Google Gets Gashed -- Nick Santiago #538

Daily Market Wisdom with Nick Santiago

1.Earnings are out from MSFT and GOOG. MSFT is strong, the stock trading higher by 3.7%. Google is not doing so well, the stock is trading lower by 8.5%. The tech giant had been a strong chart until today, so the next few days will tell me a lot more.
2. The major stock indexes are under early pressure. Yields are higher on the 10-year note. The 2-year note yield is also holding around 5.09%. The 2-year note yield must drop if this stock market is going to catch a bid.
3. The Middle East crisis is still ongoing and it does not look as if that is going to let up anytime soon. Should that conflict expand it is a big problem for the stock market.
4. Crude oil is trading slightly lower today, but it has pulled back sharply. I'm going to remain neutral because of the Middle East conflict. If there were no major geopolitical events in the Middle East I would actually be bearish oil.
5. Gold is catching a bid this morning. It is holding up very well right now, especially after forming a daily chart parabolic pattern. Remember, should gold consolidate further it will likely trigger a move to the upside.
6. Bitcoin surged this week and is trading higher again today. The catalyst for bitcoin is the expectation that several spot Bitcoin ETF's are about to get approved. It looks like the courts kicked the Decision to the SEC, so it is still a wild card.
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