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The market continued to slide lower. Most sectors were weak. Coals stocks and gold miners gave back the gains they made yesterday: CLF -17.1%; BTU -8.23%; CNX -8.16%; AEM -5.54%; ABX -6.41%; PAAS -10.78%. The market just cannot seem to get any consistency. People seem to still be cashing out on any gains very quickly. For example, even with a good earnings report last week, FLR has not been able to keep its gains. It traded up to almost $44 yesterday, and, closed at $37.33 today, back to the “pre-earnings” level.
The Dow was down 176.58 points; SPX lost 20.26 points; Nasdaq fell 35.84 points:
Most sectors were red, even foreign currencies, as dollar (UUP) went higher again. GLD (gold) and USO (oil) both went down. Crude oil closed below $60/barrel! Commodity-related sectors pretty much all reversed yesterday’s gains: OIH (oil services) -5.3%; XME (metals and mining) -5.96%; GDX (gold miners) -6.52%; MOO (agriculture) -3.71%. XLF (financials) were once again weak, down 3.48%. FXI (Chinese ADRs) dropped 5.86%.
SPX
SPX fell 20.26 points to close at 898.95, below the 900 level. The daily MAs turned down again. MACD also went lower.
Nasdaq
Nasdaq lost 35.84 points to close at 1580.90, below the daily MAs. The MACD was flat.
Both SPX and Nasdaq look weak, closing below the daily MAs. The 10 and 20-day MAs have turned down again. VIX closed above 60, at 61.44. This is not good. That 30-day MA (black line in the charts) proved to be too much of a resistance for the market to rise above right now. After the test on November 4, the market has been sliding lower. From where the market closed today, it is much more likely to test the recent lows (SPX 850; Nasdaq 1500) before going above that 30-day MA.
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