Dow: -27.40…
Nasdaq: -2.39… S&P: -6.11…
This market isn’t doing much to lure me in right now and I’d like to sit on my hands as I watch these choppy conditions. A little pullback is healthy and overdue, and a few percent lower would be welcomed.
It really is boring out there, and I think the market has a hangover from the election and then the inauguration. An afternoon rebound helped the market erase a portion of its loss, but the S&P 500 still finished lower by 0.3% while the Nasdaq (unch) finished just below its flat line.
This action probably reflects investors’ concerns about a lack of specifics in President Trump’s plans and worries that the new administration’s protectionist policies could hurt corporate profits and hamper growth. Today Trump also withdrew the U.S. from the Trans-Pacific Partnership, a trade deal he attacked during the campaign.
I came close to adding AERI as a new long today but decided to wait. The stock is trading well and is forming a little bull flag on the daily chart. I will be watching closely.
NTNX had a decent rebound today +6.0%. There is still some loose chatter out there that Cisco may be looking to buy them. The volume still needs to improve on this one though.
CLVS posted a new year high but backed off. Biotech (XBI, IBB) continues to waffle around without a rudder. The sector needs a big fat catalyst soon or it may want to drift back down and test that 200-day moving average, which happens to also coincide with its 200 day moving average.
Hopefully we will see some more exciting action soon.