The market opened on the downside on a slew of news that worked against equities. ISM services came in slightly lower than expectation. Portugal's credit rating was lowered to "junk". Further, China raised its key rate for the 3rd time this year to flight inflation. Still, buyers just kept on buying, and the market indices fought back into the green before the close.
Tech stocks still led the market. GOOG, AMZN, AAPL all recorded another winning day. New record highs continued to be set in many individual stocks: IBM, NFLX, CMG, WYNN (new 52-wk high), GMCR, SODA and LULU.
The Dow was up +56.15 points; SPX added +1.34 points; Nasdaq gained +8.25 points:
GLD (gold) and SLV (silver) continued to bounce. XME (metals and mining) and OIH (oil services) were slightly lower. XLF (financials) was weak. SOXX (semiconductors) fell 0.76%.
SPX added +1.34 points to close at 1339.22. Its daily MAs and MACD were slightly up.
Nasdaq gained +8.25 points to close at 2834.02, above the 2825 level. Its daily MAs and MACD also went higher.
Nasdaq closed just above its resistance at 2825, although SPX still was not able to clear 1340. Buyers seemed to be getting a little bolder. Even before the jobs data tomorrow, they pushed the market back up after a weak open. We'll see how things react to the economic news tomorrow. This rally has been really strong. Stock shoting back up faster than how they came down. Nasdaq has been up for 7 straight days! Internet stocks were especially strong. Nasdaq could continue to sail higher from here. Above 1340, SPX could break out as well.
Good night and HappyTrading! ™