The stock indices are mostly higher but NASDAQ 100 is negative and NASDAQ had to fight back from negative. This despite semiconductors performing well overall, continuing their rally. Indeed the other large cap indices are adding to their higher highs, biotechs are solid as are other areas, but the action in NASDAQ is worrisome and thus we are not buying a lot of new positions.
The action in NASDAQ is perhaps somewhat a foreshadow of selling to come. Or perhaps it is just rotation out of the big names such as FAANG. We did close the FB position just as we closed GOOG last week because the action was not great. AMZN is trading poorly as well.
Otherwise the action does look good as it did last week so letting positions run though we did take some NVDA gain on its gap higher that started to struggle. For now, as noted, good enough to let positions run, not so wild about many new positions.
SP500 3.87, 0.15%
NASDAQ 7.61, 0.12%
DJ30 66.96, 0.30%
SP400 0.48%
RUTX 0.67%
SOX 1.29%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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