Stocks are mixed again but everything is hanging out around the flat line, again. SOX is better than the other indices, again, as stocks such as MRVL, MCHP lead higher. There are also some cold feet out there about jobs and their impact upon rates: financial stocks are under some pressure after a good move higher.
I do believe, however, that regardless of the jobs report outcome the Fed has cover. Yesterday late, Hanjin, one of China's larger shipping companies, declared bankruptcy, leaving cargoes strewn about the world in limbo. Freight prices are surging, manufacturers and clients are panicked. As with Brexit, the Fed and other central banks have a built in excuse to do nothing. Again.
Oil continues lower in the 53 range, gold is up modestly in a relief move.
Stock indices are, as noted, again at the nowhere land.
SP500 -5.19, -0.24%
NASDAQ 2.65, 0.05%
DJ30 -23.52, -0.13%
SP400 -0.33%
RUTX -0.38%
SOX 0.61%
Early weakness off a modestly higher open, then a rebound into midday that has held in a lateral move through the afternoon session. There are some buy on close orders positive to the upside coming in now so maybe the market gets a bit of a short covering move.
Positions are overall holding up. LHO is an issue as it is not thus far trying to rebound off its selling. The downside plays have rebounded from their weaker time earlier; entering can be a hedge move but with the report to come and the Fed's perceived reaction afterward, it is more of a guess play beyond that. Love having the Fed so involved!
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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