Stocks are struggling to the close on a session that saw some decent gains early on fritter away as the session wore on. Indeed, SPY just come off session lows but is now heading back toward that level.
SP500 -6.93, -0.27%
NASDAQ -14.62, -0.22%
DJ30 -29.24, -0.13%
SP400 -0.36%
RUTX -0.45%
SOX 0.55%
A reversal session? Hardly has the look of it, just more like a pullback after new highs were punched Friday. RUTX continues lower toward a 10 day EMA test though it is still well above that near support.
Of course as the market is not at new highs and was unable to hold early moves to new highs, the speculation as to what is 'wrong' is the topic for many financial stations. We did use the move to some advantage, taking some gain early on several positions.
A pullback from new highs is hardly news out of the blue, particularly when the indices put in 5 or so straight new highs. Then again, in this VIX-less market, no new highs maybe is big news.
The bigger news is if the leaders start collapsing. Maybe today's soft selling is the start of a collapse, but if that is all there is to hang your hat on, that is not much.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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