After a higher open stocks are still up, but hit a morning peak roughly 1.5 hours back. After a test of the initial move stocks bounced but have just rolled over harder. The Energy Dept just announced a release of 500K bbl of oil from the SPRO; that seems counterintuitive as the issue is gasoline, up another 12.5%, as there are no refineries. So you release the oil but where does it go?
GOOG, semiconductors, software, biotech/drugs, machinery -- a lot of the same leaders -- look good. Picked up some GOOG, NVDA as big names, took some gain on GLUU. Watching how this dip into the European close plays out. Trying to bounce some now from a sharp down bar not quite 10 minutes back.
SP500 8.67, 0.36%
NASDAQ 39.01, 0.61%
DJ30 33.93, 0.16%
SP400 0.61%
RUTX 0.79%
SOX 0.49%
Note RUTX, SP400 leading the way along with NASDAQ. Growth is in vogue again for the session. Again, however, we have to see how this dip plays out after the initial run higher.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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