highs, so what next?
I think there is a little more upside here before we will see a significant pull-back or anything close to a correction. But Monday is more than probable going to see a small pull-back.
That being said, with the help of another Apple earning smash after Monday’s close, on Tuesday we could see quite the distance between the previous all-time high and the new one on the S&P 500.
The superstar for me right now is TQQQ. up over 14% on cash, much more for those trading using some extra margin since the late March entry signal. There is simply no better way to trade than trend trade.
The hardest part of trend trading is letting your winners run, it is so tempting to grab at big gains and start thinking that this must be the top, but as no one knows where the top is, it is best to follow your trading plan and turn big winners into monsters a few times per year. Stay in the trade, stay in the trend…
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Market News
U.S. stocks closed higher on Friday, with the Nasdaq setting another record as investors cheered major earnings reports.
The Nasdaq Composite closed at a record for the second day in a row. The index set its first record close in 15 years on Thursday, topping the previous high from March 2000.
The S&P 500 ended mildly higher for a new record close. Earlier, the index also touched a new intraday high, while the Dow attempted to shake off a decline as its top-weighted stocks lagged.
Microsoft surged more than 10 percent to lead blue chips gains. The company posted earnings and revenue that beat estimates after the close Thursday, as the firm shook off the negative impact of the strong U.S. dollar with growth in hardware sales and commercial cloud computing.
Amazon.com spiked 15.5 percent to a new intraday high despite reporting a decline in earnings as expected and light guidance. Revenue did beat expectations with a boost from the e-commerce firm’s primary market, North America.
The Dow Jones industrial average still had more than 1 percent to go before surpassing its record close.
Futures briefly pared gains following durable goods that beat on the headline figure but showed a disappointing decline in the core figure.
Durable goods, ex-transportation, fell 0.2 percent, below expectations for a slight gain but less than February’s 1.3 percent decline.
Including transportation, which tends to be volatile, the report posted an increase of 4 percent for March, surpassing expectations for a moderate bounce back, after February’s disappointing 1.4 percent month-on-month drop.
With no other economic data expected, major stocks moving the market higher included Microsoft, Google, Amazon.com, and Starbucks, which reported earnings after the bell on Thursday.
Starbucks briefly surged more than 4 percent to hit an all-time high on Friday. The coffee retailer topped expectations for global same-store sales and beat on both the top and bottom lines.
In Europe, European equities were higher on earnings despite little progress on Greece debt talks in the meeting of the euro zone finance ministers.
Greece is willing to make compromises to reach a deal on its debt, Finance Minister Yanis Varoufakis said on Friday after tense talks with his euro zone peers on this issue.
Greece is running out of cash and needs a last tranche of bailout aid in order to meet debt repayments. So far, its reform drive has been slow and the aid has not been released.
Earlier, neither ministers involved nor analysts were holding out hope for a deal on Friday.
German Finance Minister, Wolfgang Schaeuble, said he did not believe there would be decisive progress on Greece in Riga, while his Austrian counterpart said he was “quite annoyed” with the lack of progress over reforms, Reuters reported.
News source: CNBC