MyHappyTrading's  Instablog

The market remained very cautious as the debt ceiling debate dragged on.  However, AAPL powered higher and reached a new all-time high of $404.5, and closed above the $400 mark, at $403.41.  Last week, we cashed in on some profits on August 370 calls and rolled up to higher strikes.  We even picked up some weekly calls.  We locked in more profits this week:

• July 25, 2011
• 09:36 | HappyTrading AAPL ($399.80) Sold to Close 0729C390 Jul 390 calls, at $11.30 +140%
• 09:28 | HappyTrading AAPL ($399.70) Sold to Close 08C380 Aug 380 calls, at $23.00 +107%
• 09:18 | HappyTrading AAPL ($400.00) Sold to Close 0729C390 Jul 390 calls, at $11.20 +138%

GOOG also continued to do well, powering to above $627 intraday!

Last night, NFLX reported a solid quarter, but gave a weak forecast.  NFLX dropped as low as $251.46 this morning, but, climbed back up to close at $266.91, down 5.19% for the day.

After the market, many stocks traded on the downside after giving their quarter earnings.  ILMN slumped to just above $63, after trading down $5 in the last 2 days.  JNPR fell more than 13% after giving a weak outlook.  PNRA reported a solid quarter, but the forecast did not impress the investors; its shares fell 4%.  JDAS missed its earnings estimates and its stock slumped 9%.  On the upside, AMZN shares traded up +6 after beating the concensus.  LVS, following WYNN's strong earnings, also reported an awesome quarter with growth in Asia; LVS traded up +5.3%.

The Dow was down 91.5 points; SPX slipped 5.49 points; Nasdaq slid 2.84 points:

XME (metals and mining) fell 2.12%.  SLV (silver) and GLD (gold) traded slightly up.  XLE (energy) was down 0.48%.  XLF (financials) was flat.

SPX

SPX slipped 5.49 points to close at 1331.94.  Its daily MAs went higher.  MACD flattened.

Nasdaq

Nasdaq slid 2.84 points to close at 2839.96.  The daily MAs also went higher.  Its MACD was flat.

The market continued to be range-bound.  VIX closed above 20 today.  We saw some weakness in mining and energy stocks today, after rallying higher for about a-week-and-a-half.  However, disappointing earnings from steel companies (X and AKS) prompted investors to sell mining stocks.  We're trading lighting and taking profits on AAPL, while keeping a lot of cash.  We have to stay patient while the politics unfold on the debt ceiling.  2012 Elections are coming up fast; both the Democrats and Republicans are trying to set their pieces in the right place to pave the way for 2012.  As discussed this weekend in my Market Forecast, it's "a stock/sector picking environment until the debt ceiling is raised."

Good night and HappyTrading! ™

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