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Monday, July 23, 2018

Stock Market Holding Up Like A Champ

The stock market is up slightly as we write this despite trade war concerns and a US brush with Iran.

What's going on?

When you'd expect down and get up that's called "bad news good action." It's a trading signal that bodes well for the stock market.

This market has weathered a lot.

For the S&P 500 ETF (NYSEARCA:SPY) 280 looks like a critical support-resistance level. A decisive close above or below is a key hint to follow through in that direction.

The way the market is swallowing up all negative news and holding up anyway looks very bullish. That's what a bull is. It licks up everything in its path. That's why they call the stock market a bull. Not much can stop it.

Earnings Likely The Driver

We are hardly in earnings season but we'd guess that strong earnings reports to come and strong guides are what investors are holding on for despite the negative macro news.

We're bullish on our coverage and think tech earnings reports, many of which are soon to report can support this market.

Earnings start in earnest tonight and this week.

Hitting Tech Stock Earnings Home Runs

We spoke to the top tech companies over the last few months to identify what tech stocks have home run earnings potential. Earnings are what drives stocks, especially tech stocks. Finding those few tech stocks that have realistic earnings trajectories way above the Street can give you conviction to see a stock through to big upside. Dip your toe in the water with a free trial.

We're about to hit our prime time, earnings season.

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We have no holdings in the stocks mentioned unless otherwise noted.

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