The most important thing to remember about trading earnings is that you do not have to hold a stock into its report in order to find good trade entries.
There is a good foundation for more positive action in the week ahead.
Before I give my recommendation I want to visit with the charts and indicators.
We have decent odds of a new 52-week low in IBM over the next few weeks.
Both BA and JNJ appear to have made decisions in which the bottom line took precedent over what they stand for as a company.
Let's drill down on the charts and indicators.
Here's why I'm on the sidelines for now.
Do not look at Coke as a value play. This is more a play on global growth, but within the context of a defensive sector.
It seems as if the complacency that has gripped the U.S. markets of late has crossed the Atlantic.
There are a few random names with momentum, but mostly there is just a lot of churning action.