Wang’s Happy Trading

The market was pretty volatile today as it tried to establish a new trend and prevent reverting back to the recent patterns. It opened lower with the unfavorable unemployment report, but managed to climb back and close in the green. The agriculture stocks were particularly strong. Steel stocks continued to charge into unchartered territory.

The Dow was up 20.20 points; SPX added 1.78 points; Nasdaq gained 1.9 points.

Here’s how the market closed:

SOX (semiconductors) was strong, adding +2.57%. XLF (financials) and HGX (housing) both managed to close on the green side. XME (metals and mining) gained +2.29%. MOO (agriculture) advanced +2.39%. UNG (natural gas) was weak, losing 4.34%. FXI (Chinese ADRs) jumped +4.16%.

SPX

SPX added +1.78 points to close at 1369.31. Its daily MAs and MACD continued to rise.

Nasdaq

Nasdaq gained +1.9 points to close at 2363.3. Its daily MAs and MACD also went higher.

The market saw some profit-taking but the agriculture stocks, among some others, were strong enough to prop up the market. This gave the market a good chance to vent without losing any altitude, which is very encouraging. It does seem that the market is working hard to try to change the trend. Tomorrow is Friday, and like I said yesterday, we’ll see how the market closes out the week.

Like I mentioned earlier, the agriculture stocks were strong. CF jumped +8.18%. POT made a new all-time high at $169.33, but closed at $167.67, up +4.08%. MOS traded as high as $109.6 and ended at $104.52, up +4.34%. MON got close to $120, but closed at $117.79, gaining +5.17%. BG jumped to above $96, and came back down to close at $92.61, adding +5.33%. AAPL went above $153 and closed at $151.61, advancing +2.79%. Among the steel stocks, X was particularly strong. It almost went to $140, setting yet another new all-time high at $139.98. X closed at $137.91, up +2.35%.

Good night and HappyTrading! ™