Stocks put in a slow, steady move upside all session then started a last hour fade. That has all indices lower but looking at the indices and some key names, lots of doji with tail at support.
SP500, DJ30 both showing doji w/tail over the 200 day MA. SOX showing more or less the same. NASDAQ at the trendline showing a doji. And yes, RUTX showing a nice doji with tail at the 50 day MA's.
NFLX, AMZN showing same kind of action at support. UNH the same at the 10 day EMA. HAL, MRO look good. HD still setting up. Yes, seen this before, but the market is oversold and NFLX and company can deliver a bounce that can be traded.
FB announces results afterhours. Will it be the same old 'so what?' response, or will earnings be treated with some respect in the form of buying? If so, we will have some plays ready to go upside to play a bounce -- singles, right? Took some more of FFIV off ahead of earnings as have a good gain still. Just being smarter after LRCX.
SP500 0.53, 0.02%
NASDAQ -11.31, -0.16%
DJ30 13.94, 0.06%
SP400 -0.03%
RUTX -0.15%
SOX -0.31%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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