Down hard midmorning as the oil inventory surge rattled traders and some investors. Stocks have since clawed back with SP500 near flat and NASDAQ positive. NASDAQ's strength is thanks to FANG working well along with some other names such as AKAM.
Most stocks are holding up well enough in the aftermath of a good Wednesday move, but the market again is having a hard time celebrating success. NASDAQ is up, but it is still just below the December highs, as is SP500, DJ30, RUTX, SP400. SOX is glued to the 20 day EMA.
With this action we are being deliberate with positions. Closed some out, most are working, but not pleased to see some early moves fade (FCX buy was up nicely but then faded) and the indices still struggling with the December highs.
Still like MEET and YNDX as buys, but will see how they hold to the close as we look at how plays are performing elsewhere.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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