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The market opened down and continued lower all day. The Dow was down almost 700 points intraday. Weakness was across the board. Gold and related stocks were hit hard: GLD -5.68%; AEM -25.18%; ABX -14.64%; FCX -17.78%; GDX -15.53%. Oil services were weak also: DO -15.18%, RIG -12.59%; NOV -20.21%. Coal stocks gave back much of the gains made this week: BTU -10.19%; ACI -17.71%; CNX -22.28%; MEE -19.21%.
The Dow was down 514.45 points; SPX lost 58.27 points; Nasdaq fell 80.93 points:
Most sectors were in the red. VIX jumped +31% to almost 70! OIH (oil services), XME (metals and mining), GDX (gold miners), and MOO (agriculture) led the deline with double-percentage-digit losses. USO (oil) continued lower, down 6.53%. GLD (gold) lost 5.68%. FXI (Chinese ADRs) shed 10.72%.
SPX
SPX tumbled 58.27 points to close at 896.78, below the 900 level. Its MACD went down.
Nasdaq
Nasdaq fell 80.93 points to close at 1615.75. It closed below 1650. The MACD flattened.
Both SPX and Nasdaq closed below their respective support level (SPX 900; Nasdaq 1650). This is not good. The MACDs also turned down, preventing the bullish crossovers, at least for now. The market still cannot seem to string together winning days. On the other hand, each 2 consecutive days of selling seems to reverse whatever gains that the market has been able to make. After the market, AMZN reported good earnings, but gave a disappointing forward guidance. AMZN shares fell more than 13% in AH trading. VIX jumped to almost 70 again! We'll have to see how the market does with the support levels. Breaking those could lead to a new leg down! Looks like another volatile day ahead.
Good night and HappyTrading! ™
