Market Summary
Jon Johnson
Excerpted from Thursday’s paid content of Investment House Daily by Jon Johnson.
Stocks Stem Their Losses and Bounce
– Stocks stem their losses and bounce but growth remains problematic. Even so, the bounce is starting to work some downside setups on growth stocks.
– The S&P 500 and DJ30 bounce up from their 50-day moving averages (MAs) while the S&P 400 recovers to that level.
– The producer price index (PPI) mirrors the consumer price index's (CPI) big, month-over-month beat and a big, year-over-year spike. Existing home sales surge. However, lumber is now falling -- has the move peaked?
Stocks finally had enough near-term selling and bounced. Even before the market opened, stocks were positive, albeit skewed heavily toward the Nasdaq and growth stocks. A hot CPI cooled the upside, but only for a little while. Soon, bids returned and stocks managed, in the end, to post some fairly solid upside gains.
Stocks were up, but they were all over the map during the session. The Nasdaq gapped upside and rallied through 10:00 a.m. EST. Then, it turned down and gave all the move back to a flat position.
Then, in the last two hours, it turned back up and made it back to about the halfway mark by the closing bell. The other indices followed a similar path, though they were not as exaggerated as the Nasdaq's.
NOTE: The figures and information above are from the 5/13 report.
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NOTE: The videos are from the 5/12 report.
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