Wang’s Happy Trading

The day started out very well, with the market rallying right from the open. But, it quickly faded. Even though there were several attempts to turn back upwards, the market eventually closed just slightly down. The Dow was down just 3 points; SPX down 0.72 points; and, Nasdaq was down 2.65 points. Here’s a snapshot of how various sectors closed:

It is interesting to note that the Internet sector (INX2) and the biotechs (BTK) closed up; and, SOX was able to keep above 500.

SPX

SPX attempted to break above 1460 today. But, it wasn’t able to keep that altitude for the close. It came back down to within its support range (1440-1460).

Nasdaq

Very similar picture for Nasdaq.

Although the broader market did make a higher high and a higher low today (comparing to Friday), the way that it closed wasn’t quite convincing. The market still looks “undecided” to me and we’ll see if we can get clearer signals tomorrow. Still keeping cash!

SHLD announced $1.5 billion of share buyback today, sending its shares up more than $7!! ENR got an upgrade from SunTrust this morning and its shares closed up more the 10% today! Oil transporters seem to have caught people’s attention today as OSG, TK, and FRO all made solid gains (OSG +7.91%, TK +3.68%, FRO +2.8%). CSC also jumped today, more than +9%!! It confirmed its June quarter forecast, while delaying the actual report.

Good night and HappyTrading! ™