Once again the market fails to yield a convincing session after a solid start. Good technical setup, solid positive news on trade, and the market struggles to hold gains.
Yes, yes, there are gains of 1%, 1.5%, 1.9% by the indices, but they are well off the intraday highs, now trying to hang on to their opening gap prices. Perhaps it will extend this move as the week progresses, but this has that familiar look of starting out all fired up and then limping home. At least it is not a massive reversal . . . but the close is still 10 minutes away . . .
May survived a no confidence vote by a wide margin. All is well in the UK. Hmmm.
We did not buy the open and not likely buying the close. This action is too familiar and why it is very difficult to chase opening upside gaps in this market.
SP500 21.43, 0.81%
NASDAQ 1.25%
DJ30 212.09, 0.85%
SP400 1.05%
RUTX 1.44%
SOX 1.71%
NASDAQ 100 1.22%
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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