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The market showed modest strength today bouyed up by commoditiy-related sectors as steel companies reported strong earnings. X, NUE, STLD all reported better-than-expected earnings and saw their shares rise +6.89%, +6.25%, and +15.04%, respectively. AXP also jumped, nearly +10%, on its quarterly report from last night, which helped luring buyers into the financial sector. RIMM led the techs, capturing +6.31%, or up $3.2. After the market, YHOO reported better-than-expected earnings and saw its shares trading more than +5% higher.
The Dow was up +58.7 points; SPX added +9.14 points; Nasdaq gained +15.44 points:
SOXX (semiconductors) jumped +3.52%. XME (metals and mining) added +4.1%. XLF (financials) went up +3.51%. USO (oil) sank 8.21%. GLD (gold) and SLV (silver) were slightly lower. FXI (Chinese ADRs) garnered +1.46%.
SPX
SPX added +9.14 points to close at 845.71. It closed above its 10-day MA, but, still under the 850 level. The MACD moved slightly higher.
Nasdaq
Nasdaq gained +15.44 points to close at 1504.90. It closed above the 1500 level The MACD flattened.
The market is looking a little stronger ahead of the FOMC meeting tomorrow. Coals and steels stole the show today, as better-than-expected earnings came in. Oil and energy stocks were weak today ahead of the oil inventories tomorrow. Railroads might get a boost tomorrow from NSC’s good earnings. Techs should continue to be strong on YHOO’s quarterly report. Both SPX and Nasdaq closed above their respective 10-day MAs. Nasdaq closed above the 1500 level, but, SPX still could not break 850. Every time SPX got close to 850 today, we saw selling pressure to move it lower. That’s still the level to break above for the overall market to move higher. VIX came down to close at 42.24. Just two weeks ago, VIX found support just under 40. So, we’ll be watching that level.
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