For all the hype of new highs and records, this day is very blas . There are certainly stocks moving well, e.g. CAT, but even CAT's success is not spread that much through the sector as other equipment stocks gapped but have backpedalled. Indeed, many sectors show the same action, moving up early but well off the highs. Thus, while many stocks are up, their intraday action is not necessarily that buy-inducing.
SP500 6.84, 0.28%
NASDAQ -0.62, -0.1%
DJ30 98.69, 0.46%
SP400 0.82%
RUTX 0.87%
SOX -0.14%
Small and midcaps are the exception, showing excellent gains and holding near session highs.
The market could be showing the first indications of rotation versus all stocks rising as NASD, SOX struggle, but there are no major selloffs underway for the most part. Thus, not a bifurcation in the market, just the small and midcaps enjoying a nice break to new highs.
Healthcare made it past the threshold vote to discuss ACA repeal. Two GOP senators voted no. Why not? They don't have to take part in our insurance markets.
Picked up JD and JCP but with many stocks closing well off earlier highs, we are not buying that much.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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