SP500 and DJ30 hang on to positive while the other indices, already lagging the NYSE large caps as the session started, are negative.
SP500 4.58, 0.17%
NASDAQ -12.89, -0.18%
DJ30 130.61, 0.54%
SP400 -0.20%
RUTX -0.16%
SOX -1.00%
NASD 100 -0.19%
It looked as if all was 'go' when Senator Cornyn stated a tax bill could be ready as early as today. Stocks rallied. Then Senator Paul, kind of an expert at blind-siding, blind-sided Cornyn stating the Senate just cannot increase the debt -- in good conscience of course. Now Paul may have been simply referencing the spending bill and that they needed to live by their limits, but his comments has their impact. The nice ramp higher on Cornyn turned into a ramp lower on Paul.
Okay, that leaves financial and large drug stocks in good shape. GS is up 3+%, JPM is up, PFE is up - - no wonder the Dow is up over a half percent while the others languish. Heck, even MSFT is still up.
FAANG was up but has faded. AAPL is in a modest test of the Monday surge. AMZN working laterally over the 10 day MA. FB tested the 50 day MA nicely then rebounded; looked great, we picked up some positions, and it has since faded back to the 50 day. GOOG rallied nicely higher, gave it up, showing a big doji. Not a great session for FAANG but they are holding the near support, still holding the first leg of recovery and still testing and resting.
Chips are struggling with LRCX, AMAT, NVDA, MU turning lower from their bounces. Looking at the NVDA downside play as an entry ahead of the close.
A bit of a struggle as tax reform, after slipping off the front page after the Senate passed its version, is coming back around as the GOP wrangles. Remember, Senator Corker/Corksrew/Korkers is a 'no' vote already.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
______________________________________
Alert Key
http://www.investmenthouse.com/alertkey.htm
PLEASE DO NOT REPLY TO THIS EMAIL. USE THE CONTACT US PAGE ON OUR WEBSITE.
Customer Support: http://investmenthouse.com/contact_us.php
No comments:
Post a Comment