On Monday, the market took a quick drop. But, it managed to recovered everything on Tuesday. Today, stocks struggled to find a direction. We closed many trades so far this week. No "huge" gains, but, mostly on the plus side. When the market swings back-and-forth like it had these past few days, it’s better to lock in gains while you have them.
We trade AAPL on both sides. Made a nice overnight trade on APC’s earnings. SODA provided a quick intraday winner today:
- February 06, 2013
- February 05, 2013
- February 04, 2013
The Dow was up +7.22 points; SPX added +0.83 point; Nasdaq slipped 3.1 points:
XME (metals and mining) gained almost +2%. Most other sectors were basically flat.
SPX added +0.83 point to close at 1512.12. Its daily MAs were up, but, the MACD was flat.
Nasdaq slipped 3.1 points to close at 3168.48. Its 10-day MA and MACD were flat.
The market seems to be consolidating here, around SPX 1500 to 1510. Dip-buyers have been buying every dip, propping the market up. Even if the market does get a pullback, it’ll probably be shallow. Immediate support for SPX is between 1500 and 1490. One thing interesting is that mining stocks were the strongest today. XME has been lagging. For the month of January, it was actually down! Are some funds starting to rotate sectors? It seems like it. WLT added +3.02% today, and X was up +2.43%.
Good night and HappyTrading! ™