RUTX and SP400 remain below the September lows. NASDAQ fell through the 50 day EMA as well but is still over the higher 2016 trendline. SP500 is back at the 2015 prior all-time high. DJ30 hit the 50 day EMA again and faded, but it is not tanking lower and is just 20 points lower. SOX is cruising along, holding the 10 day EMA on a test.
SP500 -5.7, -0.27%
NASDAQ -34.65, -0.66%
DJ30 -26.88, -0.15%
SP400 -1.01%
RUTX -1.29%
SOX -0.44%
AMZN is lower but is rallying back to flat ahead of earnings. In August it gapped just slightly higher. It is on a February to present trendline from 480 to 840. It has quite a gain built in. If you feel like some riverboat gambling on the position you can run it through earnings. Or you can sell and get out just above flat. Or, as we often do, take part off and let part ride.
We took the rest of AMGN off ahead of its earnings. FB is floundering around (earnings 11/2), down to the 20 day EMA. GOOG fell to the 20 day EMA but has rebounded. Its results are afterhours as well. To borrow from its search engine site, playing it right now is truly an 'I'm feeling lucky' proposition. It gapped lower in April, gapped higher in a breakout move in August, and is testing the latest breakout, this one from a 2 month base.
Looking at EBAY and STX downside but they are bouncing off their lows in this last hour.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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