The stock indices mostly peaked midday and faded in the afternoon, selling harder as the close approaches. Very light trade has kept us from entering many new positions, many of which are flirting with the buy point on low volume. Some oil stocks are the exception, and we are looking at NOG.
SP500 5.89, 0.22%
NASDAQ 3.98, 0.06%
DJ30 59.92, 0.24%
SP400 0.29%
RUTX 0.65%
SOX -1.12%
NASDAQ 100 -0.03%
RUTX is holding near the session high as it easily leads the market while SOX leads downside. Large cap NASDAQ again are weaker than NASDAQ overall
AAPL, TSLA, FFIV, IPXL are all flirting with the buy point, but they are not showing enough volume to get overly excited about moving in. Perhaps we are being overly cautious, but there is no need to step out on a limb at this juncture on a maybe breakout or maybe rebound off a test.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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