Bank of America reported earnings earlier this morning and profits were down due to trading losses and problem loans. The market seems to be taking the news in stride. BAC is trading flat to slightly up this morning in pre-market.
The futures this morning are down a little bit.
S&P 500 (JUN) -2.25
| Nasdaq (JUN) -3.25 | Dow (JUN) -19
The market looks like it needs a rest and I think we need to fill the two large gaps from recent trading. For the Q's we have gaps at $45.27 and also at $44.14. I feel like we need to fill those gaps before we can head higher on this current up trend. I still think we will be at $50 in the Q's before the middle of May, but I think my short term trades will be to the downside for now.
The futures this morning are down a little bit.
S&P 500 (JUN) -2.25
| Nasdaq (JUN) -3.25 | Dow (JUN) -19 The market looks like it needs a rest and I think we need to fill the two large gaps from recent trading. For the Q's we have gaps at $45.27 and also at $44.14. I feel like we need to fill those gaps before we can head higher on this current up trend. I still think we will be at $50 in the Q's before the middle of May, but I think my short term trades will be to the downside for now.
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