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  • Stocks Rally On + Early Weekly Wrap-Up! SPX, Nasdaq, CAT, JOYG, NOV, IOC, FSLR, SPWRA, TSL, STP, CF, AGU, MOS, BIIB, AAPL, FFIV, DLTR, ICE, BIDU, GS, CTRP 0 comments
    Jun 30, 2011 9:39 PM | about stocks: CAT, JOY, NOV, IOC, FSLR, SPWR, TSL, STP, CF, AGU, MOS, BIIB, AAPL, FFIV, DLTR, ICE, BIDU, GS, CTRP

    This morning, a stronger-than-expected Chicago PMI prompted stocks to jump at the open.  Although they plateaued after the morning jump, stocks were able to keep most of their gains.  Industrials and energies continued to bounce:  CAT +3%, JOYG +5.69%, NOV +3.18%, IOC +4.58%.  Solar stocks were really strong.  FSLR jumped almost $13 in the morning, trading as high as $142.22, on the news of qualifying for a $4.5 billion federal loan.  FSLR ended only up $2.85, or +2.2%.  (This could be an opportunity if you have missed the 3-day jump.  See Tuesday's article.)  Other solar stocks followed:  SPWRA +5.51%, TSL +3.56%, STP +1.94%.  Fertilizer stocks fell today as corn prices dropped:  CF -5.14%, AGU -0.51%, MOS -0.99%.

    The Dow was up +152.92 points; SPX added +13.23 points; Nasdaq gained +33.03 points:

    XLE (energy) was up +1.48%, while OIH (oil services) gained +1.77%.  XME (metals and mining) added +1.67%.  SOXX (semiconductors) climbed +2.54%.  GLD (gold) and SLV (silver) both pulled back. 

    SPX

    SPX added +13.23 points to close at 1320.64, just above 1320.  Its 10-day MA has risen above the 20-day MA.  MACD went higher.

    Nasdaq

    Nasdaq gained +33.03 points to close at 2773.52, above 2750.  Its 30-day MA flattened and the MACD was up.

    Nasdaq closed above its resistance at 2750, while SPX is testing its resistance at 1320.  VIX has fallen back below 18, closing at 16.52 today.  This rally since Monday, triggered by the latest plans to deal with Greek debt problems, has been very powerful and without much of a respite.  Tomorrow, we'll get the latest ISM.  I suspect that since its Friday, even if ISM comes in strong and positive, we'll see some profit-taking.  We'll likely take things easy tomorrow ahead of the long weekend (July 4 Independence Day is on Monday).  It's been quite a week, with Bagger Vance on vacation and still taking profits.  Here are the trades we've closed so far this week, 100% GR$$N:

    • June 30, 2011
    • 10:23 | Bagger Vance NOV ($77.40) Sold to Close NOV JULY 70 CALL Jul 70 calls, at $7.15 +63%
    • June 29, 2011
    • 08:26 | HappyTrading GS ($132.55) Sold to Close 07C130 Jul 130 calls, at $4.30 +9%
    • 08:25 | HappyTrading CTRP ($42.40) Sold to Close 07C42 Jul 42 calls, at $1.55 +29%
    • 06:51 | Bagger Vance PNRA ($128.00) Sold to Close PNRA JULY 120 CALL Jul 120 calls, at $8.50 +146%
    • 06:50 | Bagger Vance ICE ($125.00) Sold to Close ICE JULY 120 CALL Jul 120 calls, at $6.20 +38%
    • 06:48 | Bagger Vance BIDU ($136.00) Sold to Close BIDU JULY 125 CALL Jul 125 calls, at $12.80 +91%
    • 06:41 | HappyTrading DLTR ($66.30) Sold to Close 07C65 Jul 65 calls, at $2.05 +52%
    • 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%
    • 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%

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    Good night and HappyTrading! ™

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    Stocks: CAT, JOY, NOV, IOC, FSLR, SPWR, TSL, STP, CF, AGU, MOS, BIIB, AAPL, FFIV, DLTR, ICE, BIDU, GS, CTRP
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