A soft open again found buying but even with the almost straight upside the indices are still mixed. DJ30 at a new high and SOX is leading the upside with a 1% gain, stretching its breakout and showing more authority.
SP500 SP500 -0.89, -0.04%
NASDAQ -17.61, -0.27%; FAANG weak
DJ30 50.65, 0.23%
SP400 0.02%
RUTX -0.04%
SOX 0.96%
The news stories have remained the same. A lot of political bickering about just what happened last night and whether Trump sold out his base or is simply trying to make things happen given the congressional republicans have stepped all over themselves in their ineptitude and feckless attempts to accomplish anything. Some headlines say Trump got 'rolled,' etc., but it struck me how everyone in the US now literally sprints to conclusions without knowing facts. It is downright refreshing to see some in the media saying let's see what progress this new attempt at talking yields.
But, I digress.
A story about AMZN and a $2B tax fraud is not helping it, but even AMZN is starting to rebound after 3.5 hours of selling lower as the rest of the market continues to move upside.
So, once again the bids are returning. Will see how they hold up into the afternoon session.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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