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  • Market Testing Support: SPX, Nasdaq, CIEN, FNSR, NFLX, POT, CF, AGU, MOS 0 comments
    Sep 1, 2011 7:38 PM | about stocks: CIEN, FNSR, NFLX, POT, CF, AGU, MOS

    On Thursday, in my evening article, I said, "We might need to see a couple of days of mixed market and wait to see if the above-mentioned resistance levels have turned into support."  What we saw on Wednesday and today was exactly that.  It has been a couple of volatile days.  Overall, stocks held up pretty well, though.  We saw a little more weakness today, ahead of the unemployment report tomorrow.

    The agriculture stocks (POT, CF, AGU, MOS) took a quick fallback yesterday, but, were able to hold their grounds today.  CIEN popped more than +20% after reporting a better-than-expected quarter.  After the market, FNSR followed with a strong quarterly report of its own and a +8.7% rise on its stock price.  However, NFLX fell 8.7%, more than $20, after Starz Entertainment announced that it will pull its content from NFLX.

    The Dow was down 119.96 points; SPX fell 14.47 points; Nasdaq dropped 33.42 points:

    Most sectors were down today.  XLF (financials) fell 2.24%.  XME (metals and mining) slipped 1.86%.  Both FDN (internet) and SOXX (semiconductors) were off about 1.6%.  SLV (silver) and GLD (gold) were barely in the green.


    SPX fell 14.47 points to close at 1204.42, above 1200.  The 10-day MA and MACD went up.


    Nasdaq lost 33.42 points to close at 2546.04, just below 2550.  Its 10-day MA and MACD were higher.

    While SPX managed to close above 1200, Nasdaq closed just below 2550.  We have been sitting on mostly cash for the past couple of days.  The market has been trading in a tight range.  We'll have to wait and see how the market reacts to the unemployment report tomorrow, and whether the above-mentioned levels will hold (SPX 1200; Nasdaq 2550).

    Good night and HappyTrading! ™

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