After an early bounce attempt that in the first half hour, stock indices topped and slid lower back to opening levels. An abrupt drop to start the last hour took SPY back to those opening levels, though it is trying to mount a last hour bounce the past 15 minutes.
SP500 -72.29, -3.45%
NASDAQ -198.46, -4.04%
DJ30 -611.05, -3.40%
SP400 -3.98%
RUTX -3.93%
SOX -5.75%
The large cap NYSE indices are at the May lows, holding thus far. SOX has plunged to the 50 day SMA, just below the top of the April range. SP400 is holding last week's low for now. RUTX is in the April range, holding above the 200 day MA by a pretty comfortable margin.
We have some positions we are looking at closing and indeed closed WLL as it lagged heading into the day and lagged the other oil stocks that are, frankly, performing quite well in this environment. We will see what kind of bounce, if any, can produce this last hour and use it.
These kind of events, particularly on Friday, tend to continue on into the next week. Thus we will let the downside work even though DIA touched the initial target on the downside play and AAPL touched close to its initial target as well. In that same vein, we are looking at closing some positions on a last hour move as noted above.
Looking over our positions, they are really holding up well with a few here and there breaking support. For the most part we are in the market leaders, and thus far they are riding this out.
Very gloomy still with plenty of 'we are in uncharted territory' comments by all of the experts/pundits on the financial stations. Sure we have been here before. It is panic. We have seen plenty of panic. Fortunately here at the market top we have a lot of cash just waiting for this to work through the system. Again, this is not just a Friday event.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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