Not too wild about the action on SOX, but NASDAQ, DJ30, SP500, RUTX look very solid in an 'off' day. Clearly the indices decided not to rally into the weekend but spend the entire week testing, get everyone nervous about the upside. Then we will see if there is a new break higher next week after Irma hits Florida. Still looks like a gut shot for FL based upon the latest tracks. Prayers are with everyone there and property owners as well.
SP500 -3.85, -0.16%
NASDAQ -39.14, -0.60%
DJ30 15.42, 0.07%
SP400 0.25%
RUTX FLAT
SOX -1.27%
VOLUME: Looks to be lower on both NYSE, NASDAQ.
Biotechs/drugs remain solid overall. China stocks were solid early, faded as the session wore on. FAANG is a drag on things. Overall, however, the indices are holding well enough.
Closed a couple of positions, picked up CERS, WUBA though the latter have not done us any favors in the afternoon. ARRY shot higher for a few seconds then faded. It is still holding a pretty solid gain so we will see if it makes the same tracks upside early next week.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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