The stock indices are up 1.25% to 2.4% and are holding the gains for the most part, especially in the afternoon after stocks rallied with 2 hours left in the session. Oil jumped, doubling its early gains, and that is about when the market founds its afternoon strength.
SP500 33.60, 1.68%
NASDAQ 95.35, 2.08%
DJ30 246.92, 1.42%
SP400 1.69%
RUTX 1.36%
SOX 2.57%
That said, this is not that strong of a bounce. Stocks are up as noted, but they look heavy in many cases, bouncing but off the intraday highs and simply looking heavy, i.e. fading back from a test of resistance.
Turkey reports 2 explosions at the Instanbul airport wounding 'several.' No doubt more terrorism given two roughly simultaneous explosions at different parts of the airport. The market does not seem too taken aback.
The market may have the strength to continue higher after today's session, but again, many stocks look heavy. They have rebounded toward resistance but are slumping back some. That shows oversold bouncing but not sustained buying strength. That leaves open the door that today was 'the' upside day, the one that lets off a bit of selling pressure but allows the segue right back lower. Conjecture, but it looks that way.
Thus we are looking at closing some positions ahead of the close and you think about adding some downside positions. We are considering MNST.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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