Well, the indices continue their recovery. Nothing flashy but continuing with a 3rd upside session in the recovery from the Wednesday selloff. NASDAQ and SOX again lead, but the other indices are not that far back.
SP500 13.32, 0.56%
Nasdaq 51.68, 0.85%
dj30 98.69, 0.48%
sp400 0.57%
RUTX 0.69%
SOX 1.12%
Chips are moving higher again and we picked up some SIMO. Some other plays we are looking at, e.g. VECO, FB are just not putting in exciting moves. CGIX is off its high but it is showing a good break on volume. Looking at that as a possible entry. PCRX, SRPT are struggling.
Most of the news is out of the Mideast with those countries heaping praise upon Trump for his straight talk, willingness to make deals.
With the lack of political intrigue, the markets are putting in that third upside session. Much better than they looked Friday, still not out of the woods, but doing what is needed with some leadership along the way from chips, MSFT and other large caps though a lot of FAANG is so-so (AMZN, GOOG the exception).
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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