The market was very strong today, cheering solid earnings and falling jobless claims. As the market rose, BP and RIG turned the other direction, as the situation of the oil spill from the rig explosion got worse and turned into a crisis. BP tumbled 8.34% and RIG fell 7.45%. This incident further pressures the White House on drilling and climate, which perhaps further added to the buying on the solar stocks stocks. FSLR reported stellar earnings last night and traded up about $10 last night. FSLR finished up $22.74 or +17.75% today. TSL added +7.41% and STP gained +5.68%.
Education stocks were fell hard today, as the Department of Education criticized the industry. APOL slumped 6.13%; ESI lost 6.63%; and, DV fell 4.78%. Financials were strong today. After falling to $150 on Tuesday, GS regained some of its recent loss and closed just above $160.
The Dow was up +122.05 points; SPX added +15.42 points; Nasdaq gained +40.19 points:
INX2 (internet) led the techs with a +3.29% gain. OIH (oil services) was weak, down 1.87%. XME (metals and mining) also suffered a loss. USO (oil) traded higher by +2.68%. PBW (clean energy) jumped +2.58%. FXI (Chinese ADRs) managed a small win.
SPX
SPX added +15.42 points to close at 1206.78. It closed above the 1200 level and above its daily MAs. The MACD flattened.
Nasdaq
Nasdaq gained +40.19 points to close at 2511.92, above the 2500 level. It also closed above its daily MAs. The MACD was slightly lower.
The market still proves to be resilient. Both SPX and Nasdaq closed back above their respective key levels: SPX 1200 and Nasdaq 2500. In addition, they closed above their respective daily MAs. It does look like the market can turn back up and retest the recent highs from here. Tomorrow, we'll get the latest GDP report, which is expected to be a good one. Financials seem to be brushing aside the threat of a financial reform, even welcoming it to an extend. XLF (financial ETF) bounced back +2.29% today. Remember, this whole crisis started with the financials. Whenever we hear doubts or problems in the financials, the market gets jittery. On the other hand, the financial sector bounced higher since February and helped push the broader market to new heights. So, we'll continue to look for cues to the health of this rally in the financials.
Good night and HappyTrading! ™ 
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