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  • Stocks Rally Back To Erase Morning Loss! HPQ, VIX, PCLN, GLD, CRUS, APC, MPC, TSO, WDC, STX, MRVL 0 comments
    May 24, 2013 3:34 AM | about stocks: HPQ, PCLN, GLD, CRUS, APC, MPC, TSO, WDC, STX, MRVL

    Last night, Asian markets took huge drops after manufacturing data from China came out weaker than expected. Japan's Nikkei tumbled more than 7%! This morning, SPX gapped down 20 points at open, but, buyers came in after about an hour into the trading. There were some big swings! For instance, PCLN traded as low as $784 at open and ended the day above $803, almost a $20 swing. Energy stocks such as APC, APC, and TSO all bounced right back before the close.

    Gold and silver bounced as well. GLD gained +2% and could turn bullish.

    HPQ popped more than +17% as the company raised its forecast. We picked up HPQ calls yesterday just before the close and scored an overnight +113% winner. We took some profits today and also cut some losses:

    • 12:51 | HappyTrading TSLA ($92.70) Sold to Close 0531C95 May 95 calls, at $2.70 +6%
    • 07:01 | HappyTrading MOS ($58.60) Sold to Close 06C62.5 Jun 63 calls, at $0.45 -72%
    • 06:54 | HappyTrading VIX ($15.00) Sold to Close 0619C15 Jun 15 calls, at $2.00 +38%
    • 06:53 | HappyTrading HPQ ($23.80) Sold to Close 06C21 May 21 calls, at $2.80 +115%

    The Dow ended down 12.67 points; SPX slid 4.84 points; Nasdaq was down just 3.88 points. Well, in this uncharted territory, we are now finally establishing some resistance and support levels. In my Market Forecast this weekend, I said, "Technically speaking, things are toppy. We have to be careful here. On the downside, the nearest support is between SPX 1640 and 1630." Well, today the market tested the support and buyers came right back in. The resistance level now is SPX 1680.

    I think we'll start seeing some volatile days. VIX tested 15 today, and we took some of our VIX calls off the table. It is amazing how strong this market is. Lots of money is still trying to come in. Energy stocks are getting stronger. With a nice forecast from HPQ, techs should draw in more buyers. WDC and STX were strong today. MRVL reported a solid quarter after the market today and traded +6.54% higher in after-hours.

    We haven't been trading a whole lot because things are technically overbought. With a market holiday on Monday for Memorial Day, let's take things easy until next Tuesday!

    Good night and HappyTrading! ™

    Sign up for FREE membership!

    Stocks: HPQ, PCLN, GLD, CRUS, APC, MPC, TSO, WDC, STX, MRVL
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