Moving toward the last hour stocks are up and are actually making a new move. Much of the market liquidity the past few months has occurred in the last half hour to hour. That makes you pensive about moving in on good moves right now, e.g. HD, IMMU, MRO, M, possibly UNH; want to see how the volume in the last hour moves them. May get a better entry on HD et al. Even then we likely take just a half position, then see if they test any Friday before the weekend.
Solid enough move price-wise, and volume is up 5% on NASDAQ heading into the last hour -- as trade usually rises in that hour it looks like an accumulation session.
SP500 35.12, +1.33%
NASDAQ 134.55, +1.92%
DJ30 300.01, -1.24%
SP400 0.66%
RUTX 0.60%
SOX 1.99%
NASDAQ 100 2.34%
As you can see, a large cap rebound kind of day as we thought it might be. Again, will see how HD and others work toward the close. Those that you set to buy if they hold the move can be vexing when they have such strong price moves, but if we get a fade late we can take a partial as noted.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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