This week is going to be very big for earnings, although the action today was more like a sleepy August summer Friday. Total volume of Spooz June Contracts was a shade under 600,000 and there was no action in site.
After the bell today, NFLX and NUE reported, NFLX stock was down after market and NUE stock was lightly traded although a good report signaled the potential run for commodity stocks. My old fave, AKS reports tomorrow, with STLD earnings already out and showing decent numbers, AKS could follow suit. Important resistance on AKS is $16.65 and support lies around $15.85.
I think it is important to not read anything into the action today due to the light volume following the Easter holiday, which most of Europe had an extra vacation day today. I will note that I thought technical levels held up extremely well, 1328 being good support, then 1333.25 held up as resistance in the afternoon, clearly there just was not enough volume to push through important levels.
There were stocks that did well today, MCP, DANG and VMW were all up over 5%, names I owned on Thursday and traded a bit of today. The best lesson from today is to be patient, wait for a great setup to show and stay focused on that.
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