Market Alert - Last Hour

Stocks overall have recovered off lows with NYSE large cap indices positive. Not much else is even close.

SP500 0.84, 0.04%
NASDAQ -27.42, -0.47%
DJ30 38.10, 0.18%
SP400 -0.44%
RUTX -0.59%
SOX -1.74%

A few stories have hit. Gasoline demand moved to its lowest in 16 years, down 5.2% over the prior week when Goldman Sachs said that the low levels necessarily meant a recession ahead.

There is also the belief that infrastructure spending may be the next area of the Trump administration agenda to be put off. As such the infrastructure stocks, e.g. metals, materials, are struggling.

In addition, the Chinese stocks are struggling as a leadership group is hit.

Overall the index patterns are fine as they put in tests of the 10 and 20 day EMA. It is not a market breakdown though there are breaks in some leadership groups. Overall they are holding and more than likely the dip can be ridden without too many issues. that is relying on a bounce in some areas, and the damage done in some areas is more than we like, and even some chips are down harder than you want to see. We will be closing several of these. Yes, they can rebound as the move has been able to fend off any selling. With some groups in stress, however, we would rather exit them, then re-enter if need be.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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