A rather crazy session of back and forth runs, no less than two full cycles of down to up, down to up. Fortunately for the bulls, the 'up' is the last cycle of the session and has the indices positive, albeit modestly. This does not change the technical picture at all.
What it does show is the market is spooky at this level and thus when Trump talked about cheaper drug prices, drug stocks ran lower. Then rebounded.
The dollar is down and thus gold and oil are higher, helping prop up the oil stocks.
What have we done? Took the last of the JNPR trade off with a trailing stop. No buys and letting others work given the market is at least finishing on an up note. This back and forth volatility inside a range that is just below the highs is not exactly confidence building. We prefer to see how it plays out.
SP500 5.58, 0.25%
NASDAQ 9.87, 0.18%
DJ30 90.73, 0.46%
SP400 0.34%
RUTX 0.06%
SOX 0.34%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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