Market Pulls Back On Weak Consumer Data: SPX, Nasdaq, FSLR, TSL, CSIQ, YGE, BTU, CNX, MEE, ACI

After an unexpected drop in consumer confidence, the market dropped quickely and stayed weak.  Solar stocks were especially weak as FSLR was downgraded.  FSLR shares stumbled 6.46%.  Other solar stocks also fell, including TSL -2.96%, CSIQ -7.06%, YGE -3.59%.  Commodity sectors were mostly down, with coal stocks leading the way:  MEE -6.24%, CNX -5.57%, BTU -4.05%, ACI -4.63%.

The Dow was down 100.97 points; SPX lost 13.41 points; Nasdaq dropped 28.59 points:

GDX (gold miners) fell 3.61% while XME (metals and mining) was down 2.95%.  XLF (financials) pulled back 1.84%.  Both UNG (natural gas) and USO (oil) were down.  GLD (gold) and SLV (silver) also gave up grounds.  FXI (Chinese ADRs) slid 1.3%.

SPX

SPX lost 13.41 points to close at 1904.6, below the 1100 level.  It also closed below the 30-day MA.  The MACD flattened.

Nasdaq

Nasdaq fell 28.59 points to close at 2213.44.  The 10-day MA was higher.  The MACD flattened.

After rising for nearly 2 weeks, the market finally pulls back on weak consumer confidence data.  VIX jumped back above 21.  Both SPX and Nasdaq closed below their respective 30-day MAs.  The market was getting toppy, and the unexpected drop in the consumer confidence provided an incentive to take profits.  SPX 1100 was tested yesterday and last Friday; the market was unable to break above it.  The market should be range bound for the rest of the week, unless there are surprising news or economic data to really push the market in either direction.  SPX 1080 should now provide some support; above it, is the 20-day MA, which could also draw buyers back in.  Fertilizers have risen quite a bit during the last 2 weeks on the recent merger activities.  If the market gets weaker, the agriculture stocks have some more room to pull back before hitting support.

Good night and HappyTrading! ™