The market opened with strength today, cheering the positive data from the service industry. The raising in ratings on big banks by Goldman Sachs also gave the market a boost. Commodity sectors were mostly stronger, with coal stocks leading the way: BTU +4.09%, ACI +5.42%, CNX +5.76%, ACI +5.42%. Financial sector also recorded solid gains: WFC +6.89%, BAC +3.79%, COF +8.62%, GS +3.82%.
After the market, NutriSystem (NTRI) announced that it will begin distributing its program at Wal-Mart stores. NTRI shares jumped more than +23% higher in after-hours trading.
The Dow was up +112.08 points; SPX added +15.25 points; Nasdaq gained +20.04 points:
Most sectors closed in the green. Metals and miners were especially strong: GDX (gold miners) +4.21%, XME (metals and mining) +4.35%, GLD (gold) +1.47%, SLV (silver) +3.54%. XLE (energy) and OIH (oil services) bounced as well. UNG (natural gas) added +6.23% and USO (oil) was up +0.86%. XLF (financials) rose +3.28%. FXI (Chinese ADRs) climbed +2.43%.
SPX
SPX added +15.25 points to close at 1040.46, just above its 30-day MA. The MACD slid.
Nasdaq
Nasdaq gained +20.04 points to close at 2068.15. It closed right at its 30-day MA. Its MACD was lower.
Both SPX and Nasdaq closed at their respective 30-day MAs. This is a positive move for the market. The commodity sectors bounced as the dollar went lower. The market needs to get back above the daily MAs to turn bullish again. VIX fell back below 26, but, will need to break below 25 to give buyers more confidence. Financials seem strong, especially with Goldman Sachs upgrading the big banks. Miners also found buyers looking for bargains. Coal stocks seem ready to go higher again. AA is reporting on Wednesday after the market and can be a big factor for metals and mining.
Good night and HappyTrading! ™
