Up one day, down the next. It has been the story for this market since last week. After coming back from the Memorial Day long weekend, stocks popped higher on Tuesday, but, gave the gains all back today. Industrials led the decline, as energy and mining stocks dropped further. Techs were weak as well, but, AAPL managed to gain +1.21%. FB, on the other hand, continued to slip, down another 2.25% to close just above $28. PCLN dropped more than 3%. ISRG also squeezed out a win. CMG has also been strong, jumping more than $17 yesterday and only gave back $5 today!
RIMM tumbled 7.83% and barely closed above $10, after pre-announcing a weak Q1 yesterday evening. RIMM will likely continue to fall into single-digits. After the market, FFIV announced that its executive VP of worldwide sales had resigned. FFIV shares dropped 5% this evening.
The Dow was down 160.83 points; SPX dropped 19.1 points; Nasdaq fell 33.63 points:
OIH (oil services) stumbled 4.21% and USO (oil) fell 3.53%. XLE (energy) fell 3.07%. XLF (financials) swooped 2.33%. FDN (internet) lost 1.83%. GLD (gold) and SLV (silver) turned green in the afternoon.
SPX lost 19.1 points to close at 1313.32. Its daily MAs were down and the MACD was flat.
Nasdaq fell 33.63 points to close at 2837.36. Its daily MAs were slightly lower.
Financial problems in Europe are still plaguing the markets. Tuesday’s pop did induced some shorts to cover. But, right at open, things turned down again. It looks like this market needs to test SPX 1300 again. Things are very volatile and are moving very fast. Sometimes it’s better to not to trade too much. So, we’ve been closing positions and holding off on opening new ones. GDP and the latest jobs reports are coming Thursday and Friday. Let’s see how the market reacts.
Good night and HappyTrading! ™