NASDAQ has put in a new all-time high if it can hang onto these gains at the bell. NASDAQ 100 still lacks a new high but it is scoring the largest gain in the market. FAANG is contributing the most to the gains with NFLX' gap and rally. Outside of that the market is extremely slow and boring.
SP500 1.32, 0.05%
NASDAQ 27.31, 0.43%
DJ30 -57.83, -0.27%
SP400 -0.27%
RUTX -0.22%
SOX 0.14%
Volume is running higher, +5% NYSE, +15% NASDAQ. NASDAQ trade is led by FB, NFLX, AMZN. Really like how the China stocks look today. NTES, SOHU, SINA in excellent shape, HTHT surging higher again.
Machinery is off, metals are holding their own. Financials are flattish as GS loses ground post-earnings but is not breaking down. Other financials are still well-poised. Software is still set up well but not moving yet. Chips are very mixed. Biotech is holding up.
It appears that not much else is leading even if there are good positions. That looks to be left to FAANG stocks.
IBM reports afterhours. It opened lower but has recovered to positive. We are considering buying some puts ahead of earnings. Aggressive play, more of a bet, that earnings are poor and IBM gets beaten up. It has a head and shoulders set up already and perhaps earnings break it lower.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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