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A Look Back and Look Ahead to Next Week


GOOG, Current Stock Market Environment

The market hit an inflection point with earnings last week.

Released on Saturday, February 2, 2019, 1:30 PM ET
by Email Russ UrbanContact SpeculatingStocks

Pittsburgh, PA (SpeculatingStocks) - Last week started off on a sour note with poor guidance out of NVIDIA Corporation (NASDAQ:NVDA). Advanced Micro Devices (NASDAQ:AMD) released earnings after NVDA guidance. AMD earnings redeemed the semiconductor industry. Other positive earnings stories out of Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB), Boeing (NYSE:BA), and others created an inflection point in the market with the DOW now above its 200-day moving average. Uncertainty has turned into certainty with confidence in major companies and the economy.

On more positive earnings next week, the S&P and NASDAQ should both easily cross through their 200-day moving averages and follow suit with the DOW. The Mueller Report is due to be released at some point, but likely it won't be released next week with the State of the Union taking place on February 5th. Once the Mueller Report is released, it could create volatility in the market and the ProShares Ultra VIX Short-Term Futures ETF (NYSE:UVXY) would likely come into play.

The only company not to report yet out of the FAANG names is Alphabet, Inc. (NASDAQ:GOOG). All eyes will be on Google on Monday to see if the earnings momentum will continue.

The bullish feel is coming back to the market. If this week backs up last week with more positive earnings, then the bull market will be back in full swing and DOW 30,000 will be a real possibility moving forward.

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⇒ About the Author of this News Article:

Russ Urban has been following the stock market for over 18 years and holds a Bachelor's Degree in Finance. From a young age, he watched CNBC with a keen eye and became obsessed with the market and technology. Russ Urban has written hundreds of stock articles and stock picks through the years since he founded, Inc. in 2006 and holds strong faith in the power of the markets and capitalism.

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