AMZN, AAPL, NFLX are posting solid gains but a lot of stocks have faded moves (e.g. DE) as the session progressed. NASDAQ is decent, NASDAQ 100 better of course, but everything else is tepid with decent moves given back. RUTX, SP400 have not changed their relative positions, giving up gains and still below the 50 day MA's. SP500, DJ30 showing hammer doji at the 10 day EMA -- not bad action given the good patterns of many industrials, but those industrials were not ready to move today in those good patterns. Again, we picked up DE and it did not run like a deer; yet.
XLNX looks good today and there are stocks higher, don't get me wrong. CRM, TTWO, GOOG, FB. The overall action is remarkably sluggish, not much of a post-FOMC rebound, leaving the status suspect. RUTX, SP400 still below resistance, indicating the selling in those WED is taking a respite and the buyers are not confident to move back to those. That does not destroy the large cap setups, more an indication of the economic and market's expansion maturity.
SP500 8.87, 0.31%
NASDAQ 54.98, 0.69%
DJ30 66.74, 0.25%
SP400 0.08%
RUTX -0.03%
SOX 0.48%
NASDA Q00 0.97%
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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