Stocks are ending the quarter on an upside basis with decent gains for the large caps with small and midcaps up but lagging. Decent gains, not a lot of fireworks, and for a Friday I suppose that is pretty good. Not enough to trigger new buys, not a lot of change though SP500, NASDAQ do bounce up from the top of the resistance range.
SP500 16.49, 0.58%
NASDAQ 54.55, 0.72%
DJ30 187.72, 0.73%
SP400 0.31%
RUTX 0.29%
SOX 1.47%
NASDAQ 100 0.70%
As noted, very decent gains with some improving late as some late buys are hitting more of the large cap stocks.
Larry Kudlow joined prospective Fed nominee Stephen Moore in calling for a 50 BP rate cut. Wow, things must be bad. I do see their point and have made it myself: The Fed paused but if things are weakening, then pausing alone is not enough as they tightened, as usual, into weakening. Therefore that would necessitate a cut to get things back to equilibrium. Glad I am not in that business.
Comfortable to let positions work and see what next wee brings in terms of this test that continue through this week. The late bid in stocks is not hurting that as well.
LYFT has traded in the 80's all day, now dipping to the upper 70's.
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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