Commodity-related sectors were down big today and kept pressure on the overall market. USO went down 3.48% as the crude traded below $120/barrel intraday. Energy sector took a tumble: HK -14.23%; HES -7.97%; CLR -9.63%; DVN -7.43%. Oil services were hit pretty hard too: NOV -8.05%; DO -6.08%; RIG -4.26%. Agriculture plays were also weak: POT -10.4%; AGU -8.93%; MOS -10.92%; CF -8.35%.
The overall market actually held up better. The Dow was down just 42.17 points; SPX slid 11.3 points; Nasdaq dropped 25.4 points:
Looking at the sectors, one would think that the market did much worse. SOX (semiconductors) and SWH (software) managed to close on the green side. INX2 (Internet) was once again weak. Commodities were down acroos the board, with UNG (natural gas) leading the drop, diving 7.49%! GLD (gold) closed just above $88, down 1.6%. FXI (Chinese ADRs) lost 2.56%.
SPX
SPX slid 11.3 points to close at 1249.01. It closed below its daily MAs. The MACD went lower.
Nasdaq
Nasdaq fell 25.4 points to close at 2285.56. It closed at its 20-day MA. Its MACD flattened.
VIX closed above 23 today, which doesn’t make me feel comfortable. SPX closed below its daily MAs and Nasdaq managed to find support at the 20-day MA. There were not many buyers on the market today, while commodity-related sectors got clubbered. XME (metals and mining), XLE (energy), OIH (oil service), and MOO (agriculture) all broke down today. The financials held on pretty well, with XLF down just $0.18. I’m over 80% in cash just waiting to see how the market reacts to the Fed tomorrow.
Good night and HappyTrading! ™
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