After setting a new all-time high on Monday, stocks seem to be consolidating, as we discussed in my Market Forecast this weekend. Even though SPX set a new all-time high on Monday, it still can’t seem to break beyond 1850.
AAPL has been very weak. FSLR was down more than 9% after reporting a disappointing quarter and giving a weak forecast. Energy stocks turned lower today. Refiners were the weakest. VLO, PSX, MPC, TSO all traded lower into the close. Chinese internets (SINA, BIDU, SOHU, NTES) bounced a bit, after the recent weakness.
The Dow was up +18.75 points; SPX added +0.04 point; Nasdaq gained +4.48 points:
BTK (biotech) sank 1.79%. GLD (gold) and SLV (silver) pulled back. HGX (housing) popped +2.18%. TAN (solar) jumped +3.23%, despite FSLR’s mishap.
SPX ended flat to close at 1845.16. Its daily MAs and MACD were little changed.
Nadaq gained +4.48 points to close at 4292.06
VIX bounced today, an obvious sign that the market is consolidating. We didn’t trade for the past couple of days. This market needs to consolidate. Every time SPX goes above 1850, we see profit-taking. So, let’s not chase this market right now. Let’s see what the market does for the rest of the week. We might look for some downside trades.
Good night and HappyTrading! ™