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Friday, August 4, 2017

Market Alert - Last Hour

The stock indices are holding right at support -- again except for DJ30 as it pushes to another new high -- and look quite good heading into next week.

SP500 1.81, 0.07%
NASDAQ 2.29, 0.04%
DJ30 36.95, 0.17%
SP400 0.18%
RUTX 0.51%
SOX -0.15%
NASDAQ 100 -0.02%

Not much of a reaction to a solid jobs report, kind of as expected. Indeed, not much of a reaction to a lot of solid earnings reports over the past two weeks. As I noted before, if AAPL and all its weighting could not break it out, what will it take?

Well, good patterns and good leaders. The indices have some pretty decent patterns set to bounce, and there are still some pretty good leaders in position to move. It could all come together next week for a new bounce.

Could. There are still some big names in rather lousy patterns, e.g. AMZN, GOOG. But even those are holding the line today and AAPL, FB,AAPL, NFLX are still quite solid and in good position to move up again. Chips, a key group, are a very mixed bag. They sold hard on the week but have slowed Thursday and Friday, showing doji. If they can bounce that certainly helps the overall market.

WFC is down 1.5% as the company reviews mortgage business practices, more unwanted account charges, etc. I remember that smug CEO 5 and 10 years ago talking about what a small business friendly bank WFC was. Sure, if you can mine the hell out of accounts its a great business!

AG Sessions is cracking down on leakers, going after the Holder/Obama slush fund for left leaning organizations -- he is a busy AG.

Have not done much today but likely will close LITE as it struggles below the 50 day MA and is not making much effort at recovering. AAPL hit its buy point but is well off its high. USCR broke higher but earnings are 8/8 before the open -- kind of a short timeline.

In sum, kind of a disappointing but not surprising session as the market did not respond to a pretty decent jobs report. Perhaps it was the weak Service and Factory Orders reports Thursday -- on top of other weakening economic data -- that keeps it flat line. Even so, as noted, the indices are still holding support, leaving themselves in position to make a new bounce.

Jon Johnson, Chief Market Strategist
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