By Markus Heitkoetter
With no items on the economic calendar, the move lower was largely due to disappointing earnings from big companies like IBM Corp (IBM), down -5.86%
The S&P ended the day with a .43% loss and close of 2119.21. The S&P lost 9 points on the day.
The DOW had the biggest drop, down 1.00%. The DOW closed 181 points lower at 17919.29.
Meanwhile the NASDAQ had the smallest drop, retreating just .21% from all-time highs. With a loss of 11 points the NA
The DOW has been lagging behind the rest of the market during this recent advance. And today the DOW had the biggest drop out of the major indices. While the NASDAQ is up 10% YTD the DOW is clinging to positive territory with a .5% YTD gain.
Apple (AAPL) was the focus of the day with earnings released after the bell. AAPL reported better than expected earnings but has moved lower in after hours trading because of lower revenue fore
We know we can’t always count on the overnight reaction, so traders will get a feel for the true reaction to AAPL’s earnings release tomorrow. We also have Existing Home Sales at 10:00am ET and Crude Oil Inventories at 10:30am ET to consider.
While stocks traded lower, Travelers Companies (TRV) rallied. Fighting the general trend, TRV ended the day with a 1.82% gain. Today’s move was helped by better better than expected earnings and revenues.
A PowerX Method Buy Signal was identified on July 9th. PowerX traders are looking for a Profit Target at $105.27.