The S&P 500 is in uncharted territory with its 26th record high this year. Earnings headlines continue to fuel the rally.
High-profile earnings from Apple (AAPL) was big news last night. AAPL stock rallied in spite of the company lowering its revenue guidance.
Meanwhile tonight Facebook (FB) beat Wall Street's estimates on both the top and bottom line. Shares of FB are hitting all-time highs after hours this evening.
The tone of Q2 earnings season has been positive. That is good news for the rally since stock prices are supposed to be driven by earnings.
Tomorrow is a huge day for the Q2 earning season with over 250 companies reporting their quarterly results.
We want to wait for the post-earnings dust to settle before adding new candidates.
(No new trades tonight.)