The stock market heads into the Christmas 3-day weekend with more rest, more consolidation, extending to four days the rest period after the last run into the tax reform passage.
SP500 -2.07, -0.08%
NASDAQ -8.53, -0.12%
DJ30 -36.92, -0.15%
SP400 -0.10
RUTX -0.18%
SOX -0.19%
NASDAQ 100 -0.16%
Outflows: -14.5B out of equity funds since tax bill passage, -$3.2B in bonds (52 week max). So, yes stocks would be a bit soft, but note they are just soft, in that lateral 4-day test. Of course once the weekend is over perhaps more selling begins. For now, just a consolidation.
New home sales +17.5% in November, the largest jump in 25 years. Definitely not shy about buying homes with those market gains . . .
Pretty even declines across the board, consistent with the same kind of consolidation seen the past week.
Not really anticipating doing anything. EXEL surged early, waited for a pullback, never got it. Moving laterally the last 5 hours so we will see if it gives some back when the market opens Tuesday and use that as an entry.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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