Man, SP500 and DJ30 sure look as if they are primed to fall. RUTX is not bad. SOX and NASDAQ: they jumped up and touched the early September high but have backed off to negative or close to flat, getting pushed back as that prior high.
SP500 0.83, 0.05%
NASDAQ -9.28, -0.18%
DJ30 8.21, 0.05%
SP400 0.76%
RUTX 0.52%
SOX 0.24%
If the Fed was not coming out Wednesday and confirming the 91% probability of no rate hike they would look like certain downside entries. Our plan for this week was to let the downside work and clear out ahead of the FOMC decision, more or less. Some downside positions look really good, however, e.g. LH, CERN and of course SPY, DIA.
No real new news this afternoon, just a lot of name calling on the campaign trail. What is the old saying? When the facts and issues are not working for you, go negative. Oh boy, still 50 or so days to go.
Anyway, we are looking at LH and CERN downside. Had to close STLD as it was acting too strong.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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