Market Alert - Last Hour

A less than stirring upside session with the early advance given back by SP400, RUTX, and until moments ago, SP500

SP500 1.39, 0.06%
NASDAQ 29.38, 0.52%
DJ30 29.99, 0.15%
SP400 -0.23%
RUTX -0.25%
SOX 1.48%

AAPL's earnings have engendered upside -- for AAPL. Even its suppliers are not finding the green in the tail wash of AAPL's swoosh higher. Oh, swoosh is for Nike. Okay, AAPL's dial higher (thanks to big iPhone sales thanks to Samsung burning its chances and losing market share).

Most other stocks are kind of blah. FB is up nicely heading toward earnings. AAPL is holding a big gap and run. The other FAANG are status quo; not a bad thing, just not able to put in more upside.

China stocks are off their feed, having an off day and giving up the Tuesday move higher.

Chips are again something of a laggard even with solid AMD earnings jumping it higher along with MU.

Financial stocks continue their mushy lateral move, holding the range but acting heavy. Hard to make much of the move so we may exit the likes of GS as it rebounds in the last hour but is off the early session gains.

FOMC: left rates unchanged, didn't even hint at a March rate hike. I had this flashback to an old movie where a worker kept saying 'I don't know nothing. I just work here,' as the Fed seemed somewhat disconnected, just enjoying the show the new administration puts on.

Would like to get more out of the upside but this was not much of a response to the AAPL earnings and thus there may not be much on the docket in terms of a rebound to test the recent highs. That was our decision point on a bounce, but thus far the indices are not trying to challenge that level.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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