NetFlix pulled the NASDAQ 100 down on the day keeping the index in negative territory. Financials closed flat as Goldman Sachs, JP Morgan Wells Fargo and Bank of America earnings have kept a lid on the sectors upside. There has been precious little to cheer about when it comes to the announcements being made by the major players. The blame has been placed on the weakness in the global market economies. I find it interesting the Fed started beating this drum several weeks ago before earnings started… any correlation? To make matters worse we have Google after-hours tonight missing earnings. It is only down 2.5% versus the 25% NFLX fell last night. We need some positive news to go with the attempted bounce in the index or the sellers will reassert their collective efforts to take the markets lower.
Tonight I am posting a video versus writing all that I want to address… it would be too many pages and charts to make the points I would like to elaborate on looking forward… enjoy.
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