The market started the day on the weak side with a weaker-than-expected ADP payroll report. However, oil and gold rose, as the dollar slipped. The commodity sectors kept the market from falling too much. Oil Services were very strong. DO bounced +3.98% while RIG added +3.86%. Gold miners also advanced: GOLD +3.42%, ABX +1.54%, RGLD +1.56%.
During the day, OSTK announced seeing 4Q profit with revenue up +27%. Its stock jumped immediately over +20% before closing up +18.47% for the day! After the market, RIMM reported earnings that just missed the average estimate; but, gave a strong outlook for the current quarter. RIMM shares fell 4.62% in after-hours trading. LIHR, an Australian miner, rejected a takeover bid from Newcrest Mining Ltd. LIHR shares soared +28.73% this evening!
The Dow was down 50.79 points; SPX slid 3.84 points; Nasdaq fell 12.73 points:
OIH (oil services) was up +1.67%. GDX (gold miners) added +1.25%. XLF (financials) managed to stay green. SOXX (semiconductors) was down 0.63%. FXI (Chinese ADRs) fell 0.38%.
SPX
SPX slid 3.84 points to close at 1169.43, just below the 1170 level. The MACD was slightly lower.
Nasdaq
Nasdaq fell 12.73 points to close at 2397.96, below the 2400 level. The MACD also slipped.
The market has been tightly range-bound around the key levels of the major market indices (SPX 1170 and Nasdaq 2400). The longer the market trades in this tight range without breaking higher, the bigger the chance that the market can take a quick pullback or roll downward. So far, the market has been able to stay above the 10-day MA. If the market comes down for the quick pullback, we can see SPX 1160 tested. The market seemed very cautious today on the ADP payroll report, especially ahead of Friday’s unemployment report. VIX stayed below 18, but, did come up a bit today. Above 18, bulls should start to feel nervous. I think we’ll need to see a positive finish to the week to avoid a quick pullback. Friday is a market holiday, so, be a little more careful tomorrow.
Good night and HappyTrading! ™ 
(click to see our Facebook Page)
Did you like this article?
Submitted By 
's
