DJ30 is up nicely on the back of stocks such as MCD and WMT -- two quality stocks that are not exactly growth stocks. NASDAQ is lower along with SOX while RUTX is flat.
SP500 14.07, 0.52%
NASDAQ -33.92, -0.46%
DJ30 187.53, 0.74%
NASDAQ 100 -0.51%
It is not, however, a bad session for NASDAQ et al. It is a rather healthy looking pause overall with some pretty good setups taking shape off Friday and the sluggish Monday. The market just might deliver that 2 to 3 day pause/test of the second bounce from the selling and then break higher. Election day is Tuesday and there may be an intraday break ahead of the results. Not sure if that will be the right move, but it often happens that the market tips its hand as to direction ahead of an outcome. Today some poll was out saying the GOP now has a 1 point advantage on the so-called generic ballot. Take that for what it is worth.
Bonds: A 3 year auction continued the string of auctions showing a dearth of direct buyers.
Russia: Trump confirmed he will 'summit' with Putin at the G-20.
Earnings: The season now shows more companies providing downward revenue guidance versus upside guidance for the first time in 19 months. Slow patch.
We like a couple of more moves today. KR is not bad though volume is questionable. ROST is clearing resistance though volume is a bit thin here as well.
Jon Johnson, Chief Market Strategist
PLEASE DO NOT REPLY TO THIS EMAIL. USE THE CONTACT US PAGE ON OUR WEBSITE.
Customer Support: http://investmenthouse.com/contact_us.php