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
  • Tech Stocks Bounce! SPX, Nasdaq, PCLN, GOOG, AMZN, DSCM, MELI, BIDU, SINA, SOHU, CRM, VMW, RHT, MCP, LULU, GLD, FCX, ORCL, RIMM, POT, MOS, CF, AGU, APA, EOG, DVN, HES, OIH 0 comments
    Mar 24, 2011 8:13 PM | about stocks: PCLN, GOOG, AMZN, DSCM, MELI, BIDU, SINA, SOHU, CRM, VMW, RHTIQ, LULU, GLD, FCX, ORCL, BBRY, POT, MOS, CF, AGU, APA, EOG, DVN, HES, OIH

     Subscribe via Email (FREE)

    After RHT's strong earnings report last night, investors seem to be encouraged to jump back into some beaten down tech stocks.  RHT gained more than +18% today!  Cloud-computing stocks were among the favorites of the day.  CRM bounced +5.84% and VMW added +6.11%.  Internet stocks were also leading the market.  This morning, Walgreen (WAG) announced a $409 million cash deal to buy Drugstore.com (NASDAQ:DSCM), which went up +113.13% today.  AMZN received an upgrade to "buy" and jumped $5.78.  GOOG continued to climb, closing above $580, at $586.89.  PCLN was trading at around $455 yesterday morning; it closed at $476.01 today, up more than $20 in 2 sessions.!

    On Tuesday, I mentioned to look at Chinese internet stocks on the long side.  Since then, BIDU has gone up $8 and SINA traded from around $95 to today's close of $101.1.  SOHU also started moving higher, adding about $3 since Tuesday.  MELI (a Latin e-commerce stock), which has been sliding lower for more than a month, popped +7.31% today!

    I also said on Tuesday that "We're waiting patiently for the market to show clearer signals and watching the above-mentioned resistance levels (SPX 1300 and Nasdaq 2700)."  Yesterday, around noon (EST), I said in the Trading Room:

    March 23, 2011 8:46 AM
    market
    turning back up!

    That was the signal that we have been waiting for.  We went ahead and loaded up a bunch of trades on the longside, and, today, we took some nice profits, including an +83% gain on MCP, which was also mentioned in Tuesday's article:

    March 24, 2011
    10:09 | HappyTrading LULU ($79.80) Sold to Close 04C80 Apr 80 calls, at $3.00 +5%
    09:54 | HappyTrading FCX ($54.50) Sold to Close 04C55 Apr 55 calls, at $1.77 +14%
    09:00 | HappyTrading LULU ($80.65) Sold to Close 04C65 Apr 65 calls, at $3.50 +23%
    07:57 | HappyTrading GLD ($141.15) Sold to Close 04C140 Apr 140 calls, at $2.78 +22%
    07:49 | HappyTrading MCP ($56.40) Sold to Close 04C50 Apr 50 calls, at $7.30 +83%
    07:28 | HappyTrading MCP ($55.20) Sold to Close 04C50 Apr 50 calls, at $6.30 +58%

    One of our members has been trading options for 12 years and have never been profittable until he started following our trades and joined the conversation in the Trading Room:

    jjvoit March 24, 2011 11:27 AM
    I just love trading with you guys, I've been trading options for 12 yrs and Ive never been profitable but the last few months its all turned around.

    (To subscribe to our services, please visit our Premium Services page.  Each one of our services is only $49/month and the package deals have built-in discounts.  Our published trades are published in real-time with timestamps on every trade.  The Trading Room is very valuable service.  It is where we make real-time comments on the market and stocks that are moving.  We also try to answer members' questions in the Trading Room.)

    Gold and silver recorded intraday high today.  Both GLD (gold ETF) and SLV (silver ETF) recorded new all-time highs in the morning, but, quick saw profit-taking in the afternoon.  We locked in profits on our GLD trades as well, at day high!

    After market, ORCL reported strong earnings with a net income increase of +78%!  ORCL shares are trading up +3.89% this evening.  RIMM, on the other hand, slumped more than 10% on disappointing forecast.

    The Dow was up +84.54 points; SPX added +12.12 points; Nasdaq jumped +38.12 points:

    SOXX (semiconductors) bounced +2.45%.  INX2 (internet) added +1.51%.  XME (metals and mining) and OIH (oil services) saw slight gains.  SWH (software) added +2.18%.  GLD (gold) and SLV (silver) actually ended down.  FXI (Chinese ADRs) climbed +1.02%.

    SPX

    SPX added +12.12 points to close at 1309.66.  It closed right at its 30-day MA.  The MACD has turned up.

    Nasdaq

    Nasdaq jumped +38.12 points to close at 2736.42, above the 2700 level.  Its 10-day MA and MACD turned higher.

    Both SPX and Nasdaq closed above their respective resistance levels.  VIX came down to close at 18 (all the way from 30+, just last week!), although 18 could see some support.  The market has bounced fast from a near breakdown last week.  There's more resistance between SPX 1310 and 1320.  While ORCL's earnings could push some tech stocks higher tomorrow morning, I suspect we would see some profit-taking in the afternoon.  The market seems to be range-bound right now.  Financials are still relatively weak.  However, I'm finding energy stocks interesting.  APA and EOG have enjoyed some recent upwards momentum.  DVN and HES also look quite strong.  Oil services could be ready to breakout.  I'd stay away from the fertilizers (POT, MOS, CF, AGU) for a few more days.

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

    Stocks: PCLN, GOOG, AMZN, DSCM, MELI, BIDU, SINA, SOHU, CRM, VMW, RHTIQ, LULU, GLD, FCX, ORCL, BBRY, POT, MOS, CF, AGU, APA, EOG, DVN, HES, OIH
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


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.