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Market Rests On Love Day! SPX, Nasdaq, PCLN, ISRG, AAPL, CLF, WLT, ATI, BTU, FCX, MET, ZNGA     

Happy Valentine's Day!

As disussed in my Market Forecast this weekend, the market has been treading water, trading in a tight range.  The broader market was weak for most of the day, but rallied back in the last 30 minutes.  Still, some high-flyers just kept on flying higher:  PCLN recorded a new all-time high at $588.56; it was up more than $40 in 2 days before coming back down to close at $576.94; ISRG hit a new all-time high at $514.55; AAPL closed at its new all-time high of $$509.56!

On the other hand, mining stocks were very weak and have been dropping for days:  CLF -2.75%; WLT -5.7%; ATI -2.26%; BTU -3.59%, FCX -3.81%.

After the market, MET reported a solid quarter; its stock added +2.36% in after-hours.  ZNGA posted a loss for 4Q, sending its shares down 7%.  PEET missed its earnings estimate; its shares dropped 4%.

The Dow was up +4.24 points; SPX was down 1.27 points; Nasdaq was up +0.44 point:

XME (metals and mining) was down 2%.  BTK (biotechs) slipped 1.43%.  Rest of the big sectors were basically flat.

SPX

SPX was down 1.27 points to close at 1350.50.  Its daily MAs and MACD were little changed.

Nasdaq

Nasdaq added +0.44 point to close at 2931.83.

The market is consolidating around SPX 1350.  VIX seems to be hitting some resistance at 20.  We're taking things easy and not trading much.  It's a good time to hold lots of cash and just let the market consolidate for a bit.  SPX will need to break above 1360 to break out.  On the downside, initial support is between 1330 and 1340.

Good night and HappyTrading! ™

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