Market Alert - To the Close

Friday the 13th so the rumor mill is churning. The latest is that the Deputy AG could get the 'you're fired' as early as this evening. As if this was not a worrisome enough day with . . . the 13th. Fox Business is hyping this up as being potentially very detrimental to the market -- of course it is a potential story as well. Plus, I think the reporter with the 'scoop' loves to overhype the significance of his stories.

Stocks performed as we opined they might after a strong open: struggling to hang on and indeed failing to do so.

SP500 -5.32, -0.21%
NASDAQ -25.48, -0.36%
DJ30 -104.85, -0.44%
SP400 -0.26%
RUTX -0.68%
SOX -0.69%

There are some positive stories. Wilbur Ross while in Lima, Peru said that very good progress was being made and he anticipates a new deal by the third week of May. There you go.

Weak but rebounding off the session lows over the past half hour. Market bounce has its first test at the 50 day MA's, and given the weekend and the potential -- there is that word again -- for geopolitical issues, no one wants to buy and push stocks higher.

Volume is up a bit on NYSE, lower for now on NASDAQ. That would mean more of a status quo day with nervousness ahead of the weekend and what tweets, accusations, slanders, etc. may arise.

Pretty decent rebound into the close in progress. That works.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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