After a slow day on Monday, stocks took a quick tumble on Tuesday, as tension over Syria heightened. Today, stocks saw some minor bounces. Over the past three days, we closed up some trades. Calls on GLD, SLW, and VIX gave us some nice profits as the market pulled back. GLD, in particular, scored +152% profit!
- August 28, 2013
- August 27, 2013
- August 26, 2013
The Dow was up +48.38 points; SPX added +4.48 points; Nasdaq gained +14.83 points:
XLE (energy) climbed +1.66%, while OIH (oil service) popped +1.53%. BTK (biotech) bounced +1.1%. SOXX (semiconductor) was up +1.15%.
SPX added +4.48 points to close at 1664.96, below 1640. Its daily MAs and MACD slipped.
Nasdaq gained +14.83 points to close at 3583.35. Its daily MAs were little changed. The MACD was a bit lower.
Although stocks bounced a bit today, it’s still difficult to say where this market is heading. VIX only pulled back slightly today and still stayed above 16. SPX came up during the day to test 1640, but, did not close above. If SPX does get above 1640, there’s resistance to traverse across between 1660 and 1680. So, for now, the market is at best range-bound.
Even with the market pullback these past two weeks, some stocks are still drawing new buyers. CRUS jumped more than +9% today, spurred by an analyst upgrade and a strong quarterly report from AVGO. CRUS has been really weak all year, and could be finally turning around. After the market, GES delivered quarterly results that easily beat the estimates., sending its stocks flying up +18.5%! GES have been falling lower and lower in the past 3 weeks; but, if tonight’s after-market pop holds through tomorrow, GES will recover 75% of that loss in just one day!
Energy stocks pushed higher today, undoubtedly driven by higher oil prices, which were driven by worries over Syria. We’ll have to see if energy stocks can continue to push higher to help stabilize the market. Financials have been really weak and are testing support levels. So, we’ll keep a close watch over the financials.
Good night and HappyTrading! ™