The market really hasn’t gone anywhere during the first 3 days of trading this week. Industrials have been on the weak side, after FDX cut its outlook on Tuesday morning. Energy stocks have been falling as oil took a quick tumble in the past few days: APA, OXY, and NOV all retreated from last week’s breakout. Mining stocks have also been on the weak side. After the market today, NSC cut its forecast, siting lower coal and goods shipping volume. Its shares fell more than 5%. Other railroad stocks suffered as well: CSX -4.17%; UNP -2.44%.
On the plus side, AAPL continued to rally during the past 3 days, reaching a new all-time high of $703.99 intraday today. Both AMZN and GOOG remained strong as well, with GOOG trading above $728 today, highest since late 2007. It looks like GOOG is looking to test its all-time high of $747.24, set back in November of 2007.
While the broader market stalled, biotechs have been pushing higher. JAZZ took a huge pop on Monday and continued to trend higher, after winning a patent ruling in court. JAZZ is up more than +20% so far this week! ONXX reached a new all-time of $86.67 today and is up more than $10 thus far this week. VVUS has seen a +10% pop this since Monday’s opening, as the company launched its anti-obesity drug. MDVN is splitting 2-for-1 on Monday 9/24; could be interesting to keep an eye on. QCOR fell as much as 50% today as AET stopped coverage on its drugs. QCOR ended the day down about 48%.
The market seems to be taking a breather, working off some steam in the technicals. Last week, SPX tested 1475. This is now the immediate resistance. Since the charts on the market indices have not moved much since Friday, we’ll look at the charts another day. We haven’t done much so far this week and are holding mostly cash. Let’s wait for the market to make its next move.
Good night and HappyTrading! ™