It was another volatile day on the market, to say the least. The market seemed fairly strong in the morning, with SPX testing the 1090 level. Tech leaders GOOG, BIDU, AMZN, and AAPL were all in the green. GOOG was up almost $13 at one point, and AAPL went above $252 intraday! But, once again things went the other direction with about 2 hours in left in the trading (this has happened everyday this week so far!!). GOOG, BIDU, AMZN, and AAPL all closed in the red! Financials turned weak with GS ended barely above $140, helping to push the Dow under 10,000.
Miners were mostly green in the morning, but, XME (metals and mining ETF) ended in the red. X was especially weak, down 4.63% for the day. Among the retailers, SHLD broke down once again (weak earnings last week), shedding another 4.3%. Education stocks were weak all day: APOL -3.01%, ESI -2.5%, CECO -4.56%.
The Dow was down 69.30 points; SPX fell 6.08 points; Nasdaq lost 15.07 points:
USO (oil) and UNG (natural gas) bounced, adding +2.32% and +1.14%, respectively. Both GLD (gold) and SLV (silver) made advances. SWH (software) led the techs in the decline, down 1.29%. FXI (Chinese ADRs) was basically flat.
SPX
SPX fell 6.08 points to close at 1067.95. SPX went above the 1080 level in the morning, but, could not hang on to it.
Nasdaq
Nasdaq lost 15.07 points to close at 2195.88. Its daily MAs and MACD went lower.
So far this week, the market has been volatile without a clear direction. For the past 3 days, the market had gone one direction in the morning and turned the other in the afternoon. Although the Dow closed below the 10,000 mark, SPX held above its support at 1060. The 1060 level is where SPX bounced up from in February when the market took a quick dip. SPX 1060 was tested last Friday and yesterday morning. Both times, we saw the market bounce right back up. We’ll have to see how things go tomorrow and if this level can hold. VIX tested 30 today, but, climbed back to close just above 35. If VIX goes above 40 again, selling pressure should increase. Below 30, VIX can turn back down, which would be more bullish for the market. So, we’ll keep an eye on the VIX as well.
Good night and HappyTrading! ™ 
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