Another session a different direction. Stocks moved higher Wednesday following the Tuesday downside. Neither that downside nor the Wednesday upside did anything to change the current index setup. It was just another session of back and forth, on a much more moderate scale, as it appears the indices have settled in to await yet another 'most important' Friday jobs report.
SP500 9.24, 0.43%
NASDAQ 26.36, 0.50%
DJ30 112.58, 0.62%
SP400 0.52%
RUTX 0.69%
SOX 0.77%
VOLUME: NYSE +11%, NASDAQ +1%. NASDAQ trade held steady near average while NYSE volume jumped farther above average. Ostensibly higher volume is better on upside sessions. Given the NYSE indices faded from their highs to close, it is not out and out a great indication of buying. Certainly beats the opposite situation, at least for the upside.
A/D: NYSE 1.5:1, NASDAQ 2.2:1. Decent. Nothing more, nothing less.
Very good moves continued in financial, industrial machinery, and some biotech. Retail stocks finally had some life pumped back in. There was no relative change in the indices, but some buying in some key areas. With that we closed some downside that we didn't like action-wise, picked up AGIO (biotech), took some gain on the MMM downside play (leaving some to work), and are still . . . waiting to see how the split in the indices resolves. Along that line we are keeping a pretty tight leash on plays and will continue to do so until we can see the trend, whichever direction, establishes itself.
Have a great evening!
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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