The last hour before the jobs report, and news that the ECB did not discuss tapering its asset purchases turned a weaker market into a mixed market. Stocks were in full selloff when the news hit midmorning. A quick rush higher flipped stocks back to the flat line and the indices have held onto those gains into the last hour.
SP500 1.23, 0.06%
NASDAQ -7.32, -0.14%
DJ30 -13.25, -0.07%
SP400 0.17%
RUTX -0.18%
SOX 0.59%
Oil: 50.50, +0.67
I suppose flat ahead of the jobs report is about right given how the indices have traded the past week. Lots of volatility then this week it died down though session to session is still a back and forth event.
Financial stocks are slightly higher though TCBI is off some. Chips are still working, retail stores good; oil and industrial equipment are somewhat taking a breather though there are good moves.
We took some more MMM gain as it turned right back down and fell to the target. Nice 75+% gain. Picked up some WLL as it cleared recent resistance. Looking at KSS to add to the JWN retail plays and AAPL is also on the list, holding over the entry point though volume is light.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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