Market Alert - To the Close

Stocks are up yet again, but they are holding the same levels they held in the first hour. Nice gains, but nothing but a lateral move all session. SPY did come back over the past two hours form a midday session low.

SP 12.56, 0.58%
NASDAQ 31.29, 0.62%
DJ30 145.28, 0.79%
SP400 0.28%
RUTX 0.23%
SOX 0.86%

There is really no new market news since this morning, just the belief that more stimulus is on the way. That helped pop the market higher this morning, and it is holding the market higher.

After looking as if it was set to test, the market is up sharply on just a day's rest. We are letting positions move into Friday expiration because we can likely log some more gain ahead of the weekend and perhaps see GS get to 165 near the 200 day before it pauses to take a breather.

We are looking at NPTN as a possible entry. Nice break higher and it is fading off its highs late. This is its initial move after clearing the 200 day MA. AKAM gapped higher to a doji; not that enthused about that one today. WMB has run higher away from us.

Another solid session on just a day's rest, rallying toward expiration. We will see if expiration provides at least an early push high that we can use for taking some gain.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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