Stocks are mostly holding the gap gains. Many gapped higher but have since stalled and faded modestly into the afternoon. Some are showing indications they are wanting to bounce back up again. We picked up some IMGN as it started to bounce off a 2 hour test; we will see if it and others such as TEAM, CAT, XLNX can hold and move upside.
The indices are taking up a notch in the ranges.
SP500 is just over 2800 -- just over. It bumped the November high on the high and has backed off some.
DJ30 is touching the November peak.
NASDAQ gapped to and through the November peak then faded back to just below.
SP500 continues upside after clearing the range though it too is off the intraday highs.
SOX gapped higher and nears the August-October range peaks.
RUTX touched the top of its range at the October recovery high and backed off to a more modest gain.
The bids obviously remain as stocks hold the gap higher and the indices move higher. Resistance is still there -- not futile, but still there. We are watching many stocks that have gapped higher to or near entry points, e.g. TEAM, CAT, XLNX.
SP500 9.43, 0.34%
NASDAQ 40.45, 0.54%
DJ30 117.61, 0.45%
NASDAQ 100 0.47%
Jon Johnson, Chief Market Strategist
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