Market Alert - To the Close

An afternoon rally has the stocks indices trading basically flat. Standard fare for an expiration session that is light on news.

SP500 0.99, 0.04%
NASDAQ 16.6, 0.29%
DJ30 -24.59, -0.12%
SP400 0.02%
RUTX -0.07%
SOX 0.46%

There are some plays breaking lower (IP, HAL, OIH), some breaking higher (SWKS). It is always a case you can get caught the wrong way on a Friday and particularly on expiration Friday. OIH is tempting, but SLB, a major component, is holding the 200 day MA for a second time. IP does indeed look week. SWKS does indeed look strong. We are looking at positions on those latter two. We already bought some MET puts earlier.

Positions are mostly holding up. The indices can still fade early next week, but SP500 looks quite good with its 10 day EMA rising quickly below a modest fade. DJ30, SOX already touching the 10 day. While there are a lot of sentiment and internals issues, the index action and thus overall stock action looks good with leaders still holding up.

Long weekend, anything can happen, but the patterns are still strong enough overall and are not giving you a flashing light to bail.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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