Stocks Continue to Bounce From Recent Drop: SPX, Nasdaq, CSCO, TSLA, CSIQ, AMGN, AAP, CHL, PSX, MPC, TSO, VLO, NFLX, FB, TWTR, Z, TRLA

Besides a stutter on Tuesday, the broader market has been strong this week. SPX closed above 1955 today, even though CSCO was down 2.26% after announcing plans to cut 6,000 jobs! Oil refiners were strong and have been climbing for more than a couple of weeks! PSX was up +1.1%; VLO +2.82%; MPC +1.69%; TSO +0.41%.

TSLA has been really strong and has risen about $20 since its earnings report a week ago. CSIQ stock jumped about +30% in the past 2 days after the company reported a strong quarter, easily beating the estimates. AMGN vaulted +3.55% and was looking strong! AAP popped more than +7% after delivering a +19% rise in quarterly profit. CHL was on a second-day rise after reporting a revenue rise in its quarterly earnings.

The Dow was up +61.78 points; SPX added +8.46 points; Nasdaq gained +18.88 points:

BTK (biotech) was strong again, adding +1.26%. OIH (oil services) fell 1.85%. USO (oil) dropped 2.53%.

SPX

SPX added +8.64 points to close at 1955.18. It closed above its 20-day MA. The MACD went up.

Nasdaq

Nasdaq gained +18.88 points to close at 4453. It closed above its daily MAs. The MACD turned higher.

Stocks have bounced strongly since last Friday. Nasdaq is already back above its daily MAs. Internet stocks continue to lead. NFLX is testing resistance again. Both FB and TWTR could be ready for a new leg up! I think the broader market may need to take a pause tomorrow, especially with it being an "expiration" Friday. TSLA may need to see a pullback after the recent run. Z/TRLA are starting to look interesting again.

Good night and HappyTrading! ™

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