Market Limps Into Weekend

 | Jul 21, 2017 | 4:56 PM EDT
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The market limped into the end of the week after hitting record highs and firing on all cylinders on Wednesday. Still, as was the case yesterday, losses were mild, and while the easy culprits are poor earning from GE (GE) and a sell-the-news reaction to Microsoft (MSFT) , it was mostly some more healthy consolidation after a strong upside push.

This isn't unusual for markets that hit such extreme short-term overbought readings like this one did midweek, but those readings also have tended to lead to further gains in the weeks ahead.

Under the surface, there were some good individual movers in biotech and banks, including Dicerna Pharmaceuticals (DRNA) , Neuroderm (NDRM) , Independent Bank Corp (INDB) and Triumph Bancorp (TBK) , to name a few, but it was tough trading overall. The set-ups that have been developing are still there, but today wasn't the day for a lot of big moves.

Next week, things start getting interesting with the earnings reports, with Facebook (FB) , Amazon (AMZN) and Alphabet (GOOGL) on the calendar. We'll see if the bulls can continue to press or if Q2 numbers have already been priced in, as was the case with MSFT, and the effects of negative seasonality begin to have an effect. The one thing that we can usually count on is that earnings season produces a new crop of winners, so it's going to be a busy few weeks before we hit prime vacation time towards the end of August.

Have a great weekend, everyone. RevShark will be back at his trading turret on Monday.

--  Written by Jim Koford

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