Wang’s Happy Trading

The market had a tough time getting anything going today in the face of higher oil prices. Crude oil topped $112 per barrel. The energy sector was strong with many stocks making all-time highs. Agriculture shares were still on the positive side. Other commodities such as precious metals rallied.

The Dow was down 49.18 points; SPX fell 11.05 points; and Nasdaq lost 26.64 points.

Here’s how the market closed:

HGX (housing) and XLF (financials) were both weak, losing 3.87% and 1.68% respectively. INX2 (internet) was down by 1.43% while BTK (biotech) lost 2.8%. However, SOX (semiconductors) added +1.54%. Commodities were strong: USO (oil) +1.69%, UNG (natural gas) +3.94%, DBA (agricultural commodities) +2.58%, OIH (oil services) +1.27%, GLD (gold) +2.15%, SLV (silver) +2.9%, XAU (gold/silver index) +2.04%, and GDX (gold miners) +1.9%. PBW (clean energy) lost 2.3%. FXI (Chinese ADRs) fell 3.5%.

SPX

SPX dropped 11.05 points to close at 1354.49. It closed right at the 10-day MA. Its MACD was flat.

Nasdaq

Nasdaq fell 26.62 points to close 2322.12. It closed below its 10-day MA, although its 20-day MA moved higher. Its MACD was lower.

The market is really having a hard time continuing the rally that it started last week. The financials were again weak, while the commodities continued to make new highs. Last week SPX closed at 1370.4 and Nasdaq was at 2370.98. The market had been making higher highs and higher lows for the past 4 consecutive weeks. We’ll be watching to see if the market can go above last week’s close.

Last night, UPS reported disappointing earnings and forward outlook, citing significantly higher fuel costs. Its shares were down 3.74% today. FDX was also affected and lost 3.06%. Speaking of higher fuel costs, APA and DVN (mentioned last night) continued to make new all-time highs today. APA went as high as $135.34 and DVN hit $114. After the market, CVX announced a higher 1Q earnings forecast, due to higher oil prices. CVX was trading just $0.22 higher in AH trading. MTL was strong all day today reaching a new all-time high at $144.

On the member site, MTL was a hot topic today:
optiondragon
Posted April 9, 2008 at 6:29 am | Permalink (Edit)
MTL looks good

optiondragon
Posted April 9, 2008 at 7:20 am | Permalink (Edit)
I like the MTL may calls alot!

Angela
Posted April 9, 2008 at 7:25 am | Permalink (Edit)
Told others to buy MTL at any weakness since it’s only steel leader which is still far from year high while others all hit or near year high.

Angela
Posted April 9, 2008 at 7:49 am | Permalink (Edit)
wow, MTL at 137+, up 7+, what a monster!

Angela
Posted April 9, 2008 at 10:52 am | Permalink (Edit)
MTL is on fire! over 140+ ! WOW! My prediction that it will reach year high will become true!

MTL jumped almost +10% today, gaining $12.78.

Good Night and HappyTrading! ™