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Market Recap: The market had a nice day after quite a losing streak as the market bounced on what is being claimed as better jobs news despite the fact that jobless claims came in higher than expected. Additionally, Switzerland was buying up the euro to keep it from free falling, and that move helped drop the dollar to help equities as well. Finally, the U.S. posted its first surplus since 2008, which was a bit of a rally point. The market's rally came off toward the end of the day, however. This market still looks fairly weak right now, and without more distinct catalysts, we will be looking at a market that should continue to struggle some.

Tomorrow, the market will be ending what has been a down week, and we will see if Europe can keep the euro afloat as well as get key data from Asia, PPI here at home, and the Michigan Consumer Sentiment Index.

Unknown ObjectTwo Trades

Two trades we like right now are long on Biogen Idec (NASDAQ:BIIB) and selling puts against Direxion Daily Emerging Markets Bear ETF (NYSEARCA:EDZ) for a bearish hedge. BIIB has held up extremely well in this market despite tough conditions and bottomed off of earnings. The company is trending higher right now and looks good to make a move to 135 before potentially breaking out even higher. The company had fairly good guidance for earnings, and we do not see them breaking down anytime soon here with good support below. EDZ is a nice hedge for this market, and you can still get a solid 20% gain selling the $12 put for June.

Trade #1: Long BIIB

Trade #2: EDZ, Jun18, $12 Puts

(Click to enlarge)

Tomorrow's Outlook

The market's outlook for tomorrow does not look too promising to us. We have yet another lack of catalyst for the market. No Bernanke talk and how long can Switzerland keep the euro afloat. Overall, this market is showing a lot of signs of breaking down, and we think the best position to take right now in this market is a net neutral one. The data coming from Asia is significant tomorrow. Industrial Production, Retail Sales, CPI and PPI are all due out for China tomorrow, and that will be very impactful. The European Commission will be releasing growth tables as well as German CPI tomorrow. It's another busy day of data, and based on what we have been seeing, should not be giving us a ton of hope for this market.

Commodity Talk

Right now, we believe that oil is still in a downward trend, and we look for a good mental support to come in at 95. The commodity did dip below the 200-day MA, so we are still in a downtrend. We like shorting United States Oil (NYSEARCA:USO). Gold is in the same boat as oil right now, and we still believe more downside in SPDR Goldshares (NYSEARCA:GLD) is available.

Our Moves

We had a solid day as we took a 1.5% gain on a pair trade long Visa (NYSE:V), short Mastercard (NYSE:MA) off the table as well as a 21% gain in Monster (NASDAQ:MNST) from an options bull put spread we had. We added a long on BIIB and earnings position on TJX (NYSE:TJX).

We have the following positions. In our Short-Term Equity Portfolio we are long V and Hershey's (NYSE:HSY), short MA and Russell 2000 (NYSEARCA:IWM). In our Options Portfolio, we are long Disney (NYSE:DIS), Panera Bread (NASDAQ:PNRA), Polaris Industries (NYSE:PII), Monster, Dollar General (NYSE:DG). We are short BP (NYSE:BP) and Apple (NASDAQ:AAPL). We have a reverse iron condor on Ultra Proshares Financial (NYSEARCA:FAS). In our Earnings Alpha portfolio, we are long TJX Companies (TJX), Western Digital (NASDAQ:WDC), Teva (NYSE:TEVA). We are short Amazon (NASDAQ:AMZN). We have a reverse iron condor in Las Vegas Sands (NYSE:LVS) and (NASDAQ:PCLN).

Chart courtesy of

Disclosure: I am long WDC.