Thursday Market Wrap

{+++} For the day the SPX/DOW were +0.15%, and the NDX/NAZ were +0.70%. Bonds gained 6 ticks, Crude added 30 cents, Gold rallied $17, and the USD was lower. Medium term support remains at the 1680 and 1628 area, with resistance at the 1699 and 1779 area. Tomorrow: Consumer sentiment at 10:00.  Short term support remains at the 1680 level and SPX 1658-1667, with resistance at the 1699 and SPX 1713.

The market opened lower today, made a lower low at SPX 1680, bounced, then retested that low.  After that the market rallied during the afternoon.

The biotechs (IBB) and gold (GLD) were the best performing ETF’s today. The rest of teh etf’s were up slightly, with the exception of housing (XHB) which got pounded a bit.

After the close GILD reported a solid number and gave good guidance, so that should help the biotech sector tomorrow along with IBB. GILD is a decent chunk of IBB.

Heads up, AEGR reports next Tuesday.

We stopped on the balance of RVLT (still +10%). I will revisit this one again soon most likely, but I honored the stop.

ACT also triggered long today.

See you in the morning.

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