Stocks continue their struggles. It started with a 9:45 Chicago PMI report that missed at 57.0 (58.3 prior). The market sold hard. One hour and 19 minutes later, however, the PMI was corrected to 59.4, a beat. Stocks recovered nicely though they did not reach the prior levels of the positive open.
Pending Home Sales at -1.3% versus +0.8% expected vs -0.9% March did not help the market's recovery attempt.
Stocks sold back and have since range-traded laterally.
SP500 -5.43, -0.22%
NASDAQ -21.71, -0.35%
DJ30 -38.17, -0.18%
SP400 -0.19%
RUTX -0.60%
SOX -0.10%
SP500, DJ30, NASDAQ all held at the 10 day EMA and have bounced modestly. SOX remains easily above its 10 day EMA.
Thus far these indices are in very normal tests.
RUTX continues to struggle along with SP400, but both are well off of their session lows, more so than the large cap indices.
SPY just held at the midmorning lows and bounced up to the middle of the 4 hour trading range. Still weak on the day, but bigger picture, still in a very normal pullback. Of course ANY pullback of 1, 2, or 3 days panics most of the market.
We did close a few positions, seeing if some others can rebound, and seeing if this test of near support triggers some upside in some plays on some leaders we are watching.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm
PLEASE DO NOT REPLY TO THIS EMAIL. USE THE CONTACT US PAGE ON OUR WEBSITE.
Customer Support: http://investmenthouse.com/contact_us.php
No comments:
Post a Comment