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Market Ekes Out A Win Among Weak Commodities: SPX, Nasdaq, POT, MOS, MON, CF, WLT, CLF, BTU, CRM, VMW, LNKD, SINA, BIDU

|Includes: BIDU, BTU, CF, CLF, CRM, MON, MOS, MSFT, Nutrien Ltd. (NTR), SINA, VMW, WLT

On Tuesday, we talked about a potential bounce in the market.  On Wednesday, the market bounced strongly.  However, today, the commodity sectors were weak again.  Fertilizers enjoyed a nice day on Wednesday, but, could not all continue today.  MON and CF managed to close on the green side, but, POT and MOS sank back down again.  Coals slipped:  WLT -2.11%, CLF -0.99%, BTU -1.81%.

After the market, CRM reported a blowout quarter and supplied a strong forecast.  CRM shares popped +7.41%.  VMW traded up +1.93% on the news.  Gap Inc. (NYSE:GPS) sank almost 15% this evening after delivering a disappointing quarterly report.  Barnes & Noble (NYSE:BKS) jumped +24% as Liberty Media Corp announced a $1.02 billion bid to acquire BKS.

LinkedIn (LNKD) went public today.  On its debut, LNKD vaulted a whopping +109.44% to close at $94.25 and traded as high as $122.7 intraday, which almost tripled its IPO price of $45!!  This inspired some buying in the recently beaten down Chinese internet stocks, as SINA popped +5.38% and BIDU gained +3.06%.

The Dow was up +45.14 points; SPX added +2.92 points; Nasdaq gained +8.31 points:

Most sectors were little changed.  However, UNG (natural gas) fell 2.4%, USO (oil) dropped 1.09%, and, DBA (agriculture commodities) fell 1.18%.


SPX added +2.92 points to close at 1343.6.  It closed above 1340 and above the 10-day MA.  MACD flattened.


Nasdaq gained +8.31 points to close at 2823.31, just below 2825.  Its daily MAs and MACD were flat.

After a strong bounce on Wednesday, investors did not rush to continue to buying.  Besides the commodity sectors, financials also remained weak.  Tech stocks helped to hold the market up.  With CRM reporting a strong quarter with a strong guidance, tech stocks can see more buying tomorrow.  However, the market will need commodity and financial stocks to find solid supports to continue this bounce.

Good night and HappyTrading! ™

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