Home > Uncategorized > Awaiting Aloca Earnings$

Awaiting Aloca Earnings$

The markets traded in an uncertain fashion today, 47.3% advancing to 43.8% declining. Traders have been anticipating Alcoa’s (AA)earnings after the close. There were few people who wanted to aggressively commit capital today. The financials led the strong stocks upward, while the construction sector led the weak stocks lower(KB Home, lennar and Pulte homes).

Stock selection and sector selection were the key today for any trading profits. It was whippy and there was little reason for follow through. We were very patient today and did our best not to over trade.

Alcoa’s earnings after the close surpriseed many witha third-quarter profit , ending three straight quarters of losses. Analysts had forecast Alcoa to lose 10 cents a share on revenue of $4.5 billion.

This should provide some clarity for tomorrow’s trading, however we remain in a trading range on the SPY. After trading below the 50 EMA last week, they have trade up for 4 days in a row. We expect to see some resistance around the $106.50 level which may just happen in the pre-market. We will look to trade the range with $102.07 as support.

SPY9

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