Indices are disappointing in the follow up to Tuesday. SOX is down again, not breaking, but not helpful. Other indices are higher, but well off the intraday highs. Not reversals here either, but not able to hold any follow through move from earlier.
SP400 is trying to crack through the 50 day MA's but is backsliding into the close; definitely nothing decisive. RUTX is through but very similar to SP400 midcaps.
SP500 gapped to a doji just below the 50 day MA. DJ30 creeping to touch them. Not inspiring, keeping alive the prospects of a failure.
Not getting any help from 'name' stocks. They were up strong but have frittered away the moves. AMZN is holding 1/3 of its intraday gain. GOOG similar. NFLX is off its recent surge but just modestly. FB testing its recent solid break higher.
May survives no confidence, Beige book sees strength but not strength. Gee, kind of like today's market action.
Not really anything we want to pick up today, but with some decent tests by some of the stronger stocks of late, we could have some more buys -- if the bids return.
SP500 9.06, 0.34%
NASD 16.26, 0.23%
DJ30 170.63, 0.71%
SP400 0.74%
RUTX 0.62%
SOX -0.65%
______________________________________
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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