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After losing its gains in the last 15-minutes of trading yesterday, the market was able to “add” to the gains in the last 15 minutes today. It was another volatile day, but, the market stayed pretty much green throughout. The GDP report was not as bad as expected, and perhaps helped to give the market some optimism. Commodity-related sectors were once again strong, led by oil services: DO +6.31%; NOV +16.74%; RIG +9.08%. ICE had a huge day, up +40.8%!! It reported solid earnings and is looking to launch clearing house for credit default swaps. Another big winner is FSLR, after reporting a quarterly profit that doubled. FSLR was up +24.47%.
The Dow was up +189.73 points; SPX added +24 points; Nasdaq gained +41.31 points:
VIX dropped more than 7 points, but, still stayed above 60. SOXX (semi-conductors), INX2 (Internet), BTK (biotech), SWH (software) all closed higher. OIH (oil services) jumped +8.28%, while USO (oil) lost 3.02%. XME (metals and mining) added +3.73% and XLE (energy) garnered +4.61%. MOO (agriculture) flew +9.62% higher. FXI (Chinese ADRs) gained +14.05%.
SPX
SPX added +24 points to close at 954.09. It closed at its 20-day MA. The MACD went higher.
Nasdaq
Nasdaq gained +41.31 points to close at 1698.52, above 1650. It closed at the 20-day MA. The MACD also went up.
Both SPX and Nasdaq closed at their respective 20-day MA. The 10-day MAs have flattened, and the MACDs are showing bullish crossovers. VIX still closed above 60, though. While the actions today were certainly encouraging, it is still hard to gauge what the next move will be. The beaten-down commodity sectors are drawing buyers. Chip stocks certainly helped the techs today, as INTC added +8.23%. But, big tech names such as RIMM and GOOG didn’t go anywhere. Financials were strong overall, but, GS had another down day, and PRU dropped more than 18% on bad earnings! It is still a very choppy market. Let’s see how the market deals with this 20-day MA tomorrow.
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