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  • Market Rally Takes A Break 0 comments
    Apr 7, 2010 7:27 PM | about stocks: MEE, WLT, CLF, MON, POT, AGU, GLD, GOLD, GS, AIG, AAL, UAUA, JBLU, BBBY, HOTT

    The market stalled in its rally today.  Late in the afternoon, the market took a quick pullback, but, was able to stabilize a bit before the close.  Energy and coal stocks were weak today.  MEE dropped another 6.67% on the recent mine explosion accident.  WLT and CLF pulled back, falling 1.94% and 2.18%, respectively.  This morning, MON reported disappointing earnings and forecast.  Its shares fell 2.09%.  Other fertilizer companies were weak as well: POT -1.58%, AGU -1.67%. 

    While most commodity sectors were falling, gold and gold miners were rising!  Gold pushed above $1150/ounce today and gold miners jumped.  GOLD traded as high as $84.65 before settling down to $83 for the close, up +2.67%.  ABX closed +3.25% higher.

    Financials were strong this morning, before seeing profit-taking in the afternoon.  However, GS was very strong today, adding $3.46 and traded almost to $178 before closing at $176.36.  AIG saw a quick spike in the last hour, shooting up from $37 to almost $40.  AIG finished the day up +10.53%!

    After the market, UAUA and LCC were rumored to be in talks for a merger.  In after-hours, UAUA added +8.02% and LCC jumped +24.49%.  HOTT announced a special $1 dividend, and its same-store sales were ahead of estimates.  HOTT shares vaulted more than +18%!  BBBY reported better-than-expected earnings and saw its shares rise +3.81%.

    The Dow was down 72.47 points; SPX fell 6.99 points; Nasdaq slid 5.65 points:

    INX2 (internet) fell 1.04% while SOXX (semiconductors) eked out a gain.  OIH (oil services), XME (metals and mining), XLE (energy) were all on the weak side, but, GDX (gold miners) rose almost +3% with the rising gold.  USO (oil) and UNG (natural gas) were both lower.  FXI (Chinese ADRs) slipped a bit from the recent breakout run.


    SPX fell 6.99 points to close at 1182.45, above the 1800 level.  The MACD was flat.


    Nasdaq slid 5.65 points to close at 2431.16.  Its MACD was down slightly.

    In my article on Monday, I said that "e should see SPX 1190 tested soon."  Yesterday, we saw SPX rise above 1190, but, came down to close just below.  In our Trading Room today, I cautioned our members on a quick pullback.  No sooner than I finished typing the comment, the market started falling.  It did, however, manage to close above 1180.  I think we are going to see some more profit-taking before the end of the week.  But, buyers are still ready to jump in on pullbacks.  Therefore, I do not think this rally is done.  SPX did jump 20 points in 3 days, from 1170 to 1190.  So, a quick pullback is healthy.  If 1180 does not hold, SPX could come down to test 1170 on the pullback. 

    Good night and HappyTrading! ™

    Disclosure: no positions
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