The Stock indices are lower once again after an upside session as the lateral move more or less continues. SP500, DJ30 are trying to build lateral consolidations similar to RUTX and SP400.
SP500 -7.96, -0.37%
NASDAQ -6.24, -0.12%
DJ30 -87.17, -0.47%
SP400 -0.38%
RUTX -0.28%
SOX +0.46%
Again, basically trying to slide laterally holding the moves as they are unable thus far to push the Wednesday break higher any farther.
The big name NASDAQ stocks are mostly lower with AAPL, AMZN taking the most of what lumps there are. FB rallied back from a lower low and is sporting a modest gain.
Some good moves, mostly in semiconductors as AMD and NPTN jump nicely for us.
Oil is near 43/bbl, and that is generally hard on oil stocks today e.g. AXAS, CVX. Others are not bad, e.g. CWEI up almost 7%.
APC has earnings pre-Tuesday as does FCX. APC position is stock and it is at the 50 day EMA, the support for the move higher. Can sell calls on it (August 55c are not bad) or let it ride through earnings. Like the idea of some call sales. FCX has not moved big but it is in a nice cup with handle pattern the past three months. Thinking of selling the calls and hanging onto the stock.
Took some gain on AMD, NPTN, left half to run. They way they are smoking higher, glad we did.
As for new positions, looking at JWN's breakout. Earnings are 8/11 so it has time to expand the breakout before then.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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