Yesterday, I mentioned that "we should see resistance between SPX 1070 and 1080." This morning, the market tested SPX 1070 and started to pullback a bit. But, in the last hour, the market pushed higher again, closing above SPX 1070.
Agriculture stocks were strong: POT +4.02%, CF +5.12%, MOS +4.63%. Oil services continued to run higher: DP +1.56%, RIG +1.82%, APC +7.14%, HAL +2.57%, BP +1.66%. On the tech side, GOOG added another $6.36; AMZN gained $2.79; PCLN received an upgrade to "buy" and jumped another $8.55.
The Dow was up +120.71 points; SPX added +9.98 points; Nasdaq gained +15.93 points:
XLF (financials) barely finished in the green. OIH (oil services) added +1.74%, while USO (oil) was up +1.72%. SOXX (semiconductors) was slightly down. MOO (agriculture) gained +1.91%. FXI (Chinese ADRs) was still weak.
SPX
SPX added +9.98 points to close at 1070.25, above 1070. Its 30-day and 20-day MAs have flattened. The MACD continued higher.
Nasdaq
Nasdaq gained +15.93 points to close at 2175.4, above its 10-day MA. It MACD was up.
This market is really trying to establish a bottom. VIX sank below 26. The market could turn bullish above SPX 1080. The jobless claims fell, although this number changes from week to week and, in my opinion, is really pointless to report every week. It is perhaps something for the media to look forward to write about every week as a "logical" reason for the market's movements. To me, this market is still undecided as to which way to go in the near term. We'll stay in mostly cash and wait for the market to give clearer signals. Quick day trades are being played and discussed in the Trading Room.
Good night and HappyTrading! ™ 
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