Thursday, July 1, 2010

Thursday: Bulls bounce back

Dow Jones 9,732.53 -41.49 -0.42%
Nasdaq 2,101.36 -7.88 -0.37%
S&P 500 1,027.37 -3.34 -0.32%

S&P below support (1,040). Death crosses galore. Gold hammered by more than 4%. Is it the end of the world as we know it?

Probably not. Just about everything is now oversold near term. Doesn't matter. I'm staying away, watching from the bleachers with 100% cash.

Doug Kass called today a bottom. He called the March 9 (2009) bottom. Maybe he's right again. After all, Dendreon lost more than 50% of its value in the last few months, then sold down to 25 yesterday in afterhours trading on "news" that wasn't really new or unexpected. DNDN closed today at 30.12, proving that there is a semblance of sanity in the market. Doesn't mean DNDN won't go back to 25, but traders with balls of steel stepped in and banked some profit on what may have been the easiest buy of the week.

AAPL gave back 1.21% and closed at 248.48. Shares dipped as low as 243.22 in the early plummet. That was ugly on the chart (I slept nice and happy until 8:15 am Hawaii time), just a series of long red bars that spelled doom.

GOOG fell 1.23% to 439.49, which was a decent finish after that early selloff.

NFLX bucked the trend and gained 0.93% to 109.66.

GLD suffered its 3.81% loss, closing near its intraday low at 117.04. SLV followed suit with a 4.23% loss (17.44). Not so safe now.

The 20-year Treasury Bond ETF, TLT, gained 0.16% to 101.60. Doesn't look like TLT will return below 100.

US Oil Fund ETF (USO) lost 3.21% to 32.87. Oil goes down, the market usually follows. Same with clean energy, with exceptions like today.

First Solar (FSLR) gained 3.18% to 117.45.

Natural gas was mixed. My list of 40 natty gassers finished down 0.23%, but UNG (8.12 +4.77%), BRNC (3.55 +5.97%) and CRZO (16.47 +6.05%) were hot. My favorites, WPRT (15.66 -0.19%) and CLNE (14.47 -3.15%) were not.

FXI was up 0.64% to 39.38. Freeport-McMoran is an American company, but as a major copper king, it is essentially dependent on China. FCX was down 1.61% to 58.18. US Steel (X) dropped 1.06% to 38.14, but Posco (PKX) inched up 0.37% to 94.67.

BIDU gained 0.69% to 68.55, looking attractive here while maintaining some strength.

PetroChina came out ahead (110.06 -0.30%) but CNOOC lost 0.63% (169.09). Tim Hanson of Motley Fool has a handful of interesting, arguably speculative China plays that I won't touch, but may interest you.

China solars were uberhot. Trina Solar (TSL) picked up 6.6% to 18.42 and Yingli Green Energy gained 3.93% to 10.58.

VXX was on fire early, peaking at 32.94 before closing at 30.90 (-0.96%) as traders banked big gains. VXX was below 25 last week.

GLL (UltraShort Gold Shares) was one of the few inverse ETN winners with a 7.8% gain to 40.91. ZSL  (UltraShort Silver ProShares) was up a whopping 8.72% to 35.29.

FAZ gained a nice 2% to 17.77.

FXE rocketed 2.38% to 124.77 while the US Dollar (UUP) dropped 1.84% to 24.60. Banco Santander jumped 5.43% to 11.07. No matter how bad the news gets, STD always gets up off the floor and fights back.

Weaker issues like IRE (3.24 -1.52%) and NBG (2.22 +2.3%) were mixed.

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