This morning, the market popped after favorable reactions to JPM and WFC’s earnings reports. Stocks continued to push higher until the close, erasing the loss endured from early in the week. JPM vaulted nearly +6%, while WFC was up +3.23%. GS added +3.63% (reporting next Tuesday morning); C popped +5.42% (report next Monday morning); AIG gained +3.18%.
After the market, MA and V jumped on news that the credit card companies reached a settlement on the "swipe-fee" lawsuit. MA traded up more than $6 on the news, and V was up more than +2%!
We have some nice trades this week, mostly on the downside, until today. MA +122%, EXPE +56%, and WYNN +47% worked out well for us. Here are the closed trades:
This market was just waiting for some encouraging news to return to the upside. Earlier in the week, the market sustained a slew of bad news, but, hung on. Now, the focus has turned to earnings. Next week, a lot of bellwether companies are going to report and should provide the impetus for most of market’s movements. We’ll take a closer look at these on Sunday evening in my weekly Market Forecast.
Have a wonderful weekend, happy traders!
Good night and HappyTrading! ™