After rebounding into midday from the weak open, stocks again faded in the afternoon session. A bounced over the past hour is rather tepid. All of the indices are currently in a drop to next support -- the 50 day EMA for most.
That said, many of the leaders, while fading as well, are making nice tests of near support: GOOG, FB, XLNX, INTC. We perhaps were a bit too hasty on XLNX when we sold it this morning. Others are not making nice tests, e.g. MCHP, VSH. With the market in a selling mode if these can hold support then we can be moving back in when the overall market finishes the test.
SP500 -27.54, -0.99%
NASDAQ -96.59, -1.29%
DJ30 -253.15, -0.99%
NASDA 100 -1.44%
Some others that look weak are STT, TCBI, DRI. We likely close those.
Jon Johnson, Chief Market Strategist
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