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  • Commodity Sectors Bounce! SPX, Nasdaq, SNDA, BIIB, ISRG, GOOG, GS, VCLK, MOS, POT  0 comments
    Apr 8, 2009 9:23 PM | about stocks: SNDA, BIIB, ISRG, GOOG, GS, CNVR, MOS, POT

    The market was again volatile.  It was strong in the morning, but, fell back in the afternoon.  But, in the last half-hour, the market was able to rally and close in the green!  The breadth was pretty good.  Most sectors were up.  Even the financials managed to make some gains.  Techs were strong and commodity-related sectors finally bounced, which helped to give the market some extra fuel. 

    Here are some interesting stocks:  SNDA, which we mentioned a week ago, made a new all-time high at $46.14.  It closed at $45.07, up +5.75%.  This is getting toppy, but, I think it has a some more room to go; maybe to $48?  BIIB continued where it left off yesterday and pushed higher.  We cashed out another batch at +103%, and got the "day high" yet again:

    08:17 | HappyTrading BIIB ($55.30) Sold to Close IDKDJ Apr 50 calls, at $6.10 +103%

    BIIB has had some violent, intraday, fluctuactions.  It went as high as $55.34, but, closed at $53.64.  These Apr 50 calls on BIIB closed at $4.1, unchanged for the day.  We also did some quick trades on GOOG and ISRG.  I opted to cash them out as the market got volatile near the close.  ISRG is shaping up really well for a breakout.  GOOG is also looking very strong.  I also got shaken out of GS for a 33% loss, but, will look to get back in if the market gets stronger.  Both GOOG and GS will report next week.  VCLK has had some buyout rumors circulating around it again.  It has climbed from $6 to now $9.44 in a month!!  MOS, which reported yesterday, and, not particularly well, ended up +6.22%!!  POT climbed +3.54%.

    The Dow finished up +47.55 points; SPX added +9.61 points; Nasdaq gained +29.05 points:
    http://www.myhappytrading.com/cfs-file.ashx/__key/CommunityServer.Blogs.Components.WeblogFiles/andy_5F00_wang.Apr09/indices_5F00_4_5F00_8_5F00_09.jpg
    Commodity sectors bounced today:  XME (metals and mining) +2.21%; OIH (oil services) +1.62%; XLE (energy) +1.28%; USO (oil) +1.9%; UNG (natural gas) +2.15%.  SOXX (semiconductors) led the techs with a +2.89% gain.  PBW (clean energy) bounced +3.07%.  XLF (financials) was barely green.  FXI (Chinese ADRs) advanced +0.73%.

    SPX
    http://www.myhappytrading.com/cfs-file.ashx/__key/CommunityServer.Blogs.Components.WeblogFiles/andy_5F00_wang.Apr09/SPX_5F00_4_5F00_8_5F00_09.jpg
    SPX added +9.61 points to close at 825.16.  It went back above its 10-day MA.  The MACD was lower.Nasdaq gained +29.05 points to close at 1590.66.  It bounced off its 10-day MA and closed near 1600 again!

     

    Nasdaq
    http://www.myhappytrading.com/cfs-file.ashx/__key/CommunityServer.Blogs.Components.WeblogFiles/andy_5F00_wang.Apr09/Nasdaq_5F00_4_5F00_8_5F00_09.jpg
    Nasdaq gained +29.05 points to close at 1590.66.  It bounced off its 10-day MA and closed near 1600 again!

    This weekend, in my Market Forecast, I mentioned that if the market wants to go higher this week, we'll need to see energy-related sectors participate in the rally.  On Monday and Tuesday, the energy sectors were weak, and the market went lower.  Today, the energy sectors bounced, and, the market rallied.  It is also encouraging to see the semiconductors (NASDAQ:SOXX) up strongly today.  As I have mentioned before, I think the "semis" are going to be very important in the market's recovery.  The late buying actions today were very encouraging as both SPX and Nasdaq closed above their respective 10-day MAs.  This also shows, to me, that the sidelined money is gradually coming back into the stock market.  There are buyers on pullbacks!!  If SPX can push above 830, the market should test SPX 850 again!  We are still range-bound until SPX 850 is broken.
     

    Good night and HappyTrading! ™

    SNDA none, BIIB long, ISRG long, GOOG none, GS none, VCLK none, MOS none, POT none

    Stocks: SNDA, BIIB, ISRG, GOOG, GS, CNVR, MOS, POT
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