Market Alert - To the Close

A bit of nervousness ahead of the President's congressional address has stocks in the red with the losses skewed toward the growth areas.

SP500 -5.6, -0.24%
ANSDAQ -35.44, -0.60%
DJ30 -17.03, -0.08%
SP400 -1.01%
RUTX -1.44%
SOX -1.37%

Yes, skewed toward the growth areas. Did not like the action on MRVL so closed it with a trailing stop. CLS ditto. SLAB is suffering from a convertible offer and dove to its support in its trading range; on those news stories you want to give it some time to digest it and likely get some sort of rebound.

Picked up some NVDA puts.

Most other areas are of course lower, but many positions are holding up well enough at near support or in some cases (YNDX) at the 50 day MA after gapping lower.

AAPL and AMZN suffering some outages but not a lot of damage, certainly nothing outside the norm for today.

Now we see how the President can finesse or forcefully argue his plans and bring the bitter old men of the Senate GOP to his way of looking at the agenda.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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