SP400 at a new high level, SP500 at a new closing high level if it can hold. Not breakaway moves; I know, surprising. Just steady -- and slow -- in the move.
SP500 9.54, 0.34%
NASDAQ 12.71, 0.16%
DJ30 110.71, 0.43%
SP400 0.50%
RUTX 0.39%
SOX -0.02%
Retail up w/NKE upgrade helping it while LULU breaks sharply higher, JWN continues its move from earnings.
Big drugs are up again, industrial machinery solid, some financials (C strong, GS up nicely, JPM not), consumer services solid (ROKU, GRUB, DOCU), NFLX and GOOG bouncing back some while AAPL is off, NVDA unveiled new gaming chips and helped stem the tide of its post-earnings selling.
President is again criticizing the Fed chair about rate hikes, never a good move, at least for prior Presidents. Who knows, perhaps this one can pull it off.
Mostly letting positions work higher though did take some gain in NUVA, closed a struggling QRVO, took the rest of TTWO (though the latter is trying to recover). Looking at FFIV, MTCH as possible buys as they have crossed the entry point but volume remains sketchy. Still, we could pick up a partial at least so be watching for that.
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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