Market Alert - Last Hour

Stocks are up overall, but well off the highs the past 1.5 hours. Ah, more of the same. Nice upside moves, giving some back, but also lower volume (-10% NASDAQ); perhaps more volume comes in on the close. Not counting on that.

SP500 24.77, 0.95%
NASDAQ 72.00, +1.04%
DJ30 211.62, +0.88%
SP400 0.47%
RUTX 0.54%
SOX 1.26%
NASDAQ 100 1.14%

Note small and midcaps are still lagging on an upside session.

Several stocks we are looking at moved up but not breaking out. Like how FND is testing. Like how many look, but again, not many breaking out so we again are mostly watching and letting positions move up as much as they will.

The CBO says the tax cuts will surge the deficit and Yellen and others say they will blow up the deficit. Of course, no attention paid to the absolute massive overspending the prior 8 years by the government as more programs were added even as tax revenues exploded higher. And, no credence given to the growth aspects of tax cuts. They never do, then when tax revenues surge on economic growth they find ways to ignore or deny the facts. Classic.

That still does not change the action and the market position. Still at support but unable to bounce and hold. Same story, new week. Oh, and trade worries lessened -- as they always do after a few days from the last shock intervene.

On the positive side, this action lets bases and patterns build, and that provides a foundation for a move higher. Earnings are coming, still down overall, that leaves upside room to move. Okay, there is the silver lining.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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