The stronger open has faded leaving just DJ30 clinging (bitterly?) to some positive ground. The early oil surge is holding some of its gains but those stocks are definitely off the session highs.
SP500 -5.30, -0.23%
NASDAQ -44.58, -0.82%
DJ30 12.60, 0.06%
SP400 -0.74%
RUTX -1.03%
SOX -1.41%
For SP500 and NASDAQ (and likely DJ30 at some point), this is just the first downside session off the last new high. SP400, RUTX, and SOX are working on their second fade off that high.
Many of the recent leaders are off the path a bit. Financial, industrial machinery, transports, chips are lower. Retail, metals are lower as well, and more aggressively. They are still trying to find a floor for the session, the indices as well.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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