Wang’s Happy Trading

The stock market was up today, led by metals and mining. Energy stocks did well also, as crude closed above $124/barrel. (What did I say about trying to “rationalize” the market yesterday?) Gold seemed to be on its way back up, as GLD added +1.65%. Steel stocks were hot, again! X, NUE, and CLF all made new all-time highs!

The Dow was up +52.43 points; SPX added +5.11 points; Nasdaq gained +12.75 points:

Commodity related sectors were yet again strong: USO (oil) +0.86% (another new all-time high); OIH (oil services) +2.73%; XAU (gold/silver index) +4.2%; GDX (gold miners) +3.57%; XME (metals and mining) +2.4%. XLF (financials) lost 2.04% while HGX (housing) slid 2.01%. FXI (Chinese ADRs) was up +1.5%.

SPX

SPX added +5.11 points to close at 1397.68. It closed just below its 10-day MA. The MACD stayed positive.

Nasdaq

Nasdaq added +12.75 points to close at 2451.24. It closed just above its 10-day MA. The MACD was flat, but, positive.

The market was quite volatile today. Nasdaq was up over +20 points at one point. VIX came back down a little. $18 is still the support. Financials and housing were weak today, although rest of the market seemed solid. If the finacials strengthens tomorrow, we could see the market back in rallying mode.

Metals and mining were very strong today, and, they looked like they are about to go higher. RTP went down $21 yesterday, and was up $23 today! As mentioned earlier, some of the steel stocks continued to make new all-time highs. Coal stocks were also strong. Copper stocks have not broken out yet (FCX, PCU); could be interesting to watch. Energy stocks took a quick breather yesterday and were once again jumping today. OIH (oil services) seemed to be ready to go break out. In stronger market conditions, solar stocks could have a lot more room to go.

After the market, PCLN reported blowout earnings and issued guidance above consensus. In AH trading, PCLN shares surged more than +14% to trade above $141!

Good night and HappyTrading! ™