This morning, GDP was revised down to 1.8% from 2.0% for Q3. but, the jobless claims fell by 4,000 to the lowest level since April 2008. That seemed to be enough to keep investors interested. The market pushed higher from Tuesday's big jump.
Some tech stocks bounced from yesterday's slump, after ORCL's disappointing quarter. AKAM was up +18.6% after announcing an all-cash deal to aquire Cotendo for $268 million. CTXS jumped nearly +5%, almost recovering all of yesterday's loss. ALTR broke out with a +6.4% rise. VMW bounced +5.6% after being dragged lower by ORCL yesterday. TIBX popped +8% after delivering a positive quarter and guidance. Agriculture sector got a boost from an upgrade to POT. POT added +6%; MOS gained +3.32%; CF climbed +3.26%.
Stocks weren't all on the positive side though. DECK dove 5.71%. NKE dropped 1.59%, even after giving a strong quarterly report after the close on Tuesday. BBBY reported a decent quarter, but, its forecast was below consensus; its shares fell 6.27%.
The Dow was up +61.91 points; SPX added +10.28 points; Nasdaq gained +21.48 points:
GLD (gold) and SLV (silver) slipped again. SOXX (semiconductors) bounced +3.49%. XLF (financials) was up +2.07%, closing just above $13. XME (metals and mining) advanced +1.8%. MOO (agriculture) climbed +1.2%.
SPX added +10.28 points to clsoe at 1254. Its daily MAs and MACD glided up.
Nasdaq gained +21.48 points to close at 2599.45. It closed above its daily MAs. The MACD was up slightly.
This market is trying very hard to climb back to the positive territory for the year. VIX barely closed above 21; it is at its lowest level since August. But, with ORCL's bad quarter and INTC's earlier warning, can the tech stocks bounce higher? CRM has sunk all the way to $100, from $160 just this summer. Even FFIV, with a strong Q3, seems to be stuck in a range. The "Big Blue" IBM also pulled back from the recent all-time high of $195. AMZN has fallen from $245 to now barely $180. GOOG has been stuck in a tight $20 range (about $615 to $635) for 3 weeks now. AAPL, with targets as high as $700, is just regaining the $400 level this week.
Commodity sectors have been stuck in a range as well. Energy and metals have been very weak. Agriculture stocks, though, seem to have found a bottom.
Tomorrow is Friday and Monday is a market holiday for Christmas. We might not see a whole lot happening tomorrow. Take it easy and keep lots of cash.
I wish you and your loved ones a very merry Christmas!
Good night and HappyTrading! ™