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Market Continues Its Bounce! SPX, Nasdaq, GS, NKE, OVTI, BIIB, AAPL, FFIV, WYNN, LVS, FSLR, POT, MOS, CF, AGU, MON

|Includes:AAPL, AGU, BIIB, CF, FFIV, FSLR, Goldman Sachs Group Inc. (GS), LVS, MON, MOS, NKE, OVTI, POT, WYNN

The market continued where it left off on Monday and pushed higher.  Energy and mining sectors finally participated in some buying.  Financials, however, were still weak.  GS was down again, off $1.45, and could break lower.  GS "had" a support at $130; it closed under that today.  We could see GS drop further to test $120!!

The rest of the market was stronger.  NKE reported a strong quarter last night and raised its forecast.  Its shares popped more than +10% today.  The NKE July 87.5 calls opened at merely $0.9 and closed at $3.5!!  OVTI also had a strong day, up more than +10% as well, on an analyst upgrade to "buy".  Back in May, OVTI delivered a strong quarterly report, but, pulled back with the broader market.  BIIB recorded a new all-time high at $108.52, finishing up +3.57% at $108.39.  BIIB was upgraded last week and we picked up the July 100 calls.  We started taking profits yesterday and cashed the rest out today for a gain of +117%

  • June 28, 2011
  • 07:19 | HappyTrading BIIB ($105.60) Sold to Close 07C100 Jul 100 calls, at $6.50 +117%
  • June 27, 2011
  • 12:57 | HappyTrading BIIB ($104.68) Sold to Close 07C100 Jul 100 calls, at $5.80 +93%
  • 12:24 | HappyTrading BIIB ($104.35) Sold to Close 07C100 Jul 100 calls, at $5.50 +83%

BIIB continued to push higher through out the day and should test $110 soon.

We also locked in profits on some quick plays on AAPL and FFIV weeklies:

  • June 28, 2011
  • 09:35 | HappyTrading FFIV ($111.50) Sold to Close 0701C110 Jul 110 calls, at $2.65 +71%
  • 09:31 | HappyTrading AAPL ($335.30) Sold to Close 0701C335 Jul 335 calls, at $3.20 +52%

WYNN and LVS stood out today, even in a strong market environment.  WYNN was up +3.82% (up $5.13), while LVS hopped +4.75%.  FSLR vaulted +6.8% on bullish analyst comment.  Its near-the-money July calls (115s and 120s) saw daily doubles; the 125 calls were daily triples!  Agriculture stocks saw buyers both Monday and today.  MON will report earnings tomorrow morning.  Here's how some leading stocks did today in the agriculture sector:  CF +2.08%, AGU +2.26%, POT +1.46%, MOS +0.57%, MON +1.8%.  This group is ready to pop higher if MON delivers on its earnings.

The Dow was up +145.13 points; SPX added +16.57 points; Nasdaq jumped +41.03 points:

OIH (oil services) led the market with a +4.13% rise.  XLE (energy) gained almost +3%.  XME (metals and mining) was up +2.82%.  USO (oil) bounced +2.19%.  GLD (gold) and SLV (silver) bounced as well. 


SPX gained +16.57 points to close at 1296.67, just below its 30-day MA and 1300.  Its MACD turned higher.


Nasdaq jumped +41.03 points to close at 2729.31.  It closed above its daily MAs.  The MACD went up.

A 2-day rally pushed the market back into the green for 2011.  VIX dropped back below 20.  SPX's immediate resistance now lies between 1300 and 1310.  Nasdaq sees some resistance at 2750.  We may start to see some profit-taking tomorrow.  A bit of rest would be healthier for this impressive 2-day run.  We'll get crude inventories tomorrow.  So, be a little careful with energy stocks if oil pulls back again, which could also affect the agriculture stocks.  On the other hand, watch the solar stocks.  These may have touched a near-term bottom and are ready to reverse higher.

Good night and HappyTrading! ™

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