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  • Market Loses Big Gain: SPX, Nasdaq, NFLX, PCP, AMZN, BIDU, SNDK, CMG, RVBD 0 comments
    Oct 21, 2010 8:38 PM | about stocks: NFLX, PCP, AMZN, BIDU, WDC, CMG, RVBD

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    The market bounced strongly in the morning.  SPX almost touched 1190 during the day.  However, a quick pullback in the late morning, pushed the market all the way into the red!  Dollar popped and gold took another dive.  Late buying in the afternoon barely got the market back into the green for the close.

    After yesterday's strong earnings, NFLX vaulted +12.76%, recording a new all-time high during the day at $174.94.  This morning, PCP reported a solid quarter, sending its shares up +4.12%.  It went as high as $138.9 intraday before pulling back to close at $135.31.  WYNN popped above its 52-week high this morning, trading above $107.  It pulled back with the market to close at $103.24, up +2.06%.  We locked in on some profits on WYNN, which will be reported in the weekly wrap-up this week.

    After the market, AMZN delivered a nice quarter, beating the estimates.  However, its shares traded down 4% in after-hours.  BIDU also reported solid numbers, but, its stock barely moved this evening.  CMG's third-quarter net income jumped 40 percent, sending its shares up more than +5%.  SNDK went up +5.2% on better-than-expected profit and margin.  RVBD beat its earnings estimates, raised guidance, and announced a 2-for-1 stock split.  Its shares jumped more than +11% this evening!

    The Dow was up +38.60 points; SPX added +2.09 points; Nasdaq gained +2.28 points:

    XME (metals and mining) fell 1.69% while GDX (gold miners) dropped 2.13%.  USO (oil) was off 2.08% and OIH (oil services) slid 0.75%.  UNG (natural gas) sank 3.39%.  SLV (silver) fell 3.17% and GLD (gold) slipped 1.41%.  FXI (Chinese ADRs) was flat.


    SPX added +2.09 points to close at 1180.26.  Its daily MAs went up, but the MACD slid.


    Nasdaq gained +2.28 points to close at 2459.67.  Its daily MAs were up, but, MACD was down.

    On Tuesday, I said, "The market could be range-bound this week..."  This morning, it looked like the market was going to break higher.  But, a quick drop pulled the market right back to SPX 1180.  The market could take a few more days to consolidate.  The dollar seems to be drawing a bottom, which is putting pressure on metals and energy stocks.  Still, lots of earnings are coming in and for now, one really have to pick the right stocks to play.  We're still keeping lots of cash and playing lightly.

    Good night and HappyTrading! ™ (click to see our Facebook Page)

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