Market Alert - To the Close

This has been a session of waiting. Pre-market futures were lower, stocks started lower, stocks sold lower form the open. We noted that stocks had to recover support or kiss the current rally goodbye. Or words to that effect. Stocks overall have recovered though not all to positive.

SP500 6.30, 0.30%
NASDAQ 7.76, 0.16%
DJ30 98.37, 0.57%
SP400 -0.15%
RUTX -0.15%
SOX -0.04%

Oil lags a bit as oil was off almost $2/bbl on the day, but even those stocks have rebounded off their lows. Most of them; SN still looks weak. SN needs to wake up and join the rest of the sector rebound.

We picked up some QID calls and it has since faded as NASDAQ improved. Not too crazy about that, but if it has to be the sacrificial lamb for the session, so be it.

It is very interesting that even with the Wednesday failed rebound attempt that the market stretched lower again only to rebound to positive. Still some buyers out there entering on declines, and this is enough to keep us looking at some upside here and there. Today it doesn't look as if we will pick enter any upside, however. A decent recovery, showing surprising resilience, but not a blowout buy-a-thon. More like saved for the day.




Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm


Customer Support: http://investmenthouse.com/contact_us.php