The market was strong today, helped in a big way by the commodity sectors, as the dollar slid. Miners took control again. Coal stocks were especially strong, again: WLT +3.12%, CLF +2.23%, MEE +7% (!!), ANR +3.54$, PCX +5.16%. MEE closed above $54 at a new 52-week high. I think it is going higher and could see $60 soon. ANR and PCX have not broken out yet, but, look promising.
Last night in my Sector Watch, I talked about FXI and the Chinese stocks. FXI added +1.93% today. At above $42, it should see a breakout. CYD jumped almost +20% today. Barron’s published an article this weekend with a bullish outlook for the stock. If CYD breaks the resistance at $18, it can easily see $20.
This morning, Goldman Sachs upgraded PCP from neutral to "Buy", and up its 12-month target to $153 from $136. PCP shares closed at $127.09, up +2.64% for the day.
On our brand-new Facebook Page (click here to access, become a fan) today, a member asked about some stocks that have already gone up quite a bit. AAPL was one of the stocks in question (click here to see the discussion). My answer to AAPL was:
AAPL going higher…
(We’ll be having discussions on various stocks on our new Facebook Page. Come and join us!)
After the market, rumors say that AAPL is preparing to release a new iPhone for Verizon (VZ). iPhone users have been complaining about AT&T’s coverage. An iPhone through Verizon would definitely solve that problem. Both AAPL and VZ shares jumped on the news. AAPL traded above $238 in after-hours, while VZ gained +3.51%. If the rumors are true, VZ stock could really soar. Whether the rumors get confirmed or not, I think AAPL is heading into, at least, the $240s on this leg up.
The Dow was up +45.5 poins; SPX added +6.63 points; Nasdaq gained +9.23 points:
XME (metals and mining) led the market with a +2.89% gain. OIH (oil service) and XLE (energy) bounced, as USO (oil) added +2.91%. GDX (gold miners) also went higher, up +1.41%. XLF (financials) managed to stay green.
SPX
SPX added +6.63 points to close at 1173.22, above the 1170 level. The MACD was flat.
Nasdaq
Nasdaq gained +9.23 points to close at 2404.36, above the 2400 level. Its daily MAs were higher, but, the MACD was slightly lower.
Both SPX and Nasdaq closed back above their respective key levels, which were discussed in my Market Forecast last night. The market needs to get a few consecutive up days to break above and away from these key levels. It is certainly encouraging to see the commodity sectors participating, especially the energy stocks. I have been mentioned the weakness in energy stocks lately. They could really help to push the market up if they can keep their strength more consistent. UPL, OXY, HES bounced strongly today. OXY could see a breakout from today’s close!
Good night and HappyTrading! ™
Did you like this article?
Submitted By 
's
