Monday tried to continue the solid Friday post-jobs upside move but the early upside failed to trickle down to the rest of the session. There was a post-open surge as stocks hesitated at the open, faded, then jumped. That move looked promising but didn't have the juice to hold. Stocks spent the balance of the morning and half the afternoon session slipping lower. The last two hours saw a recovery that basically close the indices flat.
SP500 -1.98, -0.09%
NASDAQ -7.98, -0.15%
DJ30 -14.24, -0.09%
SP400 flat
RUTX -0.07%
SOX -0.17%
VOLUME: NYSE -8%, NASDAQ -12%. Volume faded nicely on a day off.
A/D: NYSE 1.3:1, NASDAQ -1.1:1
It was for the most part a non-day, one of those sessions after a big move on an important news event (another 'most important' jobs report) where the market idles ahead of the next move. Typically, all things equal, the move continues after the day off, but as always it is up to the bids coming back in and pushing the leading groups higher. Fortunately, there are still plenty of leading groups to continue the move in the face of all of the negative billionaires and brokerages. At some point they will be right in their negativity, but of course timing is the key.
On the day we took some gain on NPTN ahead of earnings and took some more on AGEN as it has raced higher and Monday threw a tombstone doji; worth taking some off the table. We bought some BIDU though it came back at us by the close, indeed a bit earlier than that.
The day did nothing to put pressure on the leaders or the recent move. Big move up, a day off on lighter trade. Now you see if the bids come back in to the good setups and send them higher.
Have a great evening!
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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