The market was again volatile today. It was stronger in the morning, but, like yesterday, sellers came in in the afternoon. The techs were able to hang on to solid gains, though.
The Dow finished down 12.37 points; SPX slid just 0.45 points; Nasdaq gained +22.66 points:
XLF (financials) slipped again today, down 0.62%. XME (metals and mining) lost 2.72%. USO (oil) dropped 1.66%, while UNG (natural gas) added +1.47%. Techs finished strong: SOX (semiconductors) +1.32%; BTK (biotechs) +0.92%; INX2 (Internet) +1.8%; and SWH (software) +0.83%. FXI (Chinese ADRs) slid 1.15%.
SPX
SPX was flat, down 0.45 points, to close at 1377.2. It stayed above 1375 but below the daily MAs. The MACD was lower.
Nasdaq
Nasdaq added +22.66 points to close at 2503.14. It jumped back up above its daily MAs. The MACD flattened.
Since Monday, we’ve been talking this range-bound, stock-picking market environment. The market was able to stay within the specified range: SPX 1375-1425; Nasdaq 2450-2550, although SPX barely made it in. Money seems to still be rotating, gradually out of oil and into techs.
We saw strength in the telecoms. BRCM and QCOM were both up, +2.18% and +3.11%, respectively. After the market, there were rumors that VZ is interested in buying Alltel Corp. CMTL reported earnings that topped estimates and saw its stock jump +6.28% in AH trading. ADCT also reported earnings that exceeded expectations, and it raised its 2008 sales outlook. ADCT shares were up +3.32% after the market.
