Market Alert - To the Close

NASDAQ leads higher, but just not that impressed with the move. NASDAQ has led the downside along with SOX, and they are rebounding from that selling, but it is just a bounce at this juncture. NASDAQ tapped the 50 day SMA on the high, is holding gains, but backed off that resistance. Again, thus far just a bounce.

SP500 5.00, 0.21%
NASDAQ 46.49, +0.76%
DJ30 7.33, 0.03%
SP400 -0.26%
RUTX -0.52%
SOX 2.18%

The FOMC minutes showed some members voicing concerns of 'financial stability,' 'high valuations,' and low volatility leading to markets fluctuating. The market seemed to take it all in stride, rising post-minutes but then giving it up. After that, a rebound in the past 40 minutes has SP500 pushing at the mid-afternoon, pre-Minutes high.

We like some biotechs still, looking at ARRY, CELG. For current positions, SEDG is struggling, CY has bounced and may put in some more upside, but for now it has stopped at the 50 day MA's after breaking below them Monday. With the techs and chips trying a relief move, however, we are inclined to let positions such as CY work to see if there is more upside before they roll back over. While no selling in NASDAQ has gone un-bought in quite some time, this bounce still has to prove itself.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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