18 July 2012

SP 500 and NDX Futures Daily Charts - Sluggish Rally On Light Volume


Qualcomm missed earnings and revenues and guided down.

IBM hit their earnings but missed revenue.

With the business largely concentrated in services, the 'movement' and costs and earnings makes their accounting very flexible, somewhat deceptively so.





This rally looks tired, but there is such light participation in the market that nothing is going to happen until the trend is struck, and the momentum monkeys pile on to it.