Friday, February 15, 2019

Market Alert - Last Hour

The run toward the top of the Oct/Dec range continues with some very nice Friday expiration gains, led by industrial and financial stocks while tech notably lags.

This action looks to be a 'Fed is done' and 'trade deal is near' trade with the 'older' economy stocks leading the day. Weaker economic data of late plays into a Fed already more compliant and an ECB that is already talking about more QE-type action. Thus, those areas that lagged in the trade fear are making up some lost ground.

SP500 24.61, 0.90%
NASDAQ 32.45, 0.44%
DJ30 384.71, 1.51%
SP400 0.98%
RUTX 1.30%
SOX 0.44%
NASDAQ 100 0.30%

President signs budget bill, declares emergency, Congress vows to fight . . . the latter. Same old, same old.

FAANG stocks are struggling in some cases. GOOG, FB, AMZN down, AAPL NFLX decent. NFLX is a disappointment as it started well in a breakout attempt but could not hold that move.

The industrials and financials are posting good breaks higher. Not all sport great patterns, but if they can hold the moves and put in good tests, they could present some potential plays next week. HD, UTX breaking through the 200 day MA are examples of stocks up well today and if the bids remain, new plays.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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