On top of all this, investors were schizophrenic in their reactions to the reports. UPS earnings disappointed and it rallied more than a dollar?! Apple disappointed and after an initial plunge in after hours trading closed the week fractionally lower than it's Thursday's close. Perhaps the biggest example of the chaotic reaction to these reports was the reaction to Amazon's results. The report itself was terrible! What does the stock do? It rallied almost 7% on Friday! It's impossible to take a pre earnings report position and expect to make money when dealing with such incoherence!
Here's the Dow Jones Industrial Average. As you can see it has violated its 50 day moving average and has been sitting on Fibonacci support for the past three trading days:
NOTHING IN THIS COMMENTARY SHOULD BE CONSTRUED AS AN OFFER OR ADVICE TO BUY OR SELL ANY SECURITIES, OPTIONS, FUTURES OR COMMODITIES. THE OPINIONS ARTICULATED ARE ONLY THIS AUTHOR'S WHO IS NOT A REGISTERED INVESTMENT ADVISOR OR BROKER ... yet!