VIX Drops to 3-month Low as Oil Gains and Energy Leads Nine Sectors Higher...

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After a higher open, and early pullback to Tuesday’s high filling the gap, SPY took off gaining almost one percent before making its highest close since April 18. 

VIX 13.42, made its lowest close since Jan 26, before it soared to 50 in early February.  After three months of above average levels, volatility is headed to low double digits.

The DJIA, closed up 182 points at 24,542, led by strength in BA, GS, CAT, JPM, CVX and XOM.

Nine sectors were higher on Wednesday, led by energy XLE +2.04% and financial XLF +1.48%.

SPY up 2.58 at 269.50 on 59.6 million shares, 37% below average volume. Up on lower volume.

VIX down 1.29 at 13.42

Oil up 1.20 to 71.24

TLT down .71 at 117.98 on 7.8 million shares.

DWDP +2.80%, GE +2.45%, led the DJIA, 23 advancers.

TRIP +22.80%, FOSL +9.06% and GCI +5.63%, led the SPX.

EA +5.75%, MU +5.02%, DISH +4.39%, and TTWO +4.21%, led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is up.

Up: QQQ, SPY, DIA, IWM

Down:  

Breadth weakened on Wednesday, as advancers led 1,821 to 1,068 on the NYSE and led 1,841 to 1,076 on the NASDAQ.

The SPY MFC green line is pointed up and is at 69, bullish. 

Uptrend sectors:  XLE, XLK, XLRE, XLU

Neutral sectors: XLF, XLY, XLV, XLI, XLB,

Down trend sectors: XLP

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past two months and it is appropriate to wait for the uptrend to resume before considering entry… RACE, ADBE, IBKR, ETFC, MA, V, ISRG, WIX, NDAQ, WYNN, VRSN, COP, CRM, NTAP, RNG, AA, WUBA, FCAU, NVDA,

SQ, CMA, CME, ALGN, TAL, MU, ANET, AKAM, HRS, KORS, BA,

DLTR, MAR, WB, SHOP, EL, TPR,

76 of 100 NDX stocks closed higher on Wednesday.

65 NDX stocks are above their 30 DMA.  

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

ASML, FISV, LRCX, MU, MXIM, PYPL, QCOM,

Moving Below 30 DMA = 0

The 6-month intermediate and long-term trends are still up.  The three-month trend is sideways.  The ten-day trend is sideways.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

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