Market Alert - Last Hour

Overall a bit of a pause to end a second up week with the indices showing modest gains and doji on the candlestick charts. Pretty much noncommittal for the session. Some late jockeying is ongoing with some stocks rallying a bit more, some at resistance, others still in nice consolidations.

SP500 1.84, 0.09%
NASDAQ 19.61, 0.41%
DJ30 34.24, 0.21%
SP400 0.14%
RUTX 0.18%
SOX -0.81%

The issues today involve the continued insanity of the FOMC with Evans using the Fed's 'dot plot' chart, its own creation of what it thinks the appropriate Fed policy should be and where they are. Kind of like judging the level of an illness based upon how much medicine you are giving, i.e. backwards.

Also we are pondering buying into some positions such as ATHM, FALC, VIPS that are in nice consolidations or pullbacks or letting them show the moves first. We also have some downside plays that moved up this week but have not broke through resistance or trends, this after a week of market gains. If they can't make the breaks when the market is rallying . . .

With earnings season picking up speed next week and the indices sitting on top of a two week recovery move, there is no reason to rush to add new plays to those we already have, at least without seeing a good move.




Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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