The indices are struggling on the session in the wake of Japan's denial of helicopter money and the ECB holding steady but whispering the same promises about doing what is necessary if it is necessary. Pillow talk.
SP500 -8.85, -0.41%
NASDAQ -18.05, -0.36%
DJ30 -84.85, -0.46%
SP400 -0.49%
RUTX -0.48%
SOX -0.80%
Big surges through Wednesday, then a give back of the move Thursday. But, the indices are rallying in the back half of the last hour, trying to mitigate gains.
Note that the small and midcap indices (RUTX, SP400) are showing relative strength in their patterns, i.e. holding their lateral consolidations. They did not breakout Wednesday, and are simply doing further work on their patterns.
The big names that helped lead the last push are down, but not down that much. Thus far this has the look of just a test after some higher highs. We do note that DJ20 transports turned lower below the March and April highs. DJ20 has lagged the DJ30 higher high -- by a lot. This test of those twin highs, not even near all-time highs, is something to keep tabs on.
Picked up some INSY, leaving everything else status quo. AXAS is sporting a good move on the session and holding it. Earnings are 8-10, so there is time for it to run.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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