A lot of going nowhere to start this week. Early it looked as if another solid price move was possible, but that faded into a sluggish session with a mixed market. Sluggish, stuck in the mud, pick your descriptive phrase.
SP500 2.63, 0.11%
NASDAQ -13.24, -0.21%
DJ30 32.73, 0.15%
SP400 0.50%
RUTX 0.30%
SOX -0.91%
The Supreme Court upheld the immigration EO for now, reversing the lower courts, but that is due back in court in October. By then who knows the status.
Ginsburg, Kennedy did not indicate they were retiring.
NASDAQ, SOX gapped upside but have flipped negative. NYSE indices sporting modest gains. Very much the pattern seen over the past two weeks and thus the new week brought no new impetus to break higher, at least after the open.
We picked up some WUBA and took some gain on NTES. Looking at CENX, XOMA as possible upside entries, SWKS possible downside. SSYS is not recovering from its downgrade and DDD is lower on that as well. May have to close SSYS. ON is struggling.
You don't want to get too negative in a slow market, but NASDAQ and SOX were pretty disappointing with the gap higher and then dump. Given the timing of the year, i.e. late June, the inability to hold bids suggests the buying interest is just not that strong.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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