Sharp volatility continues, this time upside as the futures gapped higher and stocks did as well, managing to hold the gains and move higher. Big percentages lower WED, now big percentages higher. Day to day volatility can show changes, and there certainly has been that of late. VIX overall, however, remains a load of nothing, now at 22.58.
Volume is solid, breadth not bad as RUTX rises 2.5% though still not the largest gain (NASDAQ 3.15%).
A lot of bounces in really ugly patterns, but some not bad moves from not bad setups, e.g. AMZN, CRM. Drugs recovered a bit, e.g. JNJ and PFE. Personal products are off modestly as money chases the clobbered areas to recover some lost ground.
Perhaps this turns into something more and some of the bounces will be interesting. We are scanning a lot of stocks and while many are up, the setups that give you some comfort are few with two majors noted above.
That said, WMT is still moving higher and we are looking at picking up that stock.
SP500 53.30, 2.00%
NASDAQ 225.70, 3.19%
DJ30 417.03, 1.69%
SP400 1.48%
RUTX 2.37%
SOX 2.40%
NASDAQ 100 3.71%
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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