Seeking Alpha

MyHappyTrading's  Instablog

MyHappyTrading
Send Message
MyHappyTradingTM is a social network site with a focus on the global financial markets. It is an online community where you can share your thoughts and your investment/trade ideas with the community and the network that you build. Our Basic Membership is FREE. MyHappyTradingTM provides you the... More
My company:
My Happy Trading.com
My blog:
My Happy Trading
  • Late Rally Brings Stocks To New 5-Month High 0 comments
    Oct 12, 2010 11:37 PM | about stocks: AAPL, AMZN, WYNN, LVS, MOS, CF, AGU, RIG, DO, INTC, CSX

    The market slumped at open today, seeing some profit-taking.  However, after the first 30 minutes, buyers came in again!  The market struggled around the flatline for most of the day, until the last hour.  After the Fed minutes were released, which showed more easing could happen soon, the market rallied to a new new 5-month high!

    AAPL reached a new all-time high at $299.5 before slipping to close at $298.54, up +1.08%.  AMZN bounced up +2.25%.  WYNN recorded a new multi-year high at $104.58 intraday.  Last Friday, WYNN opened at around $90.  In just 3 trading days, WYNN gained almost $15!  LVS also continued to see new highs, closing at $39, up almost +1%.

    Agriculture stocks also pushed higher.  UBS raised its price target for AGU to $95.  AGU finished at $85.47, up another +3%.  CF climbed another +2.57%.  MOS gained +2.28%.  Oil services were strong today as the deepwater drilling moratorium was lifted.  RIG was up +4.68% and DO added +4.03%.

    After the market, INTC reported a solid quarter, beating the estimates, and gave an upbeat forecast for the holidays.  INTC shares climbed less than 1% in after-hours trading.  CSX delivered a strong quarter with strong forward guidance.  CSX jumped +2.46% this evening, after closing in the red during the day.

    The Dow was up +10.06 points; SPX added +4.45 points; Nasdaq gained +15.59 points:

    OIH (oil services) rose +1.38% while USO (oil) was up slightly.  SOXX (semiconductors) added +0.75% ahead of INTC earnings.  XLF (financials) garnered +1.12% (JPM earnings tomorrow morning).  DBA (agricultural commodities) jumped nearly +2%.  FXI (Chinese ADRs) slipped 0.31%.

    SPX

    SPX added +4.45 points to close at 1169.77.  Its daily MAs and MACD went higher.

    Nasdaq

    Nasdaq gained +15.59 points to close at 2417.92, above the 2400 level.  Its daily MAs went up, but, the MACD stayed flat.

    INTC's earnings might have brought a sigh of relief, but, there was no strong buying after the market.  Tomorrow morning, JPM will report.  Financials have been lagging in this rally since the beginning of September.  We'll have to see how investors react.  CSX's strong earnings may boost mining stocks again, which saw some profit-taking today.  SPX went briefly above 1170 today.  Nasdaq managed to close above 2400.  VIX closed below 19 after bouncing higher to test 20 again in the morning.  The market seems to be keeping its upwards momentum.  However, things are starting to look a bit toppy.  Remember to locking profits along the way.  We've already started to lighten up on our long positions.

    Good night and HappyTrading! ™



    Disclosure: no positions
    Stocks: AAPL, AMZN, WYNN, LVS, MOS, CF, AGU, RIG, DO, INTC, CSX
Back To MyHappyTrading's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.