Market Alert - Last Hour

The stock indices continue their lateral consolidations of the last leg higher, making no decisions on the day as to the next move.

SP500 3.02, 0.14%
NASDAQ 16.81, 0.31%
DJ30 30.93, 0.15%
SP400 0.48%
RUTX 0.41%
SOX 0.91%

Modest bounces in industrial equipment, box store retailers and others from the Friday selling are not doing anything to really change their lot. Seeing some strong moves in small biotechs, e.g. BCRX (entered Friday) and MNKD (entered earlier today), and small internet as well (LIVE, LLNW plays). Good to see some of those move, but they are not enough to push the markets higher at their current participation rate.

Perhaps a series of terror attacks that have not been necessarily called terror attacks yet are hampering the markets. Russian ambassador to Turkey gunned down at an art exhibition, 9 killed and 50 severely injured at a Berlin outdoor Christmas market, 3 shot outside a Zurich Islamic center.

Metals are still heavy and though ZEUS is holding the 20 day EMA we may go ahead and close it as other metals and steel stocks have tested but not held near support. KSS has bounced some off the Friday selling, but nothing special. Will give it a bit more time to see if it can assemble a bounce off this support.

Picked up some HLIT in telecom and it surged then gave up the move. CIEN is holding over the buy but volume is a bit light. May move on some positions into the close.

Overall no real change, just some of those groups that had some good setups delivering some moves, but not enough to move the overall market needle.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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