Wang’s Happy Trading

The market started out high, as Buffett offered to help bond insurers. But, it slowly faded, until the techs lost their lead. The market is still hanging on, though. The Dow closed up +133.4 points: SPX added +9.73 points; and Nasdaq closed flat.

Here’s how the market looked at the close:

Commodities were weak today: GLD (gold) -2.19%; GDX (gold miners) -3.62%; XME (metals and mining) -3.01%; USO (oil) -1.29%; UNG (natural gas) -1.83%; OIH (oil services) -0.7%; and DBA (agricultural commodities) -2.4%! XLF (financials) was able to invite some buyers back in, up +2.75%. MOO (agriculture) gained +2.29%, which was much higher in the morning as many of its holdings made solid gains today. FXI (Chinese ADRs) added +2.75%.

SPX

SPX added +9.73 points to close at 1348.86. It tried to go above the 10-day and 20-day MAs, but, closed just below. However, the 10-day MA has crossed above the 20-day MA. The MACD rose slightly.

Nasdaq

Nasdaq was flat, closing at 2320.04. It also couldn’t break above its daily MAs. Its MACD glided up a bit.

The market is still hanging on precariously. It’ll need to make one big move up to get above the daily MAs soon. Or else, the longer it hangs under, the more likely that it’ll get driven to test the lows again. Still, cash may be the safer position to be in, for me.

This morning, CMP jumped to a new all-time high, as it reported stellar earnings! It traded as high as $52.94, but, closed at $51.26, up $5.25, or +11.41%. POT also made a new all-time high today, as rest of the agriculture stocks rallied. POT traded as high as $154.63, but, closed at $149.28, up $5.2, or +3.61%. After the market, AMAT reported earnings that beat the estimates. Its shares traded higher by +4.87%. DNA’s shares jumped in AH trading, up +2.4%, as it announced good results on its cancer drug Avastin.

Good night and HappyTrading! ™