MyHappyTrading's  Instablog

The broader market continued to show strength today, with major indices recording new 2011 highs.  Financials and energy stocks bounced a bit today and helped to push the markets higher.  GOOG was up +1.48%, or $7.77, on news of Android phones topping the smarphone sales last month.  RIMM bounced +3.29%.  MA and V were strong today as consumer confidence rose.  MA recorded a new 52-week high at $278.1. 

Last night, NFLX reported a strong quarter, but, the forecast was on the weak side.  NFLX shares sank 9%, or $22.76!  VECO saw more than a double in its Q1 profit, sending its shares up +4.27%.  After the market, both AMZN and BRCM missed their earnings estimates.  BRCM shares fell 8.4%, while AMZN somehow avoided a stumble, down only 0.9%.  BWLD delivered a strong quarter and solid forecast.  Its shares were up +3.74% this evening.  BLWD has more room to go higher tomorrow as this is going into a new all-time high area with little resistance, and should test $65 soon.

The Dow was up +115.49 points; SPX added +11.99 points; Nasdaq gained +21.66 points:

SOXX (semiconductors) was up +1.59%.  OIH (oil services) and XLE (energy) bounced.  GLD (gold) and SLV (silver) were both down.  XLF (financials) added +0.62%.  BTK (biotechs) gained +1.37%.

SPX

SPX added +11.99 points to close at 1347.24.  Its daily MAs and MACD went higher.

Nasdaq

Nasdaq gained +21.66 points to close at 2847.54.  Its daily MAs curved higher and MACD rose.

Although the market indices rose to new highs, some stocks saw big profit-taking.  For example, OPEN gave up almost 6%; PCLN was down $12 at day low; CMG tumbled another $7.71 (off almost $15 in 3 trading sessions).  Internet stocks mostly turned lower, after a strong open, with SINA down 2.75% and SOHU off 3.06%.  There are a lot of churning going on right now, as option premiums are still high because it is still early in this month's cycle.  Keep a lot of cash and be very patient.

Good night and HappyTrading! ™

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