Stocks opened modestly higher but the advance reversed but more modestly intra-day into the close. The Dow Jones Industrial Average ETF DIA was down 3 points on the day and closed at 266. For the S&P 500, there is support near 2905 and 2836. Resistance levels are currently at 3041 and 3110. Note gold and the reaction from the treasury move.
GLOBAL ASSETS UPDATE
TWELVE SECTOR ANALYSIS
On Wall Street, 11 of the 12 major market sectors are seeing red today. The biggest losers are Financial (XLF), Retail (XRT), and Transportation (XTN). The strongest sector today has been Utilities (XLU) which has gone up 1.2%.
The CBOE Volatility Index (VIX) is up $2.46 going from $15.41 to $17.87 today. Both Call and Put volumes are above average today. The ratio of puts to calls for the current at-the-money strike of $17 is above average which means that traders are favoring Puts over Calls currently.
A NASDAQ stock with unusually high volume today is Myriad Genetics, Inc. (MYGN). No AMEX names had significant interest, and on the NYSE Concho Resources Inc (CXO) has had unusual volume.
The biggest mover out of other high-volume stocks is Myriad Genetics, Inc. (MYGN) which has moved up over 54% recently on volume of over 0 thousand shares. The chart below shows the performance of MYGN over the last year. Myriad Genetics, Inc. is a molecular diagnostic company.
DARWIN MYRIAD GENETICS, INC. FORECAST
The performance of Myriad Genetics, Inc. (MYGN) will be worth watching in the near term for a number of reasons. The forecast for the coming week on MYGN is for the price to go down. The correlation of MYGN to the S&P 500 recently has been 0.0 which is a weak negative correlation. Key levels to watch for MYGN are downside support at both the $26 and $29 price points.
Paul "Bulldog" Hudson, Chief Investment Officer
Darwin Investing Network