April 02, 2013 at 22:07 PM EDT
Weakness in Miners and Refiners Keep a Lid on the Markets: SPX, Nasdaq, WLT, CLF, TSO, VLO, PSX, CF, AGU, MON, AMGN, BIIB, REGN, BMRN, ALXN, CELG, ONXX, HUM, UNH, WLP, AET, AAPL, NFLX, LNKD
Lots of things happening today.  Big sector moves!  Miners, especial coals, were still very weak.  WLT (-7.96%) and CLF (-4.06) just kept tumbling lower.  Oil refiners took a big drop today: TSL -3.22%; VLO -5.69%; PSX -3.62%.  Agriculture stocks also dropped further:  CF -2.05%; AGU -1.2%; MON -1.69%. On the other hand, healthcare and biotech [...]

Lots of things happening today.  Big sector moves!  Miners, especial coals, were still very weak.  WLT (-7.96%) and CLF (-4.06) just kept tumbling lower.  Oil refiners took a big drop today: TSL -3.22%; VLO -5.69%; PSX -3.62%.  Agriculture stocks also dropped further:  CF -2.05%; AGU -1.2%; MON -1.69%.

On the other hand, healthcare and biotech stocks just keep on climbing higher.  BIIB added another $5.42 (up $20 in the past 5 sessions).  BIIB recorded another new all-time high, up +4% on the day.  REGN popped $6.49.  BMRN added $1.4.  CELG just kept on climbing.  ONXX gained $1.51 (it looks like it’s about to go higher still).  Yesterday afternoon, health insurance stocks jumped after Medicare Advantage rates came out better-than-expected.  They all jumped again today:  HUM +5.45%, UNH +4.7%, WLP +1.51%, AET +3.67%.

The Dow was up +89.16 points; SPX added +8.08 points; Nasdaq gained +15.69 points:

SOXX (semiconductors) fell 0.84%.  BTK (biotechs) added +1.31%.  GLD (gold) and SLV (silver) both fell.  XME (metals and mining) dropped 2.89%.

SPX

SPX added +8.08 points to close at 1570.25.  The daily MAs were slightly up, while the MACD stayed flat.

Nasdaq

Nasdaq gained +15.69 points to close at 3254.86.  Its daily MAs and MACD were little changed.

Stocks fell on Monday, but, managed a bounce today.  However, there is still a lot weakness.  Besides health care and biotechs, things were really mixed.  Industrials still can’t quite keep buyers in, and coal stocks just keep falling lower.  Semiconductors pulled back for a second day, which isn’t good for the broader market.  Surprisingly, SPX managed to close above 1570.  Its all-time high is 1576.09.  We’ll need to see some strength in bigger sectors for the broader market to push higher.  Techs were still mixed today.  AAPL tried to bounce, but, reversed direction in the afternoon.  NFLX fell 3.15% and LNKD was on the weak side.  We’re not trading much, as things are moving fast, but, staying range-bound.  This market still seems to be consolidating.  So, let’s stay a little more patient.

Good night and HappyTrading! ™

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