Wang’s Happy Trading

The market was mixed today with techs on the weak side. Energy stocks, agriculture, metals, and oil services were strong. AAPL unveiled its new 3G iPhone at $199, $200 cheaper than what’s out there right now:

AAPL shares traded with great volatility and was down more than $10 at one point. Its shares closed at $181.61, down $4.03. On the other hand, RIMM picked up steam near the end of the day and closed up $2.71, from being down more than $3 earlier.

The agriculture sector was very strong today, as POT received an upgrade from Goldman Sachs. POT hit a new all-time high at $227.2. MON also recorded a new all-time high, $140.84. Steels and coals continue to find buyers, as X and ANR both made new all-time highs today. Other interesting steel and coal plays include STLD, SCHN, CNX, ACI, PCX, and BTU.

The Dow ended up +70.51 points; SPX added +1.08 points; Nasdaq lost 15.1 points:

OIH (oil services) added +2.56%, while USO (oil) was down 2.78%. XME (metals and mining) continued with a +2.51% advanced. BTK (biotechs) and SOX (semiconductors) were on the weak side, losing less than 1% each. XLF (financials) lost another 1.37%. FXI (Chinese ADRs) came back from red to close in the green at the end of the day, up $0.79.

SPX

SPX added +1.08 points to close at 1361.76. It closed above the 1360 support, but its 20-day MA went below the 30-day MA, forming a new bearish phase. Its MACD went lower.

Nasdaq

Nasdaq lost 15.1 points to close at 1459.46. It closed below its daily MAs and the MACD slid.

The market tried hard to recover from Friday’s downward momentum. The SPX is showing a new bearish formation and Nasdaq closed below its daily MAs. These are certainly signs for caution. But, pockets of strength continue to shine through. Agriculture, coals, and steels saw some new all-time highs today. Oil services are also looking like a breakout in the sector is being formed. I’m staying prudent and mostly on the sideline with cash, waiting to see if the financial sector can stabilize and establish a bottom.

Good night and HappyTrading! ™