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The market traded slightly higher in the morning, but, faded into an accelerated drop to the close. The energy sectors were especially weak. Oil prices continued to fall. Crude went below $44/barrel! Oil services tumbled to new 52-week lows: RIG -11.18%; DO -7.09%; SLB -5.95%; NOV -12.29%. Natural gas plays were also fell: APA -9.68%; HES -7.31%; OXY -8.38%.
The Dow was down 215.45 points; SPX lost 25.52 points; Nasdaq fell 46.82 points:
Most sectors were down. OIH (oil services) lost 9.44%, while USO (oil) fell 6.94%. XLE (energy) dropped 6.93%. PBW (clean energy) fell 6.39%. Tech were down also, with SOXX (semiconductors) losing 5.77%. FXI (Chinese ADRs) slipped 5.14%.
SPX
SPX lost 25.52 points to close at 845.22. it closed at its 10-day MA. The MACD flattened.
Nasdaq
Nasdaq fell 46.82 points to close at 1445.56. It retreated back to its 10-day MA. The MACD was flat.
VIX tested 60 today and bounced up to close at 63.64. SPX and Nasdaq both retreated back to their respective 10-day MAs. Energy plays were getting slaughtered, especially in the oil services sector. Tomorrow, we’ll get the unemployment report. The market has been brushing aside bad economic data. However, it seems to be particularly cautious ahead of tomorrow’s numbers. If the 10-day MAs don’t hold tomorrow, the market can easily test the recent lows again.
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