No Earnings Breakout

Earnings releases climaxed this week and they had the potential to fuel a breakout. That did not happen and we could see profit taking.

PRE-OPEN MARKET COMMENTS FRIDAY – This week we had major earnings announcements. From my perspective, the market reaction confirms that resistance is intact. Earnings were a potential breakout catalyst. They failed to produce and the air will get let out of the balloon. Shorts will be more aggressive now.  

Daily Bulletin Continues...