Last night, CSCO reported better-than-expected quarterly results. This morning, jobless claims came in at a 4-month low. These were enough to convince some buyers to jump in and test the turbulent water. In the past 4 days, we have seen some pretty wild movements on the market. Check out the chart on SPX:
In the past 4 days, we have seen a 100-point range in SPX, from 1200 to 1100!! The bulk of the movements, however, was stuck in a 60-point range from about 1120 to 1180. Every single day this week, SPX moved 50 points or more!
Today, most sectors were up, while gold pulled back:
XME (metals and mining) was up a whopping +5.47%. XLE (energy) also went up more than +5%. MOO (agriculture) bounced strongly as well. Even XLF (financials) gained +5.58%!
In our Happy Stock Meter:
GLD and SDS finally pulled back a little. But, EVEP and EOG were among the top energy gainers. BIIB popped +4%. FSLR also bounced. CF led the agriculture stock up more than +10%. SINA gained +7.09%. You can click on the "green button" and let us know what your top stocks are!
After market, MCP jumped +7.33% after report a strong quarter. NVDA delivered a solid quarter and gave a strong revenue forecast; its shares vaulted almost +12%. JWN also reported strong earnings and forecast; its shares added +4% on top of the +5.46% rise during the regular session.
This market is trying to draw a bottom. But, this bounce could be tough. It may need a few more days to establish a bottom. Above 1180, 1200 could be another resistance for SPX. Tomorrow is Friday. We could once again see a volatile day!
Good night and HappyTrading! ™