The jobs report modest bounce rolled over to a decent selloff with DJ30 -113 on the low. Then an afternoon recovery has the indices sporting, for the most part, modest losses.
For the most part because SP400 midcaps do not look good. While others have rebounded, SP400 is still significantly lower and RUTX has lost even more.
SP500 -5.86, -0.27%
NASDAQ -14.87, -0.28%
DJ30 -14.04, -0.08%
SP400 -0.59%
RUTX -0.70%
SOX -0.18%
A back and forth session again that has not moved the needle very much one way or the other. SP400 is back at the 2016 trendline and is struggling. All the other indices are pretty much holding their same position. Again, no real change today though SP400 is weaker. It likely does not pull the others but worth watching.
We have not done much other than unload SOHU as it struggled. Jobs did not have that much impact as suspected so next week and earnings is more the focus. Oh, and DB perhaps? The negotiations are going on behind the scenes . . . read bailout getting ready.
Hate to be so boring but this action is not making the break either way yet, the trends are not merging, yet.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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