Today certainly appears to be shaping up as a pause to the recent uptrend in the markets. We have more big earnings after the bell, so traders need to tread carefully here. Let's take a look at some names that are worth tracking.
Earnings Winners: Pfizer ( PFE), SunTrust Banks ( STI), Apple ( AAPL), Starbucks ( SBUX), Illumina ( ILMN), C.H. Robinson Worldwide ( CHRW) and homebuilder NVR, Inc ( NVR) are all trading higher. Onyx Pharmaceuticals ( ONXX): Shares are surging on positive breast cancer drug study data. Other Notable Winners: FedEx Corp ( FDX), KB Home ( KBH), and Wynn Resorts ( WYNN) are gaining.
Earnings Losers: St. Jude Medical ( STJ), Genzyme Corp ( GENZ), Aaron's Inc. ( AAN), Wells Fargo ( WFC), Allegheny Technologies ( ATI), Whirlpool ( WHR) and Bank of NY Mellon ( BK) are some of the biggest losers. Other Notable Pullbacks: First Solar ( FSLR), Fuqui International ( FUQI) and Baidu ( BIDU).
What's the Trade?
It certainly feels like a consolidation day may be in the cards for today's action. Oil ( USO) is lower in the early going, but Gold ( GLD) is digging in with some gains so far. Treasuries ( TLT) are down a bit as bond traders try to parse through the latest economic data which showed recent home prices with a slight uptick. Inflation watchers are looking for any signs that the massive amount of money supply may be beginning to have an effect. As for some of the ideas I mentioned this morning, there has not been a clear entry point yet for a short position in Agnico-Eagle Mines ( AEM) or U.S. Steel ( X). I am still monitoring those two plays as well as Baidu ( BIDU). That red-hot stock, which was upgraded this morning, has not responded well so far today. This could be a signal that a pullback may be in the works for momentum plays and the market in general, so I'll be watching the market closely.