NASDAQ 2,170.57 -3.33 -0.15%
S&P 500 1,062.04 +11.57 +1.10%
Maybe this is bullish, Freeport-McMoran Copper (FCX) up 4.81% to 61.48 today on decent volume (22.4M). Copper? If copper starts moving, that's very interesting. FXI up 2.18% (38.83), clearly one of the indicators, proxies, whatever you want to call it. FXI started rebounding long before the rest of the market was done puking its guts out. If China is bouncing a bit, the risk of missing a move in something like FCX versus averting away from risk completely is a crazy decision for fund managers and traders.
US Steel (X) also up (+2.51%, 41.31) on decent volume (18.0M). A weaker dollar (UUP -0.35%, 25.74) and better Euro (FXE 119.11, -0.26%) helped the S&P and Dow.
Money moved out of GLD (-0.39%) and SLV lost most of its gain to finish at 17.88 (+0.39%). TLT also down (-0.49%) to 98.05.
Nasdaq was down as much as 1% or so before rallying into the close. AAPL fell to 246 before closing at 249.36 (-0.63%). It looked spooky for Apple bulls before huge buying bounced shares off a low of 246.39. Shares later dove lower to 245.65 before more bulls entered.
Overall, this is a market that's turning slightly more positive despite all the outflows of the past month. BP plunged 5.66% to 34.70, but the market has decided to move ahead. BP is on the curb, deserted even by other oil entities. Inverse oil ETNs like SCO (16.06, -3.25%) couldn't stop the sector from rallying again.
Financials also boosted the market. FAS rose to 21.10 (+4.71%) even though GS declined (137.78, -0.65%). C had a nice move up from yesterday's decline and closed at 3.73 (+2.61%).
All this was bad for FAZ (16.55, -4.72%) and VXX (31.13, -3.53%), though VXX had many nice intraday moves for nimble traders.
Today was likely about oversold levels and a lack of bad news. Tomorrow might bring opportunity for techs, which struggled today.
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