Another larger cap day versus small and midcaps as WED/THURS see a bit of a shift away from the surging small and midcaps to the large cap indices. That seems pretty normal after a 12+% run on RUTX. NASDAQ 100 is leading the market as NFLX, GOOG, AMZN, MSFT and the like surge upside. GOOG is breaking out from a cup with handle, driving our existing position we entered as it started upside to form the right side of the cup higher. Love big name stocks breaking out of this kind of big move pattern. Of course as outlined last night, NFLX is breaking out of its own cup with handle. Doubly good.
SP500 13.03, 0.51%
NASDAQ 47.62, 0.73%
DJ30 97.47, 0.43%
SP400 0.24%
RUTX 0.26%
SOX 0.05%
NASDAQ 100 0.91%
Factory orders moved up 1.2% from -3.3% in July. Good recovery, but still -2.2% over the last two months. Working on it.
We picked up some NFLX and DO on their breakouts. We sold several of the biotechs that hit rough water. That as others surge, e.g. IDRA (10.6%), INFI (9.6%). Not all money rotating out of the area, a positive for the overall market.
BIIB gapped upside and looks interesting, but it hit the September highs and backed off. For now we are not entering.
Jobs out Friday and the market is looking rather fearless heading into the numbers. As one big trader described it, there are no more bears. None. Always a worry when there is no worry.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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