DJ30 holds onto another upside session while SP500 is running back upside to try to get back to positive in another sluggish market session that has dealt with issues but has also managed again to avoid serious weakness.
SP500 -2.24, -0.09%
NASDAQ -5.44, -0.09%
DJ30 42.60, 0.20%
SP400 -0.45%
RUTX -0.32%
SOX -0.41%
NASDAQ fell to the 20 day MA and has rebounded to hold the 10 day. SP400 shows similar action. SOX bounced off the 50 day MA.
Despite all of the gyrations Thursday, the indices are holding onto their positions. That said, SP400 reversed Thursday as it often does post-new highs, and while it has not caved in, it is still weak this session.
Given the market's jumpy action to end the week, we are not moving into new positions. As long as positions are relatively stable, we are letting them hold over as well.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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