Seeking Alpha

MyHappyTrading's  Instablog

MyHappyTrading
499 Followers
1 Following
Send Message
MyHappyTradingTM is a social network site with a focus on the global financial markets. It is an online community where you can share your thoughts and your investment/trade ideas with the community and the network that you build. Our Basic Membership is FREE. MyHappyTradingTM provides you the... More
My company:
My Happy Trading.com
My blog:
My Happy Trading
  • Better Economic Data Inspire The Market Again! 0 comments
    May 3, 2010 11:34 PM | about stocks: MLM, VMC, SPG, CBL, MAC, OSGIQ.PK, TK, FRO

    This morning, a strong manufacturing activity report brought the buyers back into the market.  In addition, the latest bailout package for Greece also calmed investors' nerves, at least for the day.  Housing and building sectors were very strong today.  MLM and VMC kept pushing higher, adding +4.1% and +2.81%, respectively.  The REITs, SPG, CBL, and MAC all recorded intraday new 52-week highs!  Shippers broke out today as investors speculate on higher shipping rates due to BP's oil spill:  OSG +6.13%, FRO +5.34%, TK +6.83%.

    The Dow was up +143.22 points; SPX added +15.57 points; Nasdaq rose +37.55 points:

    Techs were strong with SOXX (semiconductors) up +2.63% and INX2 (internet) up +2.06%.  XLF (financials) bounced +1.92% while HGX (housing) added +2.41%.  XLE (energy) battled back into the green.  XME (metals and mining) was under pressure by Australia's new mining tax.  PBW (clean energy) rose +1.98%.  FXI (Chinese ADRs) advanced +0.91%.

    SPX

    SPX added +15.57 points to close at 1202.26, just above the 1200 level.  Its MACD flattened.

    Nasdaq

    Nasdaq gained +37.55 points to close at 2498.74, just under the 2500 level.  It closed right at its 10-day MA.  The MACD slid.

    This market has been "see-saw"ing back and forth within a tight range.  Both SPX and Nasdaq closed at their respective 10-day MAs; above which they can turn bullish again.  It was impressive to see some mining and energy stocks fight their ways back to close in the green today.  Even RIG, with all the problems in the Gulf Coast, closed up +0.82%.  X traded down by more than $2 in the morning, but closed up by 31 cents!  However, the market is still oscillating within a range, and has been doing so for almost 3 weeks.  Although it probably does not feel like it, especially with all the new 52-week highs that we have been seeing, SPX and Nasdaq are basically back to where they were in mid-April!  We'll have to see if the market can get follow-throughs on today's buying and retest the recent highs (SPX 1220; Nasdaq 2530).

    Good night and HappyTrading! ™



    Disclosure: no positions
    Stocks: MLM, VMC, SPG, CBL, MAC, OSGIQ.PK, TK, FRO
Back To MyHappyTrading's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Full index of posts »
Latest Followers

StockTalks

  • $MA had a big jump in the morning, but, closed near the day low. Opportunity to buy.
    Mar 31, 2011
  • $VECO starting to look interesting again.
    Mar 31, 2011
  • Options Trading: Why Roll Up To Higher Strikes? http://seekingalpha.com/p/3dtn
    Mar 29, 2011
More »

Latest Comments


Most Commented
Posts by Themes
AMB, ARE, BDN, BXP, CBL, CUZ, DCT, DLR, DRE, EDR, EPR, ETFs, FCH, FRT, HME, HST, IRC, KIM, KRC, long-ideas, LRY, MAC, NNN, PEI, PLD, PPS, REG, RIMM, RYN, SKT, SLG, SPG, TCO, trading, VNO, Wouldn't You Like to Know Where the Stock Market is Heading, WRE, WRI, 恭禧發財
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.