The market opened lower today, but, was able to rally in the last hour and closed in the green! Financials were strong today, as GS bounced more than +5%! Real estate stocks soared today! More than a week ago, one of our members, Skymist, wrote an article on REIT (estate investment trust). In the article, she analyzed a list of real estate stocks. Today, many of these jumped: UBA +4.92%, CBL +22.99%, URE +15.14%, UYG +8.71%. Many of these stocks have lost more than 90% of their value since early 2007! These look really strong and I think they are heading higher!!
The Dow was up +109.44 points; SPX gained +10.56 points; Nasdaq added +1.08 points:
Techs lagged the broader market and SOXX (semiconductors) lost 1.51%, as INTC weighed on the sector. HGX (housing) jumped +5.-1% and XLF (financials) bounced +4.83%! Energy-related sectors showed a little more strength. OIH (oil services), USO (oil), XME (metals and mining), and XLE (energy) all finished higher. FXI (Chinese ADRs) advanced +3.18%.
SPX added +10.56 points to close at 852.06, above 850. The daily MAs were higher. The MACD was flat.
Nasdaq gained +1.08 points to close at 1626.8. It stayed above 1600 and its 10-day MA.
Very encouraging actions today! SPX closed back above 850! Nasdaq lagged, but stayed above its 10-day MA. SRS and SKF dropped lower and could break down again. VIX also went lower today, closing just above 36. This market has room to break out higher on any good news. JPM reports tomorrow morning and could set the tone for the market.
Good night and HappyTrading! ™