Not bad action, just the same story of a promising start fading away. Large cap NASDAQ are modestly higher while the focus appears on the Dow-type stocks that have led before, e.g. MCD, PG, AEP -- definite defensive bias.
SP500 -1.89, -0.07%
NASDAQ -31.34, -0.44%
DJ30 51.19, 0.21%
NASDAQ 100 -0.03%
As noted, not bad action for the rest of the players. Many quality stocks are putting in nice work on a pattern, e.g. several software stocks such as VMW, TEAM, VRSN. Just not able to make the breakaway . . . yet again.
There is not a lot else to report. Mom and Pop investor sentiment crashed while bearish sentiment surged. About time. Senate to end funding for the Saudi Arabia war. Just not a lot of market moving items. Hmmm, good market moving news bounces stocks and then they fade. No news bounces stocks and then they fade.
We picked up some ARWR but it came back some on us. Took some NBEV gain. Letting PG, MCD and the like move higher, waiting to see if software plays will follow.
Jon Johnson, Chief Market Strategist
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