Market Alert - Pre-Market

Outside of SOX and to a lesser extent NASDAQ, the stock indices are taking a breather. No heavy selling, just a modest dip. That applies to the leading sectors as well, e.g. financial, metals, transports.

SP500 -5.35, -0.25%
NASDAQ 14.88, 0.28%
DJ30 -67.86, -0.36%
SP400 -0.08%
RUTX -0.09%
SOX 1.09%

Others that have paused are moving pretty darn well, including chips. We picked up some DIS and it is working well. Looking at RHT as another entry ahead of the close, hopefully getting a bit of a dip late. Took some more gain on LIVE as it put forth another strong session then started to back off as it sometimes does. Left some on the table to just let LIVE run as far as it will.

The rally is taking a pause as headline after headline comes out about how the rally is built on nothing (where have we heard that before?), Trump is the 'fox in the henhouse,' the transition process is in chaos (only if you are establishment I guess), no 'magic wands,' EU dominating countries are in panic, and others are 'demanding' that Trump do what they want, e.g. Saudi Arabia and China. They are scared of the change and in response feel the need to act tough. From the school playground to geopolitics some things just don't change.

Oh well. SOX sure looks good and the test in the other indices and leading groups is exactly what you want to see.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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