Obviously DJ30 is not going to trade positive today. Not close. Money is leaving NASDAQ, RUTX, SP400 today but it is not going to the NYSE large caps.
The Supreme Court overturned a 1992 ruling regarding sales tax for online transactions, now allowing states to charge tax. AMZN and other online retailers are off, but AMZN already charges tax so the ruling is not so big for it. For others . . .
Congress cannot pass the first attempt at an immigration bill. The other one is more centrist but it likely won't pass either. The former wants change, the latter status quo. So what do we get? Status quo.
NASDAQ, RUTX holding over the 10 day EMA, SP400 holding over the 20 day MA. DJ30 heading toward the 200 day MA, SP500 breaking the 20 day MA.
No positives today to keep the growth stocks moving after a fairly sharp move higher. Thus the give back. We closed some positions, and with a sloppy close setting up we likely have a few more to close.
SP500 -17.05, -0.61%
NASDAQ -65.92, -0.85%
DJ30 -191.42, -0.78%
SP400 -0.75%
RUTX -1.13%
SOX -1.22%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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