Thursday, October 11, 2018

Market Alert - Last Hour

Back and forth all session, with modest gains early, losing them, rebounding -- then in the afternoon session a pronounced downside slide to the last hour punched out new session lows. That triggered some short covering as the market trades off the lows in the last hour. Some bids entered, moving stocks off the lows and showing some doji, but it has not been a rush back upside. That suggests there are still buyers and sellers fighting it out.

There are some decent looking holds in several stocks that could provide a bounce. The question is whether these setups turn into good moves. Given it is Thursday late session and coming to the Friday prior to earnings season, buying into the market right now takes some serious cojones.

What is interesting: AVGO, NFLX, VMW, HUBS, CMI, DE, LSCC, AMD, BRKS, AMZN, VCEL, IMMU. MSFT not bad, BA as well. INTC at support showing a doji. There are some very possible plays here even as most are down again for another session. These are stocks to consider, but again, not all that enthused about trying to catch a bottom at this time of the week.

Reports are that Trump and Xi will meet in Argentina during a conference there in November. That is providing some support for Chinese stocks traded on the US exchanges.

As stocks gear up for the close it would appear the sellers are doing the same, sending the Dow more than 500 down when it was just in the 300's.

SP500 -52.05, -1.9%
NASDAQ -83.56, -1.12%
DJ30 -480.17, -1.88%
SP400 -1.81%
RUTX -1.19%
SOX -0.92%
NASDAQ 100 -0.99%

VIX: 28.84 on the high, currently 26.18

SPY volume: spiked to 5x average with a big surge late morning.

Jon Johnson, Chief Market Strategist

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