The stock indices sport impressive gains though NASDAQ's 0.77% rebound does not wash away Wednesday. John McCain gave thumbs up to the senate tax bill and that of course is a relief given he was the ACA repeal killer. There are, however, still 6 or 7 undecided GOP senators to go. I checked to see if hell froze over after hearing of McCain's position, but maybe he cut a deal with a few of the 'undecideds' that they would vote no, thus diverting some of the heat. Maybe, but that is not McCain's MO; he WANTS to be seen as the biggest A** on the block.
In any event, DJ30 is up over 300 points, extending an already extended move. We have taken some gain on MMM, FFIV. Bought some SN that backtracked on us, picked up some more AMZN as it bounced from the 10 day EMA, and will see what else develops late. FAANGs stocks are up but really they are disappointing in their bounce after the sharp drop. This is, however, how they reacted in September: big drop, a lackluster follow up session, then moved back up.
Chicago PMI was lower, but still solid: 63.9 vs 66.2 prior.
SP500 20.87, 0.79%
NASDAQ 46.90, 0.69%
DJ30 302.85, 1.27%
SP400 0.53%
RUTX 0.19%
SOX 0.87%
NASDAQ 100 0.75$
Gee, anyone say 'large cap bounce?'
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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