Only SOX is the upside holdout as NASDAQ just gave up the green, joining the other indices trading lower. A sell program hit about 15 minutes back that took SPY from matching the pre-market highs and toward the session lows hit early morning. Selling overtook the market early session, but it recovered. The sellers, however, are still out there.
SP500 -4.21, -0.15%
NASDQ -2.10, -0.03%
DJ30 -82.99, -0.32%
SP400 -0.32%
RUTX -0.34%
SOX +0.54%
We have not bought anything today but are considering DCPH, XXII, BLUE. Will have to see how they weather this late fade. All have shown great strength this in an overall modestly lower session.
Ah, selling, but thus far somewhat modest. While many of the newcomers to the market hate to see any downside, there are off days from time to time in uptrends and this is a typical one thus far. That said, DJ30 and SP500 are still quite extended on their runs and the recent volatility is an indication of that extension: sellers and buyers are back and forth session to session.
Will see if the sell program mitigates and how that leaves those potential buys.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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