October 03, 2012 at 20:05 PM EDT
Markets In Waiting Mode… SPX, Nasdaq, SRPT, USO, NOV, EOG, IOC, APC, LEN, SHW, PPG, TOL, HD, HPQ, AAPL, HUM, CI, ESRX, AET
The markets have been volatile and range-bound so far this week.  After pulling back last week from the recent highs, things seem to need to consolidate a little more.  This morning, the ADP employment report and the ISM data were better than expected.  Stocks bounced in the morning, but, closed off highs.  Still the bounce [...]

The markets have been volatile and range-bound so far this week.  After pulling back last week from the recent highs, things seem to need to consolidate a little more.  This morning, the ADP employment report and the ISM data were better than expected.  Stocks bounced in the morning, but, closed off highs.  Still the bounce was not broad-based.  Industrials were weak, especially energy, as China’s manufacturing data showed further contraction.  Oil took a tumble below $90/barrel, closing just above $88.  NOV, EOG, IOC, and APC were among the energy names that got hit today.

Housing stocks bounced today: PPG +1.73%, LEN +6.92%, SHW +2.85%, TOL +3.71%, HD +2.39%.  Techs were mixed, as HPQ plummeted 13%, while AAPL jumped $10.  One of the biggest gainer was SRPT, which tripled (up +200%) in 1 day, on its muscular dystrophy trial data.

The Dow barely made it into the green in the last 45 minutes by +12.25 points; SPX added +5.24 points; Nasdaq gained +15.19 points:

Most sectors were actually down.  USO (oil) fell 4.14% and XLE (energy) dropped 1.23%.  OIH (oil services) was off 2.54%.  BTK (biotech) rose +0.48%.  XLF (financials) added +0.89%.  UNG (natural gas) was down 2.65%.

SPX

SPX added +5.24 points to close at 1450.99.  It closed above its daily MAs.  The MACD flattened.

Nasdaq

Nasdaq gained +15.19 points to close at 3135.23.  It closed just below its 10-day MA.  Its MACD also was flat.

There really hasn’t been much development in the broader market.  Market indices have been tightly ranged.  Trading, so for this week, has reversed directions in the afternoon.  Big movers have been mostly news-driven.  Healthcare stocks, however, seem to have broken out this week.  HUM, CI, ESRX, AET are among the leaders.  It seems that the investors are waiting for the presidential debates (which start tonight) and perhaps the jobs reports due tomorrow and Friday.  To break higher, SPX will need to break above 1470.

Good night and HappyTrading! ™

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