While tech stocks enjoyed a good day on Thursday AMZN’s earnings disappointed after the close weighing heavily on early morning futures. Volume was higher during Thursday’s session. A good sign for Thursday’s session. We will need to see the overall market overcome AMZN’s weakness. Overall, we are not in a bad place when we focus in on QQQ, SPY, and DIA. IWM still is in a state of flux unable to break free from its current channel. We still have headline threats from the trade deal negotiations between the US and China to be aware of, but price is holding up quite well. Will we break into new high territory on the back of earnings remains to be seen. We will continue to grind out this market control our risk.

Sentiment continues to be more bullish. AAII and NAAIM showed bulls gained ground week-over-week. Bulls in the AAII survey gained 2 percentage points to 35.6%. Bears lost 2.8 points ending the week at 28.3%. NAAIM exposure index gained from 57.08 to 65.67. Not overly bullish but considering we have yet to break out into new all-time highs it will be something we keep an eye on. Again, we have yet to see extreme levels from AAII and NAAIM. It is the market we are in and with the FOMC set to cut rates next week again anything is possible. We must remain vigilant and execute our risk management strategy. Controlling our downside risk allows us to maximize our upside potential.

Earnings season is in full effect. We have had some nice winners and certainly losers. AMZN will be fun to watch today as the market digests its poor earnings report. GOOGL, AAPL, and FB report next week. It is a must to know when your holdings report. Your due diligence will pay off in the long run.

We hope you have had a great week of trading and wish you have a great weekend ahead! Make sure you are getting out and enjoying your time away from the market. It is always important to enjoy life.