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Wednesday, September 12, 2018

Market Alert - Last Hour

AAPL's product unveiling was less than exciting, but that was expected. AAPL is lower but nothing serious, and other techs that were lower in pre-release worry are rebounding. AMZN is back to positive, MSFT positive, CRM, etc. NVDA is still off but is bouncing well off an intraday 50 day EMA test. PFE, JNJ, TLRY, CAT, EMR, ETN are all up nicely. Retail is off some today.

A good treasury auction, the best in quite some time, more evidence the US is prospering and other areas in the world (read most) are not. And this is bad?

Jamie Dimon said he could beat Trump in an election because he is smarter. Hmmm. Dimon is part of the establishment, particularly the financial establishment. The last election was about anti-establishment. Being smart may not have anything to do with it -- similar to many things in the US right now and indeed over the past decade and more.

MS says a multiyear bear market is here as earnings fade. More of the talk discussed last weekend. It might be true with the Fed hiking into a flat curve, but for now the trends are holding. At some point they will not.

AAPL: My kids want me to get an AAPL watch for health reasons. We will see. I am not unhealthy and in fact quite fit. But I don't even have an iPhone. I like to bike a lot, fish, hike, hunt, etc. and they want to keep tabs on me. Are you in the same boat? I am touched but wonder if there is an ulterior motive, e.g. keep the old guy alive and producing income. Hmmm. Perhaps if it has an onboard cardio defibrillator . . .

We are looking at WBA on this breakout move. It is a bit softer here in the last part of the session and we are looking to pick up a position.

SP500 1.18, 0.04%
NASDAQ -16.05, -0.20%
DJ30 33.66, 0.13%
SP400 0.13%
RUTX -0.04%
SOX -1.29%

Semiconductors continue to struggle even as AMD surges higher. SOX tapped near the lower trendline of the triangle on the low and rebounded to show a doji at the 200 day MA. INTC, TXN, AVGO and others tested even lower but have rebounded nicely. As I suggested earlier, perhaps this round of downgrades throwing in the towel on the group suggests a bottom.
Jon Johnson, Chief Market Strategist

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