By Markus Heitkoetter
Stocks were off to a good start in early trading. The major indices were all higher and the NASDAQ was trading within 25 points of its record high. But the rally ran out of steam midday and an afternoon sell-off sent stocks lower.
At the end of the day the S&P had lost 9.5 points. With a .46% drop the S&P ended the day at 2092.43.
The DOW ended back below the 18,000 mark with an 81 point drop. Closing at 17,977.04 the DOW lost .45% for the day.
While the S&P, DOW, and NASDAQ all ended the day in negative territory the RUSSELL ended with a gain. With a close of 1265.59 the RUSSELL is 1 point away from a new all-time record close.
Concerns over disappointing earnings, and more importantly how the market will react, will be a major focus this week. Looking at the economic calendar traders have PPI and Retail Sales at 8:30am ET to digest tomorrow. Business Inventories, a potential wild card on the calendar will be released at 10:00am ET.
Netflix (NFLX) had traders on a wild ride after Friday’s gap higher. And today the ride got wilder!
After another gap higher NFLX outperformed the overall market and ended the day with a 4.42% gain. The mover higher was a reaction to an analyst upgrade.
A PowerX Method Buy Signal was triggered at the open on Friday. Based on an entry at $450.78, PowerX traders were looking for an ADR Profit Target at $476.36.