Market Alert - To the Close

Doing a lot of watching the action today though did pick up some SINA positions, took some gain on SRPT, and punted MMC. The indices sport modest, very even gains across the board.

SP500 9.75, 0.39%
NASDAQ 24.25, 0.38%
DJ30 79.02, 0.36%
SP400 0.15%
RUTX 0.37%
SOX 0.37%

Volume down 25% on NYSE, running on par with Tuesday on NASDAQ.

Fox Business was deadpanning the gains, but this is not bad action, particularly on the leading indices. Yes it stresses out those worrying about a crash, and you cannot discount the market just rolling over form here after NASDAQ touched the prior highs. That said, NASDAQ and SOX show excellent action, tapping the 10 day EMA in a test and bouncing off that test. SP500 is not bad, tapping its trendline and rebounding. Very good setup for a new move higher despite all of the negatives the past three days.

So, we are letting positions run as best we can. GOOG was a bit edgy, but it has recovered decently enough.

Software is having some issues. It has led a long time and the sum of the past several sessions shows some of the leaders a bit tired. Some materials jumping on Irma, machinery is off a bit (CAT, BA). NFLX is taking off again. Chips are decent as are China stocks as they show some good setups, just not breaking higher as a group.

Definitely enough to hang in though may get rid of BA just to be safe.

Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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