Quite a bit of nervous trade ahead of Trump's press conference Wednesday. Stocks rallied off a so-so open, looking solid into midday, then in the afternoon a leg lower, a bounce, but now a drop toward the close. Not session lows, but not a confident finish.
SP500 0.99, 0.04%
NASDAQ 19.17, 0.35%
DJ30 -20.44, -0.10
SP400 O.66%
RUTX 0.97%
SOX 0.46%
At least growth is getting some money and breadth will be positive for a change. Still, not enough to get us to buy more. BAC looks good but earnings are 1/13, a bit tight.
So, we took some gain, used trailing stops on some, closed a couple of others, continuing more position maintenance than a lot of buying given the risk/reward probabilities at this level.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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