We got a very good sign from the market, which bolted out the gate as it has on numerous sessions, then began to drift according to script.   That drift gained momentum after President Trump tweeted about Amazon, which put pressure on the technology names.  Then, without any news, the Dow Jones Industrial Average held before moving into negative territory and quickly rallied to an early intra-day high, eclipsing the peak form the initial move. 

The chart underscore there is a long way to go before getting the all clear, but the moves are coming in big chunks.  With that in mind, if the initial top holds as support and next leg lifts the Dow above 24,300 that would be impressive – triggering buys on trading ideas. 

Since then, the markets have once again started to drift lower, and the Nasdaq has gone back to the flat line, as more chatter about Trump’s “obsession” with Amazon and Jeff Bezos continues.  Furthermore, Trump just came out again with more comments about Amazon, stating that Amazon can afford to pay a fair rate for the post office. 

Spotify’s IPO started trading this afternoon at $165.90.  I think it hits $200, but note, it’s an IPO and faces some challenges.  If you haven’t received your copy of our Spotify report, click here .

At midday, advancers outpace decliners 1857/999 on the NYSE and 1381/979 on the Nasdaq.  Consumers Staples, Energy, Financials, Health Care and Materials are the stronger sectors, while Technology, Telecom and Utilities lag.