The Closing Look

Thursday was another volatile day on Wall Street as the bulls showed up and defended the 50 DMA line for the Dow Jones Industrial Average and the benchmark S&P 500. The action beneath the surface remains sloppy at best. Shortly after the open, we saw several important areas of the market break below support before the bulls showed up and did their best to save the day. Shares of: Apple $AAPL, Netflix $NFLX, The Philly Semiconductor index $SMH, and Tesla $TSLA were some big names that broke below key levels of support before the bulls showed up. If the Dow and S&P 500 break below their respective 50 DMA lines, look out below.

Gary’s Thoughts: Semis gone. Biotech gone. Retail crashes. Watch the 50 day on the Dow and S&P. A loss of this important area and …get the fork!