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Monday, August 7, 2017

Market Alert - The Close

SP500, NASDAQ, and SOX were set to bounce and they did -- along with all other indices. Of course, DJ30 put in a new all-time high while SP500 snuck in a new closing high. NASDAQ bounced off the 20 day EMA while SOX put in a solid gap and rally off the 50 day EMA. Not bad. SP400 and RUTX, the smaller issues, gained ground as well, but with less than inspiring moves, unable to hold moves over the 50 day MA's.

SP500 4.08, 0.16%
NASDAQ 32.21, 0.51%
DJ30 25.61, 0.12%
RUTX 0.13%
SOX 1.74%
NASDAQ 100 0.59%

VOLUME: NYSE -5%, NASDAQ -11%. Upside on lower volume. Nothing new, not great, but in this market that does not matter, at least for now.

Ah, more of the same. DJ30 out in front with another unspectacular new high. SP400 and RUTX still struggling. NASDAQ and SP500 solid enough. SOX was the most impressive, putting in the strongest advance off its support. Yes, SOX is typically more volatile, but this was clearly the strongest move in the market.

It was also more of the same in terms of market cap. Small and midcaps did nothing to change their position. NASDAQ 100 topped NASDAQ as the big names such as AAPL, and FB put in solid upside moves as did several large cap semiconductors, e.g. AMAT, MU, AVGO. Those gave the large caps, again, an edge even as AMZN and GOOG remained mostly on the sidelines.

Given that action we picked up some of those big names, e.g. AAPL, FB. GS put in a nice move and we grabbed some of it early on. HTHT surged and we got some more of it and some MCHP as well as it continued its Friday break higher. Closed out AMAT puts as it started to bounce off its selloff. IBM turned down again and letting it sell some more. BABA broke upside again to a new closing high and we let it work.

Stocks of interest? NVDA, BIDU, NFLX are interesting but you have to factor in earnings, and NVDA, BIDU have earnings near at hand. In any event, still some good leadership even if some is a bit too close to earnings to move into. Indeed, that is keeping us from looking at quite a few stocks that look good but have very close earnings reports.

Have a great evening!

Jon Johnson, Chief Market Strategist
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