An absolutely inconclusive day so far. Which is actually kind of positive.
The upward move in technology shares and other risky sectors isn’t strong enough to qualify as a bounce. But it’s certainly not a continuation of the strong selling on Monday and extending backward into last week.
As of noon, New York time, Adobe Systems (ADBE) was up 0.3%, Alphabet (GOOG) 1.21%, Amazon (AMZN) 1.07%, Nvidia (NVDA) 1.72%, Nektar Therapeutics (NKTR) 1.62%, Facebook (FB) 1.21%, Apple (AAPL) 0.51%, and Incyte (INCY) 1.21%.
These are a few of the stocks that led the market down during the sell off. I’m looking today for evidence of any buying on the dip or of selling on the bounce to help me figure out if I need to trim risk from my portfolios.
The indexes hadn’t moved much as of noon since selling among oil stocks had offset much of the modest gains in technology.
What I’m watching carefully here is to see how the market holds up, or doesn’t, as we head into the close. I’ve seen a pattern of selling into the close in too many recent sessions to feel comfortable drawing any conclusions about today’s trend until all the data is in.