Wang’s Happy Trading

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The stock market tumbled today in a “freefall” fashion.  At one point, the Dow was down 800 points!!  VIX almost hit 60 intraday.  Then, the market bounced back.  Nasdaq still lost more than 80 points though!  Oil services were extremely weak: NOV -10.25%; RIG -6.62%; MON -5.9%.  CME and ICE were among the stronger performers, gaining +11.47% ($41.55) and +4.32%, respectively.  These are the 2 exchange companies that are in talks with the Fed to create a new marketplace for credit default swaps.  MA also popped back to finish up +4.5% (a $20 swing from its day low).

The Dow finished down 369.88 points; SPX lost 42.34 points; Nasdaq fell 84.43 points:

Most sectors were down substantially.  MOO (agriculture) gave up another 10.39%.  OIH (oil services) lost 6.91%.  GLD (gold) added +2.05%.  XLF (financials) fee 5.22%.  Tech sectors were all weak, with SWH (software) losing 7.14%.  FXI (Chinese ADRs) dropped 6.88%.

SPX

SPX fell 42.34 points to close at 1056.89.  It closed just above the 1000 level.  The daily MAs and MACD curved lower.

Nasdaq

Nasdaq tumbled 84.43 points to close at 1862.96.  It went below 1800 intraday and closed under 1900.  The daily MAs and MACD were down.

The market continued to fall on Monday.  The Dow’s intraday 800-point drop took it below 9,600; and, although it bounced near the end of the day, it still closed below 10,000, first time since 2004.  VIX reached almost 60 today and closed at 52.05!  This is the highest level for VIX in the past 15 years!  This market is going through its capitulation and there will likely be big, wild swings this week.

Good night and HappyTrading! ™