Wang’s Happy Trading

Finally, this crazy 1st quarter came to an end! The market was still very volatile today. Certain fast movers had pretty bigger swings. But, overall, the market managed to keep a positive tone. The financial sector recorded modest gains and was good for the market.

The Dow closed up +46.49 points; SPX added +7.48 points; and Nasdaq gained +17.92 points.

Here’s how the market looked at the close:

BTK (biotechs) and SOX (semiconductors) were strong today, gaining +2.53% and +1.37%, respectively. HGX (housing) advanced +2.68% and XLF (financials) added +0.89%. Commodities were on the weak side: GLD (gold) -1.6%, SLV (silver) -3.99%, USO (oil) -3.57%, DBA (agricultural commodities) -3.06%. UNG (natural gas) managed to rise +2.13% (mentioned in my Sector Watch this weekend). OIH (oil services) went up +1.52%.

SPX

SPX added +7.48 points to close at 1322.7. It closed above its 20-day MA. The MACD moved up a bit.

Nasdaq

Nasdaq gained +17.92 points to close at 2279.1. It closed just above its 30-day MA. Its MACD was higher slightly.

The market finished the last day of 1st quarter with modest gains. But, it still seemed hesitant. It is, however, in a good position to start a new month (and a new quarter) on a positive note. The MAs of the major indices are crisscrossing, indicating the struggle and the potential for shifting gears to start a new up trend. The market needs, first, some solid movements to go above the MAs.

This morning, FO announced a new stock buyback plan and saw its shares jump +8.83%. VRTX released promising data for its hepatitis drug. Its shares gained a whopping +28%! APA added +1.49% and got close to its all-time high. It looks like it can be setting up for a breakout above $122 (mentioned in my Sector Watch this weekend). As noted earlier, the biotechs were very strong today. IBB is an ETF that tracks biotech stocks on Nasdaq. It closed above its daily MAs today. It could be an interesting one to watch.

Good night and HappyTrading! ™