A Good Day As Consolidation Continues: SPX, Nasdaq, NFLX, AAPL, AMZN, APC, EOG, V, MA, BA, MON, DD, GS, WFC, JPM, BAC
Things have been very volatile, as consolidation continues.  While there are news coming from Cyprus, but, the range-bound, up-one-day-down-the-next type of trading may not necessarily due to what’s going on in Europe.  It may just be more that the markets need to have some time to consolidate. This morning, factory and housing data showed more [...]

Things have been very volatile, as consolidation continues.  While there are news coming from Cyprus, but, the range-bound, up-one-day-down-the-next type of trading may not necessarily due to what’s going on in Europe.  It may just be more that the markets need to have some time to consolidate.

This morning, factory and housing data showed more signs of strengthening economy in the US.  Energy stocks saw some buying.  APC broke out, adding +1.82% on the day.  EOG popped +4.02%.  Among the financials, V and MA stood out.  V has been on a big "up"-ramp, gaining $10 in 3 days!  MA did some catching up and added +3% today.  I think MA might test $350 soon!  MON vaulted +4.42% after DD agreed to pay $1.75 billion to settle a patent dispute.

On the tech side, NFLX jumped +5.43% while AAPL slid 0.53%.  AMZN managed to bounce +1.68% after dropping $20 in the past two weeks.

The Dow was up +111.9 points; SPX added +12.08 points; Nasdaq gained +17.18 points:

SOXX (semiconductors) bounced +0.91%.  XLE (energy) and OIH (oil services) both bounced as well.  FXI (Chinese ADRs) added +1.33%, which is very interesting because FXI has been going lower and lower without finding a solid footing!

SPX

SPX added +12.08 points to close at 1563.77.  It closed above 1560 and above its 10-day MA.  The MACD was flat.

Nasdaq

Nasdaq gained +17.18 points to close at 3252.48.  It closed above its 10-day MA.  Its MACD was also flat.

Although both SPX and Nasdaq closed above their respective daily MAs, and… SPX closed above 1560, it doesn’t necessarily mean that this market is ready for a new leg up!  I think it’ll still take some more consolidation before this market can break out of this range.  Friday is a market holiday, so this week has only 2 more days of trading.  We’ll need to see some real strength from the financials to help push this market higher, but, GS, WFC, JPM, and BAC all either look weak or just barely hanging on.  We’ll be watching the energy stocks.  Some rotation could be happening.  So, we might still be in a sector/stock picking environment.  Techs are mixed as well, especially since ORCL’s earnings.  As discussed in this week’s Sector Watch, financials are still the key to breaking out of this range.

Good night and HappyTrading! ™

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