After another labored challenge to break SPX 1810 on Monday, markets pulled back on Wednesday. Still, there were some strong performers. MA popped $27 after the company announced a 10-for-1 stock split, an 83% increase in its dividend, and a stock buyback up to $3.5 billion! V also made a similar advance, up +3.12%. WYNN and LVS have been really strong, both made new all-time highs this week. FB popped +4% this evening after S&P added the company into its 500-stock index.

Coal stocks were really weak: WLT -5.09%; BTU -2.99%; CLF -4.11%. Financials were also weak: BLK -2.36%; PNC -1.41%; -1.99%.

The Dow was down 129.6 points; SPX fell 20.4 points; Nasdaq lost 56.68 points:

GDX (gold miners) tumbled 3.81%. XME (metals and mining) was down 2.66%. XLF (financials) dropped 1.36%. FDN (internet) fell 1.52%.

SPX

SPX fell 20.4 points to close at 1782.22. It closed just below its 30-day MA. The MACD turned lower.

Nasdaq
Nasdaq dropped 56.68 points to close at 4003.81. Its daily MAs flattened. The MACD went down.

Markets have rallied far this year. At above 1800, SPX was up more than +26% this year! Now that the holidays are getting closer, are investors locking profits and calling it the year? For once, Congress arrived at a budget agreement swiftly (perhaps, our Congressmen are thinking of getting ready for the holidays as well?), but, markets didn't really pay much attention. Luckily, we have been holding on to mostly cash. It was just not clear if the markets were ready to push for another leg up before the end of the year. SPX tested 1790 today, just as we discussed in my Market Forecast on Sunday. Let's wait and see how this level holds up.

Good night and HappyTrading! ™