It is Friday so stocks must be up . . . given stocks were lower sharply Thursday. NASDAQ lost 50 pts Thursday, is up 50 points today. SP500 -20, +22. DJ30 -196, +210.
The catalyst? A story that DB had reached a settlement deal with the US DOJ, a deal purportedly confirmed by a French media source. Dancing in the streets, all is well, as if that settlement remedies DB's other problems. It does not but it is a good effort, and global markets worried about financial cracking and crumbling and Europe have a reason to celebrate and say TGIF.
SP500 21.58, 1.00%
NASDAQ 51.66, 0.98%
DJ30 199.39, 1.1%
SP400 1.11%
RUTX 1.38%
SOX 1.69%
SOX is barreling ahead to another post-2000 high. The other indices are up, but the move does not alter their current patterns, just another highly volatile session on a day to day basis.
Anything is possible in this market. The Fed chairman again discusses the Fed actually buying US equities to support the stock market. We have truly entered the realm of a controlled economy that is split from the harsh reality that most Americans experience. I listen to the news and wonder what would happen if these headlines were released 30 years ago. No one would believe this could even be contemplated, but then again, not many people believed what Orwell, Vonnegut, Bradbury and others wrote would come true.
We are letting upside positions work higher, glad to give the upside a boost. As for taking some downside positions on DIA, SPY, it is true our resolve has faded as the market rises. DIA started to dip about 20 minutes ago but that short slide has been met with new buying. No real need to get in today. At the same time we are not buying anything new either but will see how the volatility shakes out to start next week.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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