Happy Valentine's Day!
As disussed in my Market Forecast this weekend, the market has been treading water, trading in a tight range. The broader market was weak for most of the day, but rallied back in the last 30 minutes. Still, some high-flyers just kept on flying higher: PCLN recorded a new all-time high at $588.56; it was up more than $40 in 2 days before coming back down to close at $576.94; ISRG hit a new all-time high at $514.55; AAPL closed at its new all-time high of $$509.56!
On the other hand, mining stocks were very weak and have been dropping for days: CLF -2.75%; WLT -5.7%; ATI -2.26%; BTU -3.59%, FCX -3.81%.
The Dow was up +4.24 points; SPX was down 1.27 points; Nasdaq was up +0.44 point:
XME (metals and mining) was down 2%. BTK (biotechs) slipped 1.43%. Rest of the big sectors were basically flat.
SPX was down 1.27 points to close at 1350.50. Its daily MAs and MACD were little changed.
Nasdaq added +0.44 point to close at 2931.83.
The market is consolidating around SPX 1350. VIX seems to be hitting some resistance at 20. We're taking things easy and not trading much. It's a good time to hold lots of cash and just let the market consolidate for a bit. SPX will need to break above 1360 to break out. On the downside, initial support is between 1330 and 1340.
Good night and HappyTrading! ™