The stock indices remain negative after gapping lower at the open as China treasury buys or non-buys in the future triggered some selling. Across the market stocks are mostly lower, but looking at leaders, not seeing a lot of rollover action (KSU is down hard and trying to find why).
For example, FAANG stocks are lower but not getting whacked. They are off the session low but this could be the start of a pullback for GOOG, AMZN, FB. AAPL is putting in a higher low in its range and NFLX is actually higher after a lower start.
Thus, mostly some fading to test recent moves. Even so, some are higher, e.g. some software such as FFIV, and we are looking at DATA as a new entry. Financials are not bad given interest rates rising; duh. C, however, is up but has faded off the entry point.
SP500 -3.60, -0.13%
NASDAQ -12.66, -0.18%
DJ30 -20.02, -0.08%
SP400 -0.49%
RUTX -0.10%
SOX -1.21%
NYSE volume is running about 5% hotter, NASDAQ trade about even with Tuesday. No major surge.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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