A lot of nervous trade but continuing the same recent trends more or less. Why nervous? Because of the S&P rebalance coming on the close. Growth is under pressure, particularly NASDAQ.
Not taking this too seriously as it is all, indeed, nervous pre-rebalance trade. Now there could be firings over the weekend as Rosenstein was shown as having plans of trying to secretly record Trump and invoke the 25th Amendment. If I was President the man would be escorted from the building today. But that is me. Trump may have him water boarded. Okay, bad Friday humor.
Given this rebalance, while no one here likes how the big techs are trading, it is a rebalance. Therefore we let the expiration do its thing then go forward Monday. It looks as if there could be some good tests to perhaps play if they can rebound. CNBC saying FAANG is out of favor along with NASDAQ and that is usually the counter signal.
SP500 -1.58, -0.05%
NASDAQ -42.90, -0.53%
SP400 63.72, 0.23%
SP400 -0.21%
RUTX -0.41%
SOX -0.40%
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Jon Johnson, Chief Market Strategist
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