Very lethargic trade, not really able to mount a solid bounce. DJ30, SP400, RUTX are positive, but not by much. NASDAQ and SOX are downside leaders, particularly NASD 100. Most indices are doing fine holding support yet again in a lateral move while NASD, NASD 100 are down a bit harder. All still hold support.
Some groups are actually decent, e.g. steel (AKS beat), homebuilders, industrials (thanks to MMM results), truckers. Big name techs struggling and we picked up some puts on MSFT and ADBE. Bought some USCR but it faded an early move that continued Monday's gains.
Taking some off the table on laggards and some good moves that are struggling today, e.g. WDAY, BILI, AMZN. Others just disappointing, e.g. EA.
The indices are holding that resistance broken a couple of weeks back, but that is about all they are doing as they await AAPL's results. AAPL is off slightly; it is an earnings play given it is so beaten down. The idea is after its warning its results are not as bad as feared. With the action on the big tech stocks and FAANG, not too sure we want to pick any up. If so, it would be a small position.
SP500 -6.82, 0.26%
NASDAQ -64.89, -0.92%
DJ30 23.84, 0.10%
SP400 0.01%
RUTX -0.01%
SOX -1.50%
NASD 100 -1.11%
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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