The indices are mixed, trading right around the flat line. Not bad action for the Friday ahead of a 3-day weekend and on the heels of a 6-day rally. A bit of giveback is normal.
SP500 0.55, 0.02%
NASDAQ 3.24, 0.06%
DJ30 -2.50, -0.01%
SP400 -0.19%
RUTX -0.05%
SOX 0.37%
A bit of give back, but for most stocks not much at all, more like a pause. Now the fact that it occurs as the indices bump prior highs or clear to higher highs always generates concern, but we view it as a good pause ahead of the coming week.
Drug stocks are hit again as the FDA commissioner outlines things he wants to accomplish. May have to close some of these though moves can be distorted on this kind of pre-long weekend session.
Never really got the chance to bank more gain today as the market really went nowhere.
Like what GRUB and DIOD are showing. Have waited for a stronger move for them, and though it is Friday, if they hold up, we can start some positions.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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