The market traded flat ahead of GOOG’s earnings. GS was very weak today as it came under attack from Congress’ investigation into the causes of financial crisis of 2008. GS shares were down $4.38. Chinese internet stocks continued to outshine the broader market. SINA popped to a new all-time high of $124.33 before settling to close at $123.68. YOKU jumped 12.14% to close at $64.35, also a new all-time high.
Gold and silver rose to new highs on further inflation concerns. Gold traded to nearly $1480/ounce. Silver was even stronger, going above $42/ounce, which is up more than 30% since the beginning of this year! Silver miners were muted, but, gold miners traded higher, as discussed in Sector Watch this weekend. ABX was up +2.42%; NEM added +2.15%; GOLD gained +2.25%.
Restaurant stocks also kept pushing higher. CMG recorded a new all-time high at $285.97. BWLD popped another +5% with a new all-time high of $58.32.
After the market, GOOG shares fell more than $31, or 5.5% after missing its earnings estimate. AAPL, which reports next Wednesday, was down $3.71 during the regular session and traded a tad lower after market.
The Dow was up +14.16 points; SPX added 0.11 point; Nasdaq slid 1.3 points:
USO (oil) bounced +1.24%. GDX (gold miners) added +1.28%. SLV (silver) popped +3.79% while GLD (gold) was up +1.35%. XLF (financials) was down 0.91%. FXI (Chinese ADRs) was flat.
SPX added +0.11 point to close at 1314.52. It managed to stay above its 30-day MA. The MACD was down.
Nasdaq slid 1.3 points to close at 2760.22. It closed above its 20-day MA. The MACD was flat.
The market is still trying consolidate. SPX fell nearly to 1300 this morning as the latest jobless claims number went up. But, once again, dip-buyers came in and drove the market back into the green. However, financials just can’t seem to catch any buying. XLF (financial ETF) is once again coming down to test an important support at $16. BAC will report in the morning tomorrow and could drive the financials further lower. With the disappointing earnings from GOOG, US internet stocks may be under some pressure tomorrow. On th long side, gold and silver should push higher, and, gold miners look ready to breakout.
Good night and HappyTrading! ™