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Market Ends Flat In Volatile Trading

|Includes:AAPL, BLK, BTUUQ, GOOG, IBM, JNJ, JNPR, MIPS, 3M Company (MMM), NFLX, PCLN, WMS-OLD, X, YHOO

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The market had a volatile session today.  It was weak in the morning, as MMM and JNJ missed reported disappointing earnings.  However, big cap tech stocks helped to keep the market up.  AAPL gained $3.95 to close at $341.4.  GOOG added $8.83.  IBM recorded a new all-time high at $164.35 and finished at $161.44, up +1.13%.  We locked in some profits on the long side:

  • January 25, 2011
  • 08:12 | HappyTrading MA ($240.00) Sold to Close 02C245 Feb 245 calls, at $6.00 +28%
  • January 24, 2011
  • 12:41 | HappyTrading AAPL ($336.30) Sold to Close 0128C335 Jan 335 calls, at $4.20 +40%

NFLX, which reports tomorrow, saw some late buying and ended up $2.78.  PCLN also added $5.

This morning, BLK reported a 4Q profit that more than doubled.  Its shares went up +2.29%.  BLK is looking to go above $200 soon.  BTU also delivered a strong quarter and added +2.04%.  The recent weakness may have introduced a good buying opportunity.  X saw its business improve and traders pumped up the stock +5.25%.  After the market, WMS dropped more than 9% as its forecast was disappointing.  JNPR posted a strong quarter; it initially traded lower on weak forecast, but, turned higher later, trading up +2.2%.  MIPS missed its revenue estimate and sank more than 9%.  YHOO warned of a weak 1Q and announced job cuts; its shares traded down 2.18%.

The Dow was down 3.33 points; SPX added +0.34 point; Nasdaq gained +1.7 points:

Most sectors closed around the flatline.  Even GLD (gold) and SLV (silver) bounced back from their intraday lows.  PBW (clean energy) fell 1.77%, as solar stocks took a quick fall in the afternoon.  USO (oil) lost 1.79%.  FXI (Chinese ADRs) slipped 0.56%.

SPX

SPX added +0.34 point to close at 1291.18.  Its daily MAs continued to glide up and the MACD flattened.

Nasdaq

Nasdaq gained +1.7 points to close at 2719.25.  It finished above its 20-day MA.  The MACD was down slightly.

Dip-buyers seem to continue to come in on every pullback.  While Nasdaq and SPX have been caught in a tight range, the Dow has been pushing higher and higher.  Tomorrow, we'll get the latest words from the Fed on interest rates.  Of course, most people don't expect any changes.  Today, the market threatened to break down, until the last hour.  It is now back into a neutral zone.  Commodity sectors have been very weak, especially metals and mining.  Agriculture stocks have also backed off in the past week.  If the market pushes higher tomorrow, we'll be watching the coals and fertilizers on the long side tomorrow.

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