A dizzying day in the markets as the DJIA closed +42 after being + 275 and -90, while the SPX closed +9 after being +35 and -9.
Best performing sectors, telecom, oil service, China, emerging markets, semis, internets and biotech while airlines, banks, retail and real estate lagged.
The components of the IBD 100 were the real stars of the day as they were very green all day and closed with 76 issues in the green. Strongest stocks were HRBN EJ TELOZ TKC STP SNHY VMW CLB VIP and ARD.
Also interesting how the components of the OEX/NDX were much stronger than the average stocks. OEX/NDX with 140 of the 200 issues in the green while the NYSE/NAZ finished near the flat line.
VIX- with all the volatility closed down 4%;
Volume- 10 up to 7 down on the NYSE on high volume of almost 1.75B shares;
Technically, we closed a bit below the important 1,490 line on the SPX after bouncing back from under the 50% retracement area at 1,475. Note the close a hair above the 200 SMA.
The DJIA also went under the 50% retracement at 13,360 but closed above -as it almost kissed the 200 SMA at 13,285.
The NDX was the strongest of the major indexes in light of the strong performances by big cap tech such as AAPL CSCO EBAY INTC MSFT NVDA RIMM etc.
No great wisdom going forward but I still think higher before year end.
