Stocks gapped lower and sold off into midday. The afternoon has shown a slow, steady recovery with a lot of lost ground recovered. Still, the indices are sporting some hefty losses outside SP400 and its quarter percent drop.
The administration just held a presser on Venezuela sanctions, and now Kudlow is at the microphone cheerleading -- 'the guys who took the over are going to be right.' Rah, rah!
Stocks mostly holding support to start a week loaded with news and started with a couple of real clinkers (CAT, NVDA). Again, many have recovered including a lot of chips, the strongest recent leader. Materials are not bad either.
Not a great session, but the indices are holding the support in another effort to consolidate, work through the news, and we will see if they break higher again.
SP5400 -23.56, -0.88%
Jon Johnson, Chief Market Strategist
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