DJ30, SP500, NASDAQ are hanging on at the 50 day MA, but SOX has broke below it. SP400, RUTX have identical -1.21% losses as the decent Tuesday move is reversed. Gold higher, oil off, bond yields lower, growth stock indices struggling. All indications of less than confidence in the economic future.
Dollar slammed as Trump told the WSJ that the dollar is too strong and he wants low rates. Sure he does; a government and his GS cronies in the cabinet are big government people who know rates have to remain low to run their deficits. So, seniors and savers get slammed again along with all Americans as the dollar is hit. Once more the average Joe bears the brunt of the government's poor policies.
Stocks are trying to come up off the lows with not a lot of time left in the session. Unless they roar higher, there is trouble with the chips breaking lower and money not moving to the small and midcaps today.
Closed some positions but on energy stocks such as SN and WFT are down but testing support. PLX sold, is recovering and is at the 50 day MA. Still an ugly session and we are closing the last part of that position.
SP500 -9.44, -0.40%
NASDAQ -30.12, -0.51%
DJ30 -66.97, -0.33%
Jon Johnson, Chief Market Strategist
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