Market Alert - Last Hour

It is a Friday on a Fed decision week and the market is going out basically flat. The leading techs have been up, now down a bit, just wandering outside of NVDA with its gap and run higher for a 13% gain. FB is down from its recent bounce as a 50M user hack is revealed, allowing control of accounts. What pejorative will Zuckerberg have about those 50M users?

With this being post-FOMC decision action, you hate to get very aggressive. Thus some positions are at the stop points, e.g. NEWR, LITE, C, but on these days it can very well be just a head fake as they are near support and a new week often sees the selling pressure relieved in those instances, particularly in an overall uptrend. And yes, despite all the negative comments, the indices are still in an uptrend.

That said, we like APC's action today and definitely do not like URI. APC is low volume but the move is good for likely a partial position.

Definitely a sluggish end to the week, the month, and the quarter. That is okay as there were bids on the week, but as noted they shifted toward the large caps and away from small and midcaps though the latter lead today.

SP500 -0.23, -0.02%
NASDAQ 1.99 0.02%
DJ30 5.24, 0.03%
SP400 0.36%
RUTX 0.28%
SOX 0.61%
NASDAQ 100 -0.07%


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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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