Obviously stocks are up with the indices extending breaks through resistance, or in the case of SP500 and DJ30, finally making that next move through resistance. SOX gapped and rallied through the prior January high.
Very good action for the upside. Here at mid-day stocks are working laterally in a tight range, holding gains. Steady trend higher on the session and now we see if the gains are tested in the afternoon. Not sure there are many sellers out there that want to get in the way.
It is the Friday dilemma: good move higher, do you add more positions? Several plays are posting solid moves, e.g. ZS, JD, AMD, LRCX, UCTT -- we will look to add some positions if this move more or less holds, even fades back just a bit in the afternoon session ahead of that 3-day weekend.
SP500 35.06, 1.33%
NASD 89.08, 1.26%
DJ30 316.77, 1.31%
NASD 100 1.27%
Jon Johnson, Chief Market Strategist
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