RUTX and SP400 are on fire again today, lighting up new highs along with a more staid DJ30 though a new high is a new high. SP500 is again working laterally, NASDAQ somewhat trying to mimic it. SOX is basically flat after the solid Friday rebound.
SP500 -0.91, -0.03%
NASDAQ -9.43, -0.18%
DJ30 14.69, 0.08%
SP400 1.31%
RUTX 1.27%
SOX -0.24%
Not a bad half session of resting and testing by SP500, NASDAQ, SOX. They are not attempting an afternoon move and we picked up some C after it put in a 3 hour test. Looking at RATE as well; wanted an afternoon dip from it as it was up all morning, but might not get it if the indices start moving. JNPR looks good if it can hold its move. EWW as well. Other possibilities include RIG though it is off its high.
Some of the industrials look a bit tired as they are off their session highs, but darn few are rolling over. Setting up for a test, just not taking it yet. There are others moving, however, so we are looking at them and will let these other early leaders rest, test, and set up the next move.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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