Trump administration says it will delay the auto import tariffs. That includes Europe and of course some US manufacturers who make autos overseas. Given the drop in auto sales in the retail sales report, one would assume there is some connection.
Stocks are up nicely off the lows hit basically just before the market opened, just now hitting session highs. NASDAQ 100 is leading along with SOX as those beaten up stocks rebound. Once again a prediction of a 200 day MA test is rebuffed. That is okay, though you have to wonder how long that will get put off.
Picked up a position on V. Software stocks are not bad but not surging. PEP looks interesting as it toys with a breakout. ZS is surging again. Drugs and biotech are coming off the lows -- TNDM is trying to make its move and will keep watching to see if it can hold.
Now we see how the indices can hold after this spurt on 'good' trade news.
SP500 6.85, 0.24%
NASDAQ 45.60, 0.59%
DJ30 14.94, 0.05%
NASDAQ 100 0.72%
Jon Johnson, Chief Market Strategist
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