Market Alert - First Hour

Of course stocks gapped upside but after the gap they are in the feeling out stage, i.e. moving laterally trying to find a reason to continue the move after expending a great amount of pent up concern on the opening gap. Downside plays have gapped near resistance, some just below, some just over but most have not made that next move. That said, they are not running back down from that opening upside gap.

As for new positions, some gapped out of range but others are much more within the buy zone, we just have to see if the action holds and the plays show they want to hold and continue the move.

SP500 33.25, 1.59%
NASDAQ 91.59, 1.81%
DJ30 257.22, 1.43%
SP400 1.72%
RUTX 2.05%
SOX 1.94%

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm


Customer Support: http://investmenthouse.com/contact_us.php