The market has been hovering within a tight range all week: down Monday, up Tuesday, down Wednesday, and now up on Thursday! It was not easy today. Things really weren’t going anywhere and was looking to slip in the afternoon. But, with an hour left in trading, news came out that global central banks stand ready to provide liquidity in the financial markets need it. Stocks jumped on the news, and were able to close higher.
Energy stocks were strong today: APA popped +3.66%; SLB was up 2.24%; and, EQT jumped +4.14%. Biotechs made advances as well. BIIB broke higher, adding +3.31%. CELG finally had a strong day, up +3.65%. GILD climbed +2%. NAV, which fell almost to $20 after reporting earnings last week, was up +7.33% today. NAV had been climbing higher since almost touching the $20 market a week ago. It went above $30 on Monday, and zig-zagged for the past couple of days along with the market. It seems like it could push higher again. It should test $30 again soon.
The Dow was up +155.53 points; SPX added +14.22 points; Nadsaq gained +17.72 points:
UNG (natural gas) vaulted almost +15%. USO (oil) also bounced +2.03%. OIH (oil services) added +1.85% BTK (biotechs) gained +2.14%.
SPX added +14.22 points to close at 1329.1. It closed above its daily MAs. MACD continued higher.
Nasdaq gained +17.72 points to close at 2836.33. It closed above its 20-day MA. The MACD was up.
While energy sector bounced, technology stocks were weak today. AAPL, GOOG, and AMZN all closed in the red. This market has been trying hard to reverse the downward pressure accumulated in the past couple of months. But, it’ll need all its major sectors going. Investors are still nervous about the Greek election coming up this weekend. After cashing out on Monday, we haven’t been trading much, and the trades that we have made have been small. We’re keeping lots of cash for now. To go higher, this market must charge above SPX 1340.
Good night and HappyTrading! ™