Alphabet, Tesla, and Texas Instruments are dragging the tape lower after earnings, and WTI has pushed past $90 — but this market has defied the bearish logic more than once lately.
GOOG, TSLA, and TXN are leading the market lower, after earnings reports last night. Hostilities in the Middle East, this time on the Houthi side of Saudi Arabian oil export access, have pushed WTI over $90/barrel. Integrated oil firms continue to advance.
Logic would lead an observer to expect significant pressure during today's session, but this market has defied that logic more than once recently. Futures are ugly just now, but experienced traders will look for opportunities to buy near the support that was created just a few days ago. The smart money waits out the morning froth before engaging selectively in names that are not directly in the earnings news today. Keep one eye on the earnings calendar for tonight and tomorrow morning (to mitigate exposure to upcoming announcements). Keep the other eye on the Kapnotes research board, which updates throughout the day as set-ups develop.
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