After a slow start on Monday, the market popped higher today on favorable manufactoring data. The Dow hit a new 4-year high! However, the rally faded in the afternoon and stocks gave back about half the gains made in the morning. Nasdaq was up about 40 points in the morning and ended barely green!
Last night VECO reported a better-than-expected quarter, sending its shares up more than +15%. FIRE shares jumped more than +13% after reporting strong quarter revenue. SFLY delivered a solid quarter; its shares traded up more than +10% to almost $35, but, it couldn’t hold on to the gain, finishing just slightly up. SFLY may be a stock to keep an eye on. The immediate reaction may be misleading. SFLY still could see above $35 in the near future.
Energy stocks bounced today, after sliding slower for the whole month of April: APA +1.91%, HES +3.62%, OXY +1.83%, APC +2.53%.
The Dow was up +65.69 points; SPX gained +7.91 points; Nasdaq added +4.08 points:
OIH (oil services) added +1%, while XLE (energy) gained +1.43%. XLF (financials) was up +1.04%. MOO (agriculture) climbed +1.27%.
SPX added +7.91 points to close at 1405.82. It stayed above its daily MAs. The MACD went up slightly.
Nasdaq added +4.08 points to close at 3050.44. Its daily MAs slid, and the MACD was flat.
The market was really strong this morning, but, the strength faded. The good things were that the financials were strong today and the energy stocks bounced. The not-so-good thing was that techs gave back most of their gains made today. If techs don’t participate, this market will have a hard time breaking out. It seems like the market is still waiting, waiting for the jobs report due at the end of this week. Financials and techs are still the two sectors to watch. Energy stocks can bounce, but, they won’t be the ones to lead this market on a breakout. Mining stocks are still range-bound. One other thing to watch is gold, which could see a big move soon.
Good night and HappyTrading! ™
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