The broader market crept higher today. Energy and industrial stocks were weak. Financials saw some profit-taking. GOOG jumped +5.5% after yesterday’s strong report. IBM went up +4.41% after giving upbeat forecast. CREE vaulted a whopping +22% after reporting a net income of 18 cents vs the 14.5 cents consensus. COH plunged more than 16% after missing its earnings estimates.
After the market, AAPL fell nearly 10% after giving an in-line report. MLNX reported an inline quarter, but, its outlook was disappointing, sending its stock down more than 20%! On the other hand, NFLX reported a surprise 13-cent profit; its shares popped more than +35%!
The Dow added +67.12 points; SPX was up +2.25 points; Nasdaq gained +10.49 points:
XME (metals and mining) slipped 1.07%, while GDX (gold miners) dropped 2.75%. SOXX (semiconductors) climbed +1.05%. USO (oil) and GLD (gold) traded lower.
SPX added +2.25 points to close at 1494.81. The daily MAs and MACD went higher.
Nasdaq gained +10.49 points to close at 3153.67. Its daily MAs were higher slightly. The MACD was flat.
Well, the indices have been crawling a little bit higher each day. But, AAPL’s big drop after the market could stall the market’s climb, since AAPL is so heavily weighted in the indices, especially for the techs. QQQ fell 1.5% after the market today. Nasdaq closed just above its resistance at 3150 today. SPX closed a little below its resistance at 1500. Perhaps AAPL’s earnings came at the exact right moment? Is it time to lock in some profits? We’ll have to see how things go tomorrow. Asian markets have been "wobbly" for the past few sessions. For the US market, mining stocks have been lagging. Energy stocks appear to be toppy. Retail stocks are short-term overbought as well, especially with COH’s disappointing report. Tomorrow could be a volatile day. If the market pulls back, SPX has immediately support at 1480.
Good night and HappyTrading! ™