Stocks have rallied, surged in some cases, e.g. AAPL with a 1.9% gain. For AAPL, that is a surge. Others rallied nicely but have sputtered, e.g. IBM, MMM. That is fine because we are short those stocks.
We took some gain on CSX, closed CERN. Looking at ABX, but it is not showing much volume, still more or less in a lateral move post-selloff, not breaking hard lower. With gold not breaking hard lower after its drop, we are going to wait on that one. Same with IP; rebounded off the lows, showing a doji with tail. No point in hurrying, just letting them work.
Picked up some HOS as oil was strong. HOS didn't hold its moves today. Hmmm. Others looked pretty decent, but could not hold the move, e.g. OSUR, ATHM, QRVO. They are still solid and we will see if they can hold the moves tomorrow.
More after the close.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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