Stocks are holding some pretty solid gains, particularly on RUTX and SP400 as they move back up in their ranges. SOX is at a higher high while NASDAQ trades at a higher closing high if it can hold. SP500, DJ30 are back knocking at last week's highs hit on the Wednesday gap higher.
SP500 15.80, 0.68%
NASDAQ 27.23, 0.8%
DJ30 179.08, 0.90%
SP400 1.23%
RUTX 1.39%
SOX 0.47%
Perhaps the market can fight off the volatile action in the wake of the new administration taking power and getting underway. There are now substantive policy changes to account for some market buoyance, no doubt helping the upside overcome a not too committed sell side. Jobs were so-so with wages a sticking point that apparently keeps the Fed sidelined as Trump pushes forward. Thus you have some gains.
There are positions we could enter, e.g. HOS, LSCC, but a Friday rally in this market is not something I feel comfortable moving with. Thus I am content to wait, and if the financials look good next week and chips are still good and perhaps oil continues to recover as it is today, we can move in. For now, not going to bite on a Friday rally.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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