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  • Commodity Sectors Rise As Market Extends Rally! SPX, Nasdaq, RIG, DO, SLB, NOV, CNX, BTU, MEE, CLF, ESI, APOL, LIZ 0 comments
    Oct 8, 2009 11:39 PM | about stocks: RIG, DO, SLB, NOV, CNX, BTUUQ, MEE, CLF, ESI, APOL, KATE

    The surprising profit from AA's earnings report last night certainly gave a boost to the commodity sectors today.  In addition, jobless claims fell to the lowest level since January.  Oil services sector was especially strong today:  RIG +5.04%, DO +2.72%, SLB +2.67%, NOV +4.12%.  Coals stocks also pushed higher:  CNX +4.23%, BTU +2.72%, MEE +2.68%, and CLF +7.44%.

    We had another day with solid gains:
    October 08, 2009
    12:35 | HappyTrading FSLR ($156.80) Sold to Close HJQJJ Oct 150 calls, at $9.10 +34%
    11:16 | HappyTrading ESI ($112.90) Sold to Close ESIJB Oct 110 calls, at $4.70 +24%
    08:45 | HappyTrading ESI ($113.60) Sold to Close ESIJB Oct 110 calls, at $5.20 +37%
    08:42 | HappyTrading CNX ($49.93) Sold to Close SDFJW Oct 48 calls, at $2.75 +38%
    08:20 | HappyTrading ESI ($113.30) Sold to Close ESIJB Oct 110 calls, at $5.00 +32%

    Yesterday, in our Trading Room, I mentioned ESI and APOL:
    October 7, 2009 11:55 AM
    could jump tomorrow...

    We got into ESI 110 calls late yesterday and cashed them out today for an overnight +37% gain:
    October 07, 2009
    12:29 | HappyTrading ESI ($111.50) Bought to Open ESIJB Oct 110 calls, at $3.80

    These ESI Oct 110 calls went as high $5.3, just above our high exit; and, they closed at $4.1.

    We also jumped into a new position on CNX this morning.  Within 40 minutes, we cashed took some profits at $2.75 for a +38% gain on the Oct 48 calls.  These CNX options traded as high as $2.78 and closed at $2.33.

    A "thank-you" note came in the email as a member pocketed quick profits:
    Thursday, October 8, 2009 9:16 AM
    My intraday time is very limited, but just signed up for email alerts and profit made in 60 minutes, on 1st trade, would easily pay for 1 year subscription. Thanks, MQ

    Among many of the trading activities in our Trading Room, one stood out.  Many of our happytraders followed Quarryman on his plays on LIZ:
    QuarryMan October 7, 2009 6:41 AM
    LIZ now back in the money on the $5 strike. I'm holding OCT and JAN 5 calls.

    LIZ stock jumped a whopping +31% today, as it announced a new deal with JC Penny.  Those Oct 5 calls closed at $0.45 yesterday and went up +300% today!!  The January 5 calls closed at $0.95 yesterday and closed $2.45 today, up +157.89%!

    The Dow closed up +61.29 points; SPX added +7.9 points; Nasdaq gained +13.6 points:

    Commodity sectors led the market higher: OIH (oil services) +3.36%, XME (metals and mining) +2.51%, XLE (energy) +2.57%, GDX (gold miners) +1.65%.  USO (oil) and UNG (natural gas) both went up.  GLD (gold) and SLV (silver) were higher as well.  SOXX (semiconductors) was slightly in the red.  FXI (Chinese ADRs) continued to rise, up +1.69%.


    SPX added +7.9 points to close at 1065.48.  Its daily MAs and MACD turned up.


    Nasdaq gained +13.6 points to close at 2123.93.  It closed above its daily MAs.  The MACD went higher.

    VIX closed below that 25 level today at 24.18.  It went briefly below 24 intraday.  On both SPX and Nasdaq, the daily MAs and MACD are turning higher again.  The signals continue to be bullish.  VIX could test 23 from here; and, if 23 does not hold this time, the market should see new heights.  Friday is here, and after 4 days of rallying, the market may need a little rest before the weekend.  We should see a mixed market tomorrow as some profits get taken from the recent runners and move into sectors that are still lagging.   We'll be watching the dollar as it tests the rest lows.

    Good night and HappyTrading! ™

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