The market gapped down at the open today, following Asian markets big drop last night. In the afternoon, the Fed came out with its decision of not changing the interest rate and to take small steps in further stimulating the economy. The market recovered some of its losses, but, still closed lower.
NFLX jumped almost +7% today, after it announced a deal with Epix to stream movies. NFLX had recently fallen below $100/share after its earnings report. It is now back up to the all-time high area, trading around $125!! AKAM received an upgrade to "buy" from Goldman Sachs. It traded up +4.86%. Just last week, AKAM traded below $37 after a post-earnings selloff. Now, it is back above $43. The theme of rallying post-earnings selloff seems to continue into the summer (see the discussion on "A Day of Huge Gains"). MA and V had both fallen recently, after reporting earnings. Both MA and V have come roaring back up this week, and are trading at their pre-earnings levels.
After the market, CREE beat the average estimate with its earnings, but, its stock fell 8.7% on its outlook (let's watch how CREE trades after 1 to 2 weeks). SPWRA and LDK both reported solid earnings; both are trading higher by +2.47% and +6.43%, respectively. DIS reported a quarterly profit that rose +40% from a year ago. Its shares went up +1.16% in after-hours trading.
The Dow was down 54.5 points; SPX slid 6.73 points; Nasdaq fell 28.52 points:
Commodity sectors were mostly down today, as the dollar was strong in the morning. XME (metals and mining) shed 1.82%. OIH (oil services) was down 1.36%. GLD (gold) traded higher after the Fed announcement. XLF (financials) lost 0.87%. FXI (Chinese ADRs) slumped 2.18%.
SPX
SPX slid 6.73 points to close at 1121.06, above the 1120 level. The MACd remained flat.
Nasdaq
Nasdaq fell 28.52 points to close at 2277.17, under the 2300 level. It closed right at its 10-day MA. The MACD went slightly down.
This market has just been treading water lately. On Friday, SPX went down to below 1110 and bounced back to close above 1120. Today, SPX almost touched 1110 again; and yet, it managed to close above 1120. However, it has yet to break 1130. VIX kept on finding support at 22. Neither the bulls nor the bears would give in. So, the market is still trapped in this tight range. Whether trading the upside or the downside, there are many opportunities, but, it's a "stock-picking" environment. For instance, the recent run-up in the agriculture stocks and the recent run-down in the education stocks. Here and there, you'll find the "news-driven" stocks, such as NFLX and AKAM today. Therefore, patient and trade lightly, until the market either breaks out or breaks down.
Good night and HappyTrading! ™ 
(click to see our Facebook Page)
