The market has been sliding lower, and today, the bad news just piled up a bit. China’s import data was lower than expected. Last night, AMD slashed its 2nd quarter outlook; today, CMI cut its full-year forecast. AMD was down 11.21% and CMI dropped almost 9%. JOY -5.49%, CAT -3.45%, NAV -7.27%, and WPRT -4.53% all took sharp falls after CMI’s announcement.
ISRG dropped -3.56% after MAKO cut its sale forecast last night. MAKO tumbled a whopping 43%! Online travel stocks were also weak today. PCLN was down more than $20 intraday. TRIP went below $44 below bouncing up to close just down 1.5%. EXPE slumped 3.69%. We took a quick trade on EXPE for a gain of +56% in just a few hours:
The Dow was down 83.17 points; SPX fell 10.99 points; Nasdaq lost 29.44 points:
Most sectors were down today. UNG (natural gas) gave back some of its recent gains, down 4.83%. XME (metals and mining) fell 3.15%. SLV (silver) and GLD (gold) both fell. USO (oil) lost 2.02%. SOXX (semiconductors) dropped 2.28%.
SPX fell 10.99 points to close at 1341.47. It closed at its 20-day MA. The MACD slipped.
Nasdaq fell 29.44 points to close at 2902.33. It went below its 10-day MA and the MACD was down.
This market is still very volatile. Last week’s bullishness is diminishing fast. VIX has climbed back above 18. SPX pushed higher to test 1360 right at open and immediately gave up all the gains. SPX barely closed above 1340 today. The market is in desperate need of some positive news to hold the recently formed bullish phase. We could continue to see some volatile trading until Friday when JPM and WFC report earnings.
Good night and HappyTrading! ™