After a gap-down open, the market quickly worked itself up to green before the first trading hour had passed. New housing and manufactoring data seemed to fuel more optimism. Favorable anticipation of what the world leaders at the G20 summit would reveal to help solve the global financial crisis also kept investors in the markets. Chinese stocks were very strong today, especiallly the Chinese solars: STP +7/7%; YGE +7.97%; LDK +12.78%; SOLF +7.4%; TSL +5.85%. ACH, Aluminum Corp of China, added +6.77%. CHA, China Telecom, gained +5.91%. SOHU, with its spin-off IPO in Changyou.com seeing strong response, secured a +5.62% win.
The Dow was up +152.68 points; SPX added +13.21 points; Nasdaq gained +23.01 points:
Miners were very strong today: GDX (gold miners) +4.66% and XME (metals and mining) +5.02%. PBW (clean energy) added +4.34%. INX2 (Internet) led the techs with a +2.25% gain. BTK (biotechs) took a backseat today as CELG disappointed with its earnings forecast, down 1.82%. XLE (energy) came back to life, rising +2.12%. FXI (Chinese ADRs) advanced +2.42%.
SPX
SPX added +13.21 points to close at 811.08. It closed above 800. Its 30-day MA turned up and MACD was higher.
Nasdaq
Nasdaq gained +23.01 points to close at 1551.6. Its 30-day MA and MACD both curved up.
SPX closed above the 800 level today. That's a good sign! Further, both Nasdaq and SPX are seeing their respective 30-day MA turn up, into the new bullish formation. Yesterday, we said that another strong day could hold off the bears a little longer. Well, here it is. Asian market are jumping this evening. Hang Seng (Hong Kong) is already up 4.45% and Nikkei 225 is up +3.86%. The US market looks to be ready to push higher tomorrow as well!
Good night and HappyTrading! ™
