My view and my positions have leaned bullish. This has worked out okay with the exception of Google  where a very poorly received earnings report crashed the stock. After the close Thursday Intel and Amazon also reported earnings that were poorly received. A sharply lower open on Friday is on deck. 

Here’s what that means.

Despite the poor earnings, I continue to believe that most stocks have already had their corrections, even if the cap weighted market averages have not reflected that nearly as well as the equal weighted averages have. So while lower open Friday is likely, I continue to favor this weakness as setting up a low. 

There was lots to like in every earnings report. But the market is punishing capes spending if it isn’t directly tied to revenue. Eventually it will be almost for sure, so after the flush, buy opportunities are going to be present. And I think those opportunities will present very quickly, as soon as Friday.

Thanks,

Joe

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