Friday, May 1, 2015

Happy Friday!



Good morning folks, 
Can't wait for the fight this weekend! My money is going on Pacquiao >its likely that Maywaeather wins but I like rooting for the underdog!!

We did some technical damage in the markets yesterday and like we have been talking about "Sell in May and go away" could become a self fulfilling prophecy this year. 

I did not like the way the IWM closed below 122 and other indexes are either testing longer term trend lines, or a moving average like the 50 or 100 day. Today could be a defining moment for several of the indexes so caution is advised. This may be just another buy the dip opportunity but as we lose key levels the selling could intensify and we could finally get out 10 percent correction. 10 Percent may not be all we get if some real fear takes hold. For people that are more swing or long term hold traders I wouldn't be starting new positions unless you are planning to scale in. I won't be taking a full position in anything but looking at stocks like DIS AAPL GILD and others that I want to own but I will be identifying areas of support where I would start to nibble and other areas where I would add should the stocks continue to break down in a market that is in a correction. That is a much different approach from day trading but one that I am comfortable with from my early days of being an investor and not a trader. 

For today it looks like we are catching a bit of a bounce premarket and markets are in the green. In my opinion, how we close is much more important. 

Stocks on my radar premarket
FEYE already a swing earnings last night 46 is the key break out area, VLTC potential continuation, GBSN could be ready for a bounce, LLNW raised guidance and caught an upgrade 4 doll roll good looking daily, REXX hot looking daily looking for a 5 dolla roll with conviction,  ISR potential continuation and anticipation run into data event next week looking for a 2 dolla holla, 

CNBC in the NEWS

IN THE NEWS TODAY
Billionaire investor Warren Buffett said he believes the Fed won't be in any hurry to increase interest rates-in part because of the softer U.S. economy but more so due to what's going on in European bond markets. (CNBC)
U.S. stocks looked poised in early trading for a positive start for the month of May. The DowS&P 500, and Nasdaq finished April in positive territory, but only just. (CNBC)

Dow component Chevron (CVX) leads this morning's list of earnings reports. Rival Exxon Mobil (XOM), also a Dow stock, Thursday beat on the top and bottom lines. There are no major reports after the bell today. (CNBC)

Visa (V), another Dow component, late Thursday reported earnings and revenue that beat forecasts, despite the impact of a strong dollar and lower crude oil prices. But Visa did issue a weak outlook. (CNBC)

Shares of LinkedIn (LNKD) were sharply lower in premarket trading, after the social network cut its full-year forecast. Earnings and revenue for the latest quarter did beat estimates. (CNBC)

Tesla (TSLA) has unveiled a business called Tesla Energy, which will focus on batteries for homes, businesses, and utilities. "The sun doesn't shine at night," CEO Elon Musk said last night at a press conference. (CNBC)

The Apple Watch Sport 38 mm retails for $349, but the teardown shows itcosts less than $84 to make, according to a preliminary estimate by research firm IHS. (Reuters)

Federal regulators will order operators of Boeing (BA) 787 Dreamliners toshut down the plane's electrical power periodically after the aircraft maker discovered a software error. (NY Times)

American Express (AXP) cannot prevent merchants from steering customers toward cards with lower fees than Amex charges, according to a federal judge's ruling. (Reuters)

Brussels is set to widen its front against U.S. tech companies just two weeks after the launch of its landmark competition case against Google (GOOG) by initiating a separate investigation into a wider range of online platforms. (FT)

BY THE NUMBERS
The new month starts off with a number of notable economic reports, including April sales figures from U.S. automakers. According to estimates from Edmunds.com, General Motors (GM) should post a 4.4 percent gain from a year ago, with Ford (F) sales up 5.8 percent, Chrysler up 7.5 percent, and Toyota up 5.9 percent.
Three simultaneous reports are out at 10 a.m. ET: the ISM manufacturing index and consumer sentiment for April, along with March construction spending.

Warren Buffett will be presiding over Berkshire Hathaway's (BRK.A) annual meeting tomorrow in Omaha, Nebraska. The 50th anniversary celebration of the company is expected to draw a larger than usual crowd of 40,000 people.

STOCKS TO WATCH
AIG (AIG) topped estimates by 3 cents with quarterly profit of $1.22 per share, and the insurance company also announced a buyback program of up to $3.5 billion.
Helped by higher sales of its new hepatitis C drugs, Gilead Sciences (GILD) reported adjusted quarterly profit of $2.94 per share, well above estimates of $2.32, while revenue also beat forecasts by a wide margin.


DreamWorks Animation (DWA) lost 25 cents per share for its latest quarter, but that adjusted loss was 20 cents smaller than estimates. Revenue was above estimates, on the success of its movie "Home" as well as revenue from the "How To Train Your Dragon" franchise.
Seeking Alpha
Today's Markets:
In Asia, Japan +0.1% to 19532. Hong Kong closed. China closed. India closed.
In Europe, at midday, London flat. Paris closed. Frankfurt closed.
Futures at 6:20: Dow +0.3%. S&P +0.3%. Nasdaq +0.2%. Crude -0.2% to $59.51. Gold -0.2% to $1179.80.
Ten-year Treasury Yield +1 bps to 2.05%
Notable earnings before today's open: AONAXLBCOBERYBPLCBMCBOECHTRCLXCPNCTB,CVSCVXDUKFEGWRHPYITTKCGLMLPNTMCOMGIMNTAMOG.AMOSYMSGNSP,NTLSNWLPEGPNMPNWRUTHRYAMTDSTRPUSMVFCWETFWYZEUS
Notable earnings after today's close: AECBRK.BVNR