Yesterday, in my post, I said, “We might still see some volatility, though, as the past 3 trading days have been pretty erratic! Iâ€™m doing quick daytrades and holding on to lots of cash.” Today, the market was very volatile, a “down-up-down-up” day. It gapped down at the open and soon slid to the day low (down). Then, it had an intraday bounce (up), but, dropped down to test the low again (down). However, around the 2pm mark, it rallied up rest of the way and closed pretty much at where it started the day (up). Hey, at least we finished on a high note!!
The Dow attempted to close in the green, but, ended up losing just 0.98 points. SPX gave up 3.71 points, while Nasdaq slid 24.50 points.
Here’s how the market closed:
INX2 (Internet), BTK (biotechs), and SOX (semiconductors) were weak, with the semis down 3.51%! OUCH!! SOX did manage to close above 460 though. Let’s see if it can establish a bottom here. Commodities and related sectors were strong: OIH (oil services), GDX (gold miners), XME (metals and mining), USO (oil), and UNG (natural gas) all closed in the green. XLF (financials) is desparately trying to find a footing around $33, but, closed just under. So, we’ll have to pay some attention to XLF as well. The encouragin thing today for the financial sector was that GS came back and closed up $1.36! FXI (Chinese ADRs) slid 1.69%.
SPX was down only 3.71 points and closed at 1515.88. At one point, today, SPX was not looking healthy at all, being down below 1500, and lower than Monday’s low! It came back and almost made it into the green. It managed to start establishing higher lows. Let’s see if it can make some higher highs.
Nasdaq slid 24.50 points to close at 2774.76. But, the picture is actually stronger, in my eyes, than it might appear! It tested the 30-day MA today and bounced back. It closed just under the 10-day MA and is pushing on it. If it can go above and close above the 10-day MA tomorrow, we should start to see it turn!
After the market, FFIV reported earnings that beat the estimates, but, its shares dropped more than 9% in AH trading. AKAM reported nice quarterly profits and raised its future outlook. Its shared traded up +1.73% in AH. IRBT missed the estimates on its earnings, but its shares were up almost +10% (perhaps on higher guidance? Go figure.)!! VMW trounced the expectations with its earnings report! Its shares were trading up almost $5 in AH! MSFT agreed to buy a stake in Facebook for $240 million, supposedly beating out an offer from GOOG! MSFT is reporting earnings after the market tomorrow.
Good night and HappyTrading! ™