Oh goodness, for a second session stocks are not up across the board. SOX is up a half percent and NASDAQ 100 is higher again (as on Friday), but the NYSE indices are lower. Barely.
SP500 -1.40, -0.06%
NASDAQ -2.71, -0.04%
DJ30 -35.89, -0.17%
SP400 -0.26%
RUTX -0.68%
SOX 0.60%
More warnings of impending doom, that black swan event, that can send precariously high stocks lower. That, however, is always the event risk in markets trending higher. Yes the economic news is not stellar, there is real fear that more negative news could shock stocks and send them lower, but there is also a good uptrend and solid patterns. Today is just kind of mushy again.
Mushy but the stock indices are showing still very good pullbacks, SOX at a new high. NDX100 at a new high as well but not as impressive.
We have mostly sat still today, letting the indices make what is an overall modest test. There are some issues with plays such as SRPT, TSRO that just are not catching a bid even at next support, though they are showing some backbone late.
As for new entries, most upside is problematic while BAC is interesting downside as the yield curve continues to disfavor banks. May pick that up for some downside exposure.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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