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  • Market Treads Water As 2Q Comes To An End 0 comments
    Jun 30, 2009 8:12 PM | about stocks: ESI, APOL, EDU, GOLD, AEM, ABX

    The market showed some promise on Monday with SPX rising almost to 930 and Nasdaq nearing 1850.  But, today's unexpected drop in consumer confidence prompted investors to put on the brakes again.  Commodity sectors were all weak.  Financials retreated as well.  After better-than-expected earnings last night, APOL led the education stocks with a +7.77% rise.  ESI gained +5.86% and EDU added +3.11%.  Gold miners were especially weak:  GOLD -3.69%; AEM -3.69%; ABX -3.79%.

    The Dow finished down 82.38 points; SPX lost 7.91 points; Nasdaq fell 9.02 points:

    Most sectors ended lower.  GDX (gold miners) led the sectors down with a 3.41% drop.  XME (metals and mining) lost 2.35%.  USO (oil) fell 1.91% and OIH (oil services) dropped 1.46%.  XLF (financials) slid 1%.  FXI (Chinese ADRs) slipped 1.06%.

    SPX

    SPX lost 7.91 points to close at 919.32.  It managed to stay above the 10-day MA.  The MACD flattened.

    Nasdaq

    Nasdaq fell 9.02 points to lcose at 1835.04.  It closed above the 20-day MA.  The MACD was flat.

    Well, the market is still stuck in a tight range.  SPX basically has not gone anywhere since the beginning of May!  Ok, well, it went up and down and up and down!  Nasdaq has done a little better, but, has been unable to break above 1870 since beginning of June.  The market is having a difficult time trying to rally without the support from the commodity sectors.  Miners, oils, agriculture, energy have all been on the weak side.  VIX tested 25 and popped back to close above 26.  The market is still in a neutral gear with the MACD on both SPX and Nasdaq turning flat.  We have new jobs data on Thursday.  Perhaps the data will provide some impetus to move the market one way or the other.

    Good night and HappyTrading! ™

    Stocks: ESI, APOL, EDU, GOLD, AEM, ABX
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