Something of a flip in terms of relative strength leaders versus Monday, but the result is rather familiar, i.e. the stock indices are lower. RUTX, SP400 sport modest losses while SOX is off and pushing at -2%. Again, a flip from Monday but still losses.
Of course, there are exceptions. China stocks are up again, e.g. ATHM, NTES, BABA. Construction stocks are not bad. FAANG is putting in pretty good tests, e.g. FB, AAPL (earnings after hours), AMZN. GOOG is still pretty bad.
Chicago PMI: 50.3 vs 55.0 vs 53.9 vs 54.6. Some of the post-election excitement is wearing thin in these glorified sentiment surveys.
Consumer Confidence: 111.8 vs 112.5 vs 113.3/113.7. A bit of excitement wearing off here as well.
Tough session to figure. Most stocks are holding up but struggling. We are looking at closing SLAB as earnings are in the morning and it is sluggish. CIEN, OIH, SWC, VMC are all candidates and will see how they bounce in the back half of the afternoon.
SP 10.3, -0.45%
NASDAQ -23.54, -0.42%
DJ30 -165.43, -0.82%
SP400 -0.19%
RUTX -0.05%
SOX -1.66%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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