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  • Market Cautious After Big Rally: SPX, Nasdaq, AAPL, FAZ, CF, AGU, POT, MOS, NFLX, FSLR, CME, WYNN, AA, JPM, IBM, QCOM 0 comments
    Oct 11, 2011 7:04 PM | about stocks: AAPL, FAZ, CF, AGU, POT, MOS, NFLX, FSLR, CME, WYNN, AA, JPM, IBM, QCOM

    It was a mixed market today, after yesterday's big jump.  AAPL powered higher after announcing yesterday that its 4S iPhone has received more than 1 million pre-orders.  We jumped back into the weekly 385 calls yesterday morning, and took a +235% profit today, more than made up the loss we took last Friday on the same play.  We also picked up some weekly 56 puts on FAZ, and cashed them in at +49% gain:

    • October 11, 2011
    • 11:06 | HappyTrading FAZ ($54.85) Sold to Close 1014P65 Oct 56 puts, at $3.80 +29%
    • 07:50 | HappyTrading FAZ ($35.50) Sold to Close 1014P56 Oct 56 puts, at $4.40 +49%
    • 06:53 | HappyTrading AAPL ($398.00) Sold to Close 1014C385 Oct 385 calls, at $15.40 +235%
    • 06:50 | HappyTrading AAPL ($397.00) Sold to Close 1014C385 Oct 385 calls, at $14.15 +208%

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    Agriculture stocks continued to be strong:  POT +2.74%, MOS +4.28%, CF +4.57%, AGU+2.32%.  On the downside, NFLX remained weak and traded down to just above $103.  FSLR faltered again, down 6.47%.  CME lost more than $9.  WYNN gave back $2 of its recent $30 gain (from $110 to $140 in 5 trading days).

    After the market, AA missed its earnings estimate, reporting 15 cents per share on net income vs. the 22 cents from concensus.  AA shares fell 4.66% in after-hours trading.

    The Dow was down 16.88 points; SPX added +0.65 point; Nasdaq gained +16.98 points:

    OIH (oil services) added +1.12%.  XME (metals and mining) gained +1.28%.  MOO (agriculture) climbed +1.93%.  USO (oil) was off a little.


    SPX added +0.65 point to close at 1195.54.  Its daily MAs and MACD went slightly up.


    Nasdaq gained +16.98 points to close at 2583.03.  Its daily MAs and MACD went higher.

    The market hesitated today and took time to breathe ahead of AA's earnings (and, JPM's tomorrow morning).  Although Nasdaq was strong, tech stocks were actually pretty mixed as well (IBM and QCOM were both down).  In my Market Forecast this weekend, we talked about SPX testing 1200 if 1180 was broken.  Well, the market went above 1180 within the first 30 minutes of trading on Monday.  Today, SPX went as high as 1199.24.  The market looks pretty neutral right now, closing below 1200.  Between AA and JPM, JPM's earnings report will be much more important.  We'll have to see what JPM say tomorrow.  To push above 1200, the market will likely need to see some strength back in the financials.  Agriculture stocks have been beaten down, and could still be a nice sector to play on the long side, even after the recent bounce.

    Good night and HappyTrading! ™

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