Okay, another test lower to a lower low followed by a sharp reversal to hold the prior lows from October and November. Broke the range intraday recovered as you would expect if the range means anything. Some good stocks are moving higher from good patterns, e.g. CME, TEAM, HLF, as most all areas recover.
No specific news, just fought off the early dips that some blamed on AAPL, now the indices trading mixed. Definitely has the look of a reversal that leads to some more upside, but that was seen Thursday as well.
There are some stocks that look bounce-worthy, such as those above, and we likely pick up some positions on them.
SP500 5.52, 0.21%
NASDAQ 51.56, 0.74%
DJ30 39.57, 0.17%
SP400 -0.55%
RUTX -0.13%
SOX 1.30%
NASDAQ 100 1.06%
Note the weakness in small and midcaps. Definitely has the look of an oversold bounce in a range.
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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