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  • Market Forecast + Sector Watch: USO, XLF, XLE, XME, SOXX, CLF, WLT, BTU, ANR, ACI, X, NUE, STLD, AKS, HES, OXY, UPL, APA, EOG, DVN 0 comments
    May 9, 2011 1:01 AM | about stocks: USO, XLF, XLE, XME, SOXX, CLF, WLT, BTU, ANR, ACI, X, NUE, STLD, AKS, HES, OXY, UPL, APA, EOG, DVN

    Last weekend, in my Market Forecast, I wrote:

    "For the new week, besides more earnings, we have manufacturing data and the latest unemployment rate.  Here are some notable earnings...  The market still looks strong, but, could be a bit toppy.  On the downside, perhaps a quick pullback, there's a lot of support.  SPX 1340 and Nasdaq 2850 look strong.  On the upside, SPX has resistance at 1400.  But, Nasdaq has a lot of room to go higher.  3000 may not even hold Nasdaq on a new breakout."

    The market did indeed get a pullback and the market held above SPX 1340.  Commodities took big falls with gold falling below $1500 and silver crashing down 30%!  Oil was down a solid 14% for the week.  Energy stocks started falling right away, although the broader market held on its strength to start the week.  On Wednesday and Thursday, jobs data disappointed investors and the downward momentum picked up.  Oil tumbled on Thursday, along with gold and silver.  However, on Friday, non-farm payroll numbers gave the market some reassurance of a better picture on the jobs front, and, the market bounced a bit.

    For the week, the Dow was down 171.8 points; SPX fell 23.41 points; Nasdaq dropped 45.98 points.  At the time of this writing, Asian market were mostly higher.  Here's how the US market looked after Friday's close:


    On Friday, SPX added +5.1 points to close at 1340.2, just above 1340.  Daily MAs flattened and the MACD went lower.


    Nasdaq gained +12.84 points to close at 2827.56, above 2825.  Its daily MAs went up, but, the MACD slid.

    Both SPX and Nasdaq managed to closed just above their respective support levels.  But, VIX popped to close above 18.  For the new week...

    To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page.  If you are already a subscriber, please click here: Market Forecast 5/8/11.

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