The stock indices are sporting 1+% gains as they cut short a farther drop that would take SP500, NASDAQ down to the 200 day MA. A decent bounce, but a technical bounce at this juncture: oversold, rising concern, rebound to let off some of the downside pressure. Even without a further selloff this is the relief bounce action we discussed. It would be better if the sellers took it to the 200 day MA and then the bounce. As it is, there is unfinished business.
All indices are up, but notably lagging are the FAANG stocks. A couple are decent, e.g. AAPL, but GOOG, FB are negative.
That said, software stocks are impressive with NOW surging over 11 points, WDAY up almost 4%. There is some real buying in stocks that never broke their patterns.
Picked up some CL, but it and other similar stocks gave back some of the early move.
Took the rest of the TGT downside gain as it gapped lower, sold, then started showing signs of rebounding.
Of course, as the closing bell approaches the air is being let out of the move to a certain extent.
SP500 24.29, 0.89%
NASDAQ 95.67, 1.26%
DJ30 238.40, 0.94%
NASDAQ 100 1.2%
Jon Johnson, Chief Market Strategist
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