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  • A Quick Pullback After The Recent New Highs! SPX, Nasdaq, CSCO, CF, AGU, MON, GS, WFC, JPM

    Stocks made new highs earlier this week, with SPX going above 1,900 and the Dow soaring to 16,735! But, yesterday, the mood changed again! SPX managed to close above 1870, while the Dow fell 167 points. Even with CSCO reporting a strong quarter and adding over +6%, Nasdaq fell more than 31 points!

    Things have been very volatile. Agriculture stocks were on their way to breakouts, but, quickly pulled back: CF lost almost $9; AGU was down 2.39%; MON fell $1.6. Financials experienced similar developments in the past few days. GS, WFC, and JPM were strong earlier this week, but, in one quick pullback, they are right back to where they started!

    SPX

    SPX fell 17.68 points to close at 1870.85. It closed right at its 30-day MA. The MACD turned down.

    Nasdaq

    Nasdaq lost 31.33 points to close at 4069.29. It closed below its daily MAs. The MACD was slightly lower.

    SPX looks like it could still be consolidating. Nasdaq, although look weak again, is not too far from the recent base, with support at around 4,000. Things may be too volatile to trade right now. Better to hold mostly cash and just trade lightly. As noted in my Market Forecast this weekend, SPX has support between 1860 to 1850. Let's see how these support levels hold up!

    Good night and HappyTrading! ™

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    Tags: CSCO, CF, AGU, MON, GS, WFC, JPM
    May 18 3:47 AM | Link | Comment!
  • Internet Stocks Plunge Again! GOOG, PCLN, NFLX, TWTR, FB, YELP, OPEN, CTRP, NTES, BIDU, VIPS, XLE, EOG, APC, SLB, NOV, OXY, APA

    It looks like fund managers are doing some hefty shifting! Biotech stocks, in the past couple of months, have gone from making new highs to having sharp pull-backs. Although the pull-backs started a little later for the internet stocks, they seem to have been moved to the "dump list" as well! A few days of bounces was obliterated by quick pull-backs again! The "dumping" was not restricted to US internet stocks, Chinese internet stocks were "equally discriminated"! Oxymoronic, you say? Yes, ironically, the Dow was up triple digits, but, more about that later!

    In the past couple of days, GOOG fell about $20; PCLN tumbled $60; NFLX lost $30; TWTR lost almost 30%; FB dropped about 10%. YELP went from its earnings pop of about $66 to yesterday's low of $49. OPEN was down 3.81%. Chinese internets swooped as well: CTRP -5.59%; BIDU -4.16%; VIPS -6.52%; NTES -3.33%.

    The Dow was up +117.52 points; SPX added +10.49 points; Nasdaq fell 13.09 points:

    SPX

    SPX added +10.49 points to close at 1878.21. It closed just above its 10-day MA. The MACD was flat.

    Nasdaq

    Nasdaq fell 13.09 points to close at 4067.67. It closed below its daily MAs and the MACD was down.

    While internets were selling off, healthcare stocks pushed higher. HUM rallied +8.43% after reporting earnings. WLP added +2.36% and UNH gained +3.52%. Energy sector seem to have become the recent favorite:

    XLE

    XLE just made a new all-time high! EOG, SLB, and APC were among today's winners and recent leaders. NOV, OXY, and APA, which have been pretty much dormant since 2011, seemed to have some buyers attention now.

    Other the energy stokcs, financials also did well:

    FAS


    FAS gained +3.68% today. But, it is still looking weak. It is, at best, neutral right now.

    But, with healthcare, energy, and financial stocks gaining, it was more enough to offset the losses in tech stocks to keep the broader market up. It is still difficult to say where the broader market is heading. Without the techs participating, I don't think the broader market can break higher. At the same time, it doesn't seem to be breaking down either. As discussed in my Market Forecast this weekend, I think we'll have to be very picky in the stocks that we trade right now. It looks like we could find winners on both sides of the fence.

    Good night and HappyTrading! ™

    Sign up for FREE membership!

    Tags: GOOG, PCLN, NFLX, TWTR, FB, YELP, OPEN, CTRP, NTES, BIDU, VIPS, XLE, EOG, APC, SLB, NOV, OXY, APA
    May 08 3:33 AM | Link | Comment!
  • PCLN, BIDU, NTES, FSLR, WYNN, QIHU, VIPS, GS, CELG, AMGN, CELG, BIIB, AA, JOY, CMI

    After hitting below 1840 on the SPX on Tuesday morning, buyers started to trickle in. Today, after the Fed minutes indicated that it would be cautious towards raising interest rates, stocks bounced. Given that techs have been tumbling, buyers piled in on internet and biotech stocks. PCLN popped $47! CELG jumped more than $9. BIIB was up over +5%. REGN gained nearly $20. FSLR got an target boost on Tuesday and popped right back up above $73. BIDU, NTES, and QIHU have been leading the bounce in Chinese internet stocks. WYNN vaulted +3.5% today. VIPS bounced more than $20 in the past 2 days!

    While things bounced we locked in our profits on the downside plays just in time (mostly on Monday)! Our puts on biotechs and financials rewarded us handsomely:

    • 11:29 | HappyTrading AMGN ($119.80) Sold to Close 04P125 Apr 125 put, at $5.75 +77%
    • 11:18 | Ecstatic Plays CELG ($136.00) Sold to Close 04P145 Apr 145 put, at $9.40 +127%
    • 11:07 | HappyTrading AMGN ($118.00) Sold to Close 04P125 Apr 125 put, at $7.08 +118%
    • 08:11 | HappyTrading GS ($160.10) Sold to Close 04P165 Apr 165 put, at $5.80 +115%

    (to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video)

    All 3 trades gave us triple-digit gains!

    The Dow was up +181.01 points; SPX gained +20.22 points; Nasdaq jumped +70.91 points (+1.72%!!):

    BTK (biotech) jumped +3.81%! IGV (software) bounced +1.84%. FDN (internet) popped +2.44%.

    SPX

    SPX gained +20.22 points to close at 1872.18. It closed above its daily MAs. The MACD flattened.

    Nasdaq

    Nasdaq popped +70.91 points to close at 4183.9. It barely closed above its 10-day MA.

    Even though stocks bounced, Nasdaq is still deep in a bearish formation. SPX, on the other hand, seems much healthier; but, it is still, at best, neutral. AA climbed +3.75% after reporting its earnings. The whole metals and mining sector has been largely ignored in the past year. It is now starting to show some signs of awakening. Perhaps some of the funds are starting to come in from techs. We'll start to pay more attention as well. JOY and CMI look very interesting.

    Good night and HappyTrading! ™

    Sign up for FREE membership!

    Tags: PCLN, BIDU, NTES, FSLR, WYNN, QIHU, VIPS, GS, CELG, AMGN, BIIB, AA, JOY, CMI
    Apr 10 3:59 AM | Link | Comment!
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