Stocks bombed lower on the actual news that Mike Flynn has plead guilty and fears of what that means for higher ups in the administration. Stocks are coming back, however, as many hold near or the next support levels. DJ30 dropped over 300 points on the low.
Looks somewhat like a panic and likely everyone should have been buying -- and indeed some are. We will see how it shakes out and how support holds. Still in the mindset of seeing how the Wednesday selling is treated, and a lot of the action this morning downside is with those that were up big Thursday. Many of the FAANG and other NASDAQ stocks were back to near flat or better when the news hit and the news sent them lower and back to testing support. Now watch to see how that support holds.
SP500 -23.88, -0.91%
NASDAQ -82.67, -1.21%
DJ30 -192.53, -0.80%
SP400 -1.57%
RUTX -2.00%
SOX -2.29%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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