Market Alert - To the Close

The morning saw stocks jettison the initial gains and flip negative. Since midday an upside recovery has the indices mixed heading to the close. NYSE large caps better off while growth lags.

SP500 0.61, 0.03%
NASDAQ -13.94, -0.28%
DJ30 26.26, _0.14%
SP400 -0.18%
RUTX -0.42%
SOX 0.15%

Fed Beige book was, in a word, beige. Boring modest growth, some employment improvement, everything slow, modest, i.e. mediocre. The US economy in year 7 of recovery and those are the words used to describe it. As Lili Von Sctupp said when Hedley Lamar gave her roses in 'Blazing Saddles,' 'how owrdinawy.' Seems appropriate.

Oil is getting drained, now at 44.99, -1.81. Gold is higher at 1343.90, +8.60.

Something of an expected session, i.e. an early move higher that lost its mojo. We banked some nice gain on EXAS, AGEN, MBLY, WWW. No new buys today, preferring to let the market fade a bit before stepping in again.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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