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Thursday, March 15, 2018

Market Alert - Last Hour

The market was cruising into mid-morning then a test. Then mid-afternoon as the market was starting to rebound a story hit that Mueller is subpoenaing the Trump companies. That takes it beyond collusion and into that 'professional politicians only' argument that some are making that if you have foreign business operations where foreign dignitaries might stay, you are violating a law that says an office holder cannot receive benefit from any foreign sovereign. Thus I call it the 'professional politicians only' argument as any person owning businesses in an international market would be excluded.

So, when the headlines hit the algos sold and the indices went negative. Now flirting with flat though DJ30 holds a better gain as it decides to lead after looking like cr*p Wednesday.

SP500 flat
NASDAQ -13.25, -0.18%
DJ30 136.94, 0.56%
SP400 -0.42%
RUTX -0.64%
SOX -0.04%

Still mushy overall. Some China stocks look decent, led by BABA gapping higher. Picked up some NTES and looking at BZUN, BIDU, AKAM for possible buys; they moved higher with a gap but are sitting there.

Basically the same kind of action. SOX, NASDAQ testing the 10 day EMA. SP500 showing a doji at the 50 day SMA after basically a 1-2-3 pullback. SP400 back to test the 50 day SMA. Ditto RUTX. DJ30 is up but it is showing a doji below the 50 day EMA; still not a strong pattern.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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