MyHappyTrading's  Instablog

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
My blog:
My Happy Trading
  • Market Indices At New Closing Highs On Election Day! SPX, Nasdaq, MLM, VMC, AMSC, MA, OSG, OPEN, STEC, HIG 0 comments
    Nov 2, 2010 11:02 PM | about stocks: MLM, VMC, AMSC, MA, OSGB, OPEN, STEC, HIG

     Subscribe via Email (FREE)

    The market was strong right from the open and ended at new closing highs on this day of midterm election.  The dollar fell and energy stocks rallied.  However, financials were still stagnant.

    This morning, MLM missed its earnings estimates.  However, its shares added +3.03%.  VMC shares jumped +9.29%!  AMSC reported a strong quarter and saw its shares move up +12.48%.  MA delivered quarterly earnings that easily beat the estimates; its shares gained +2.92%.  OSG's 89 cents per share loss beat the consensus of  $1.15 per share loss; its shares rose +7.39%.

    After the market, OPEN reported a jump in 3Q income, sending its stock soaring almost +17% in after-hours!  STEC added more than +4% after giving better-than-expected 3Q results and a strong 4Q guidance.  HIG posted a profit for 3Q, reversing the loss from a year ago.  Its shares rose +5.38% this evening.  WYNN delivered a strong quarter and set an $8 dividend.  Its shares however fell 3.56% in after-hours.  We locked in most of our gains on WYNN ahead of the earnings report:

    November 02, 2010
    09:23 | HappyTrading WYNN ($111.50) Sold to Close 11C105 Nov 105 calls, at $9.00 +80%

    November 01, 2010
    07:28 | HappyTrading WYNN ($110.90) Sold to Close 11C105 Nov 105 calls, at $8.50 +70%

    WYNN has risen from $90 at the beginning of October to today's high of $113.96 (a new 52-week high), and closed at $112.57.  I think the after-hours trading is just profit-taking because it has gone up so much.  We'll likely see the stock higher.  A quick pullback on WYNN could produce more buying opportunities.

    The Dow was up +64.1 points; SPX added +9.19 points; Nasdaq gained +28.68 points:

    Most sectors were closed higher today.  XLE (energy) was up +1.1%.  USO (oil) added +1.28% while OIH (oil services) climbed +1.16%.  PBW (clean energy) gained +2.2%.  GLD (gold) and SLV (silver) both went higher.  FXI (Chinese ADRs) advanced +1.28%.


    SPX added +9.19 points to close at 1193.57.  The daily MAs went higher while the MACD flattened.


    Nasdaq gained +28.68 points to close at 2533.52.  The daily MAs and MACD went up.

    The election results are coming in and it looks like the Republicans have taken back the House.  Besides interpreting the remifications of this year's midterm election, the market will have plenty to ponder upon tomorrow, including ADP report, ISM services, factory orders, and auto sales.  Perhaps most importantly, the Fed will deliver its rate decisions and details on the QE2.  Techs are still leading the broader market with Nasdaq testing the April high.  SPX is lagging, given the recent weakness in the financial sector.  Although the market indices closed at a new 5-month high, VIX still stayed above 21.  This signals that caution still persists.  For the market to get a new breakout, VIX will probably have to go back below 20.  In addition, we'll likely have to see some strength back into the financials.

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

    Disclosure: no positions
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


More »

Latest Comments

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.