There was some good bounce action on Wednesday, with breadth running five-to-two positive, but the worry was whether there would be a "sell the news" reaction to the major earnings reports after the close.
So far, it is looking exactly like sell the news is the case. Alphabet (GOOGL) had great numbers and is still solidly green, but Amazon (AMZN) , Facebook (FB) , and Twitter (TWTR) reversed into negative territory after posted solid reports. Apple (AAPL) is hitting now and the initial response to that report is negative, as well.
The reactions to these reports will change as the information is digested, but at the moment big-cap technology is batting just .200 with one of the five in positive territory, but Facebook (FB) is working on a rally attempt.
This reaction should not be a huge surprise, as we are heading into a period of tremendous uncertainty due to the election. There just isn't much motivation to chase, even strong earnings news when there is the potential of a negative market reaction to election headlines.
The good news is that fundamentals are still quite solid and that will make it easy for these names to resume uptrends, once we are past the election and Covid drama, but it's going to be a bumpy ride in the near-term.
We'll see if things change as the news sinks in, but the Big Kahuna known as Apple doesn't look like it is going to lead us to the promised land.
We are in for some rough trading over the next few days, so be ready for some volatility.
Have a great evening. I'll see you tomorrow.