Market Alert - To the Close

Stocks started lower, sold into the first hour with the Dow sporting a 144 point loss. Then it all changed.

Stocks started, again, a slow, steady recovery through midmorning, into lunch, then on into mid-afternoon. The past 1.25 hours the upside has stalled with the indices moving laterally.

SP500 -5.27, -0.22%
NASDAQ -12.21, -0.20%
DJ30 -29.75, -0.15%
SP400 -0.61%
RUTX -0.59%
SOX -0.62%

Perhaps the turnaround can be traced back to the congressional testimony of McCabe of the FBI. He chopped up all of the narratives out there regarding the Russia investigation -- on both sides. Investigation ongoing, unimpeded, full staffed and funded. No request for more funding was made and to do so would be highly unusual. No assurances he is aware of to the President about the President's status in the investigation. Again, that would be highly unusual. So, the investigation continues as it was before Comey's sacking, fully staffed, fully funded, no one blocking them.

The indices remain negative outside of SOX, but you have to like, once again, the ability to rebound off session lows after testing near support. For now the dip buyers are still present, and that makes sense looking at a lot of the patterns.

We picked up some LSCC, LLNW. DIOD surged again and it got so high so fast we decided to hold off and see if we can get it on a test of this move.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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