The market took a sharp drop today, the day after the election. The attention shifted towards Europe and the so-called fiscal cliff in the US. Financials were weak. Mining and coal stocks also dropped: BTU -9.64%, WLT -8.16%, JOY -6.73%, CAT -3.47%. Health insurance stocks took a beating: HUM -7.88%, UNH -3.78%, AET -4.2%. Among tech stocks, AAPL took another leg down, falling more than $22; GOOG lost $14.6.
The Dow fell 312.95, closing below 13000; SPX lost 33.86 points; Nasdaq tumbled 74.64 points:
SOXX (semiconductors) fell 2.7%. XME (metals and mining) stumbled 3.95%. OIH (oil services) lost 2.55%, while USO (oil) was down 4.15%.
SPX fell 33.86 points to close at 1394.53. It closed below 1400. The MACD turned lower.
Nasdaq tumbled 74.64 points to close at 2937.29. The daily MAs and MACD went lower.
Both SPX and Nasdaq closed below important supports: SPX below 1400 and Nasdaq below 2950. VIX popped again, closing just above 19. We might get some retests of those support levels tomorrow. But, this fall might not be done. Cloud-space actually did better than most. FFIV was up +0.78%, and CRM hardly budged; VMW was down 2.93%. SPX fell just below 1390 intraday. On the downside, we’ll be watching that support. Below that, SPX could test 1370.
Good night and HappyTrading! ™