Market Alert - To the Close

Fighting somewhat to a draw midweek as the indices trade mixed but all relatively near the flat line. The buyers tried but were not wholly successful, but they did keep the sellers at bay from overrunning the market. But for AAPL and its 3.5% rise, NASDAQ would be struggling even more than its pattern today shows (tombstone doji). Stocks are rebounding late, however, though no real story to drive it, just squaring up as the sellers could not take the market down farther.

SP500 -1.56, -0.08%
NASDAQ 16.85, 0.33%
DJ30 -34.62, -0.19%
SP400 -0.31%
RUTX -0.12%
SOX 0.79%

SOX is leading the move higher, NASDAQ doing better thanks to AAPL. And why is AAPL doing better? Because even with the software bugs in the new operating system that renders some phones, tablets, and other items prone to freezing, they still are not exploding and burning up you and anything around it. In other words, AAPL owes Samsung a big 'thank you!' for boosting its stock price.

The large cap indices still look wobbly, SP400 ditto. NASDAQ looks top heavy. Then again . . . the FOMC meets next week and if there is any major selloff, well the Fed just whispers sweet nothings and all is well, selloffs curtailed, gains preserved ahead of the election. All is well as we move toward socialism. Look how well it works in Venezuela where a dozen eggs goes for a cool $150. Got to love hyperinflation.

Anyway, we are more or less letting positions work though looking at MSFT puts as we like the downside setup. CX, LEDS, perhaps BABY are not looking all that great though CX is trying to set up an ABCD consolidation and BABY continues holding hear support.



Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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