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CSTR +241% Overnight Gain! CSTR, FFIV, AAPL, BVSN, IDCC, APC, CERN, VCLK, PNRA, GMCR, CSTR, PCLN

|Includes:AAPL, APC, BVSN, CERN, CNVR, FFIV, GMCR, IDCC, Outerwall Inc. (OUTR), PCLN, PNRA

The market has basically been flat for the past couple of days, consolidating in a tight range. Still, there were many big movers driven by earnings or other news. We picked a couple of big plays. One was CSTR. Yesterday morning, CSTR announced that it chalked up an agreement with VZ to provide streaming video. CSTR got a quick initial jump to nearly $53, but, quickly pulled back and went into the red within the first hour. I took that as a chance to enter and play its earnings. After the market, CSTR reported a strong quarter, with further acquisition of assets of NCR. This morning, CSTR jumped above $60, and we cashed out our trade with an overnight gain of +241%:

  • February 07, 2012
  • 06:48 | Ecstatic Plays CSTR ($58.90) Sold to Close 02C52.5 Feb 53 calls, at $6.50 +217%
  • 06:45 | Ecstatic Plays CSTR ($59.30) Sold to Close 02C52.5 Feb 53 calls, at $7.00 +241%

We also held on to FFIV weekly calls over the weekend and took profits at a profit of +106%:

  • February 07, 2012
  • 07:42 | HappyTrading FFIV ($127.27) Sold to Close 0210C125 Feb 125 calls, at $3.20 +106%

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AAPL has been clawing its way higher, hitting a new all-time high of $269.75 today. BVSN has been on a steep climb since end of January. Its stock more than doubled in less than 2 weeks (from $20 to $44.5). But, it appears that people finally took profits today, yanking BVSN down 17.36%! Nevertheless, BVSN is still up more than +50% since the end of January. If there's no specific news, in a week or so, it may be time to look at BVSN again. So, keep this one on your radar! IDCC pre-announced a lower-than-expected Q1 revenue, sending its shares down 7.52%. APC beat the expectations with its quarterly report; its shares gained +5.24%.

After the market, CERN posted a +30% jump in its quarterly profit; its shares popped +6.6%. VCLK also delivered a strong quarter, pushing its shares up +3.28% this evening. PNRA reported a nice quarter, but, announced that its CFO will be leaving the company; its shares dropped 2.82%.

The Dow was up +33.07 points; SPX added +2.72 points; Nasdaq gained +2.09 points:

XME (metals and mining) was down 1.5%. GLD (gold) and SLV (silver) popped higher today. BTK (biotechs) slipped 1.42%.

SPX

SPX added +2.72 points to close at 1347.05. Its daily MAs and MACD went up.

Nasdaq

Nasdaq climbed +2.09 points to close at 2904.08. Its daily MAs were up slightly and the MACD was flat.

The market is once again progressing as how we had discussed on Sunday. Dip-buyers have been eager to buy every dip, holding the market up. On the other hand, profit-takers are getting more and more anxious to take some money off the table. We saw that in GMCR today, down 4%. CSTR also fell near the close, giving back $3 from its high of the day. PCLN pulled back 1.4%. Biotechs were mostly down today. We have been staying in mostly cash, trading only a few positions and hitting big winners. SPX, which got above 1349 today, has some resistance between 1350 and 1360. CSCO's earnings is coming up tomorrow after the market. Let's see how the market reacts to CSCO numbers.

Good night and HappyTrading! ™

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