Wang’s Happy Trading

Metals, Oil, and Natural Gas: SPX, Nasdaq, SWN, DECK, DVN, UPL, ECA, APA, XME, PCU, FCX, BTU, ACI, CNX

Gold (and other precious metals), oil, and natural gas prices spiked up again! Gold is above $970/ounce and crude is above $102/barrel, while the rest of the market staggered. Yesterday, I mentioned that I didn’t like seeing VIX above $22. Sure enough, the broader market faltered today.

The Dow closed down 112.10 points; SPX lost 12.34 points; Nasdaq fell 22.21 points.

Here’s how the market looked at the close:

VIX went up another +3.7%. Techs were again weak, with SOX (semiconductors) down 2.57%. UNG (natural gas) jumped again, up +4.4%! USO (oil) gained +3.24% and OIH (oil services) added +2.27%. Metals were also strong: GLD (gold) +1.28%, GDX (gold miners) +2.29%, XME (metals and mining) +1.92%, and SLV (silver) +2.79%. FXI (Chinese ADRs) slid 2.53%.

SPX

SPX lost 12.34 points to close at 1367.68. It closed below the 1375 resistance but stayed above its daily MAs. The MACD flattened a bit.

Nasdaq

Nasdaq fell 22.21 points to close at 2331.57. It closed below the 2350 level. The MACD continued to rise. The daily MAs appeared pinched still.

VIX has a resistance at $24 (chart shown on the member site). If it gets stopped at $24 and turns back down tomorrow, the broader market could manage to stay above the daily MAs and continue its new bullish phase. So, again, we’ll be watch the VIX tomorrow.

After the market, SWN reported a 4Q profit that more than doubled; it also lifted its 1Q production outlook. Its shares traded +2% higher in AH trading. DECK announced earnings that beat the estimates, but, was soft on the 1Q guidance, although its outlook for the whole year was better-than-expected. Its shares was down almost 10% after the market! Shares of energy stocks having been make new all-time highs. DVN traded as high as $107.15 today; ECA almost touched $80, at $79.38; APA jumped to $119.48 for a new all-time high. UPL is chasing its recently-set new high of $81.33, closing at $80.60. Metals have also been strong. XME made a new all-time high at $78.05 today. Among many others, PCU and FCX were both strong. Coal plays (BTU, ACI, CNX) could be ready for a new leg up. It does still seem like the energy and metals stocks have some more room to go.