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The market traded in a tighter range today and eked out a gain. The financials were on the weak side, but, the commodities jumped again! Energy stocks were very strong: CVX +3.81%; XOM +2.39%; DVN +9.54%; OXY +11.07%; APA +8.75%; CHK +23.22%! Gold and silver miners also strengthened: PAAS +17.83%; SLW +12.53%; AEM +14.81%; ABX +9.48%.
The Dow was up +70.09 points; SPX added +10.57 points; Nasdaq gained +18.14 points:
Most sectors were green, except financials! XLF was down 1.75%. Commodities kept the market green: USO (oil) +3.95%; GLD +4.48%; SLV +4.33%; OIH (oil services) +5.88%; XME (metals and mining) +10.5%; GDX (gold miners) +10.7%; XLE (energy) +5.17%. FXI (Chinese ADRs) added +7.44%.
SPX
SPX advanced +10.57 points to close at 899.24, just under 900. It did manage to stay above the 30-day MA. The MACD continued higher.
Nasdaq
Nasdaq gained +18.14 points to close at 1565.48. It is still below 1600, but, the daily upper BB is getting really close. Its MACD went up.
The market seems to be taking its time. SPX still seems to be negotiating with that 900 level, while Nasdaq has not been able to close above 1600. The daily upper BB is now very close and within reach of a one-day move. What the market needs now is one strong day to catch the daily upper BB and proceed to turn the 30-day MA up. On the Dow’s daily chart (not shown here), the 30-day MA is already curving up slightly. Earlier this evening, House approved the auto rescue package. This could provide the impetus for the market to finally rally up and push the daily upper BB higher!
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