Hang onto your hats as the boredom may whisk you away. Outside of SOX (+0.80%) things are pretty quiet. Of course, SOX is very important to market direction.
SP500 0.88, 0.04%
NASDAQ 12.32, 0.24%
DJ30 3.87, 0.02%
SP400 -0.01%
RUTX 0.10%
SOX 0.84%
The hot and cold data is a bit hotter today: Wholesale inventories rose as sales jumped 1.9% mo/mo! Not bad at all. Still down 0.45% year/year, but it would have been worse without the sales jump.
That, of course, leaves investors confused. The Fed has talked about raising rates if the data was for it while at the same time the rest of the world is cutting or hinting of some other stimulus. Have to love those central bank controllers!
Are weaker earnings putting the kibosh on further upside? Maybe, but overall, despite all of the calls for a massive drop, the leadership looks pretty decent. That can always change but it will start showing breakdowns. Retailers are not helping out; maybe some cracks there, but they are not diving.
Modest bounce in the last 2 hours at least as the indices mostly positive. Picked up some PGNX and that is working well.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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