Both the Nasdaq and S&P 500 flirted briefly with positive territory early on in the session, but both benchmarks closed on their lows. Volume returned today. The Nasdaq lost .6% and the S&P 500 .7%. They both fell below the round numbers of 3800 and 1700 respectively. Sectors showing strength today included steel. The industry is essential, and perhaps forecasting, to economic growth. Names like X displayed muscle today gaining more than 6%. It was highlighted in the blog early last month as a potential break above the 200 day, and ridding itself on teenager status all at once. Lightly traded, but not regarded SCHN is looking to make it 7 straight up weeks in a row depending on Fridays close. This week it took out the 28 level which was pesky resistance since late August. MT is up 14% in the last 12 sessions as well. CLF can be bought if it takes out its own 200 day SMA resistance line right here. The SLX attempted to take out a 47.66 cup with handle today, but came up just short. Volume was robust. Will the market show steely nerves here, up near highs, pun intended? Earnings season should answer that question, and some top line growth really needs to show up in m opinion. CSX INTC YHOO were all basically UNCH after hours after reporting.
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