A wild ride this afternoon. Stocks were in decent shape, holding modest gains, then the FBI announcement reopening the Clinton email case hit. Stocks sold. Then stocks recovered some lost ground, now a bit soft heading toward the close.
SP500 -6.08., -0.29
NASDAQ -26.24, -0.50%
DJ30 -4.07, -0.02%
SP400 -0.07%
RUTX -0.18%
SOX -0.59%
Not massive losses, just giving up the modest gains. Not much change in the divergent indices.
Oil lower: 48.81, -0.91
Gold: 1277.00, +7.50. Not earth shaking for gold.
Who knows what is going on in this mess but it is hard to fathom why the FBI would say it is looking into the situation again unless there was something significant. At least that is my supposition.
Anyway, we picked up some FCX. Good move but then faded late to near the entry. As for existing positions, we are inclined to let them ride into next week. Volume has dropped off in the afternoon after that initial drop on the FBI news. That is not the best environment to make a lot of moves.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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