Market Alert - First Hour

We have closed positions that were outside the 'core' of the rally so to speak, i.e. the stocks that investors abandon and do not return to right away, that were not holding support. Many others we have good gain built in and they are holding support and we are leaving those for now to see if they rebound. GOOG gapped lower, not leaving much to work with, and it has held at the gap. Some of these may rebound, but as noted, they were not 'core' to the market so most were with trailing stops so we took the rest off the table.

It looks as if the market in the past 10 minutes went through a catharsis of sorts for the morning. Many of the big names hit the same level time and again and have held and are in modest bounces. Modest is the operative word. We will see how this works for the big names that people love to buy. They should get some bids and how they hold those bids will tell more of the morning's bid potential. Still not that interested in buying yet other than on a day trade basis.

SP500 -27.81, -0.99%
NASDAQ -79.69, -1.08%
DJ30 -294.90, -1.12%
SP400 -1.09%
RUTX -1.19%
SOX -2.05%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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