Stocks are trying to come off session lows that were rather dicey. The indices were breaking sharply lower with DJ30 at the 50 day EMA before rebounding to reduce the losses. SP500, RUTX, NASDAQ testing the 20 day EMA. SOX and NASDAQ have flipped back to positive with some sharp upside the past hour. Indeed the upside is now kicking in on the other indices as well. Perhaps they can get enough bids to recover decently.
Knew it would be a roller coaster after Yellen, and Fischer came out and rained on the doves, noting that Yellen's comments "were consistent with a September rate hike." Perish the thought, right? A 25BP hike? Can the world stand it? That is, I suppose, a valid question.
Today the indices are not wild about it but have recovered lost ground. The problem with this kind of session is there is always an aftershock but as it is Friday, it can hold and rebound. The losses are not bad but we may close a few here before the close.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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