Dow Jones Industrial Averages continue under pressure after President Trump dismissal of FBI director. However, fortunately for Nasdaq, the index continue making new record high. Snap Inc (NYSE: SNAP) crushed in after-market trading Yesterday after reported massive losses of $2.2 billion in the first quarter. This lost mostly caused by the realization of stock compensation cost during IPO where the company awards its CEO Evan Spiegel special stock award. Interestingly, this special stock award should be awarded quarterly for three years, but all of it awarded in the first quarter this year. Furthermore, SNAP does not provide financial forecast guidance which clouds the company future more.
Asian stock market jump today following the rise in oil prices, most of the major indices closed in positive. On the other side, European session colored by downbeat outlook as BOE chief talk about Brexit and expect weaker income for years following Brexit.
Dow Jones Industrial Averages (INDU)
Dow Jones Industrial Averages ready to open lower as the futures down 37 points. There is 100+ room before the index reaches 20,800, but it might not happen as the overall trend is sideway. Traders will continue to monitor the index movement between 20,800 – 21,000.
CAT is at an interesting level where the resistance present in the past. Will the resistance turn into support and help the price move higher? If it could not hold the downward movement, the bear will try to close the gap after recent earnings at $97.06.
Costco Wholesale (COST)
There is a bullish channel on COST daily chart which has high validity. Will the price bounce after test of the channel? If the price could bounce from the current level, it will target the top of the channel or the record high. However, recent gap down after dividend might have more reason to bring the price break lower.
LLY – the price touched $80 support and the daily SMA 100. Might find support and bounce from both levels.
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