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Market Gets A Bounce, Finally! EVEP, EOG, BIIB, FSLR, CF, SINA, MCP, NVDA, JWN

Last night, CSCO reported better-than-expected quarterly results.  This morning, jobless claims came in at a 4-month low.  These were enough to convince some buyers to jump in and test the turbulent water.  In the past 4 days, we have seen some pretty wild movements on the market.  Check out the chart on SPX:

In the past 4 days, we have seen a 100-point range in SPX, from 1200 to 1100!!  The bulk of the movements, however, was stuck in a 60-point range from about 1120 to 1180.  Every single day this week, SPX moved 50 points or more!

Today, most sectors were up, while gold pulled back:

XME (metals and mining) was up a whopping +5.47%.  XLE (energy) also went up more than +5%.  MOO (agriculture) bounced strongly as well.  Even XLF (financials) gained +5.58%!

In our Happy Stock Meter:

GLD and SDS finally pulled back a little.  But, EVEP and EOG were among the top energy gainers.  BIIB popped +4%.  FSLR also bounced.  CF led the agriculture stock up more than +10%.  SINA gained +7.09%.  You can click on the "green button" and let us know what your top stocks are!

After market, MCP jumped +7.33% after report a strong quarter.  NVDA delivered a solid quarter and gave a strong revenue forecast; its shares vaulted almost +12%.  JWN also reported strong earnings and forecast; its shares added +4% on top of the +5.46% rise during the regular session.

This market is trying to draw a bottom.  But, this bounce could be tough.  It may need a few more days to establish a bottom.   Above 1180, 1200 could be another resistance for SPX.  Tomorrow is Friday.  We could once again see a volatile day!

Good night and HappyTrading! ™

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One Comment

  1. Posted September 6, 2011 at 7:47 pm | Permalink

    Good job mankig it appear easy.

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