Today, the market was pretty much all about the biotechs! This morning, BMY announced its intention to buy IMCL for $60/share. The news inspired a jump in the whole biotech sector. BMY shares traded down 1.81% and IMCL shares jumped +37.66%! CELG added +1.85%; OSIP hopped +5.34%; SVNT advanced +2.78%; and ACOR garnered +2.98%. After the market, THOR delivered good earnings and saw its shares jump a whopping +21.27%!
This morning, CNX reported earnings that missed the estimates. Its shares dropped almost 16% on the news. Other coal plays gave back some gains from the past few days also.
The Dow was down 205.67 points; SPX lost 16.88 points; Nasdaq slid 4.17 points:
VIX jumped to almost 23. INX2 (Internet) was down 2.66%. BTK (biotechs) jumped +4.08%. Commodity-related sectors went lower after yesterday’s huge gains: USO (oil) -2.1%; OIH (oil services) -3.44%; XME (metals and mining) -3.55%; XLE (energy) -4.1%. GLD (gold) went up +0.63%. FXI (Chinese ADRs) dropped 4.25%.
SPX
SPX lost 16.88 points to close at 1267.38. It closed just above its 10-day MA. Its MACD went higher.
Nasdaq
Nasdaq slid 4.17 points to close at 2325.55. It tested its daily upper BB today again. Its MACD glided up.
The market was a bit more volatile today. The GDP and job reports failed to inspire. VIX went higher and closed at almost 23. But, the financials held on pretty well with XLF down only fractionally. SPX came down to close below 1280, but stayed above the 10-day MA. Nasdaq tested 2350 again today, but, could not hold. Naqdaq tested its daily upper BB for 2 consecutive days and is pushing the daily upper BB higher. Nasdaq could be gearing up for a solid jump to finally catch its daily upper BB and sail higher. I’m watching the solar sector as the report from FSLR yesterday was very good and it received an upgrade this morning. But, this group ran up so much before FSLR’s earnings and didn’t quite react right away. I think there will be good opportunities here soon.
