Stocks are relatively flat premarket with a few interesting earnings plays to watch today.
Eli Lilly (LLY) is up over 12% after reporting before the open. We have some decent reports left but earnings season is beginning to slow down.
We didn’t have any big premarket catalysts aside from jobless claims, but this report is broken in my mind because it’s been in the low-200K range for the past three years.
We’ve had a lot of nondirectional volatility this week, which makes it very difficult to make short day and swing trades. In markets like this, it’s best to sit on your hands and wait for a directional bias. Otherwise, you just get whipsawed back and forth.
Here’s a broad, general rule of thumb for markets…
Usually but not all the time, when you’re in a true bullish phase, markets tend to open lower and then rise through the day. When you’re in a bearish phase, markets tend to open higher and fall lower as the day goes on.
This is just a general observation and not something you can build a timing strategy around.
But it is a good wrinkle to keep in mind!
We’ll cover levels and stocks to watch…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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