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  • Financials Help S&P 500 To New High! SPX, Nasdaq, GS, C, PNC, STI, V, MA, RIMM, GOOG, AMZN, AAPL, FSLR, STP, TSL 0 comments
    Mar 12, 2010 12:16 AM | about stocks: GS, C, PNC, STI, V, MA, BBRY, GOOG, AMZN, AAPL, FSLR, STP, TSL

    Financials stayed strong today and helped to push S&P 500 to a new 17-month closing high!  In my Market Forecast this weekend, I said, "... the market has gone quite far, so it may need a breather through the mid-week.  If the market can hold its altitude while letting off some steam, we could see the market push higher by the end of the week."  Sure enough, the market treaded water for a few days, and, in the last trading hour today, it pushed higher.  GS continued to glide higher, closing above $173/share today.  C jumped another +5.56%.  PNC broke higher, up +1.81%.  STI was seeing a lot of "call-buying" activities, being higher for the 6th consecutive trading session, adding another +2.23% today!  V and MA, mentioned on Tuesday, went up again.

    During the past couple of days, we cashed out on some good profits, including a +205% gain on GOOG:
    March 11, 2010
    08:09 | HappyTrading GOOG ($582.50) Sold to Close 03C570 Mar 570 calls, at $16.80 +205%

    March 10, 2010
    12:58 | HappyTrading GOOG ($577.40) Sold to Close 03C570 Mar 570 calls, at $12.50 +127%
    09:13 | HappyTrading WYNN ($71.65) Sold to Close 03C70 Mar 70 calls, at $2.60 +30%
    06:55 | HappyTrading RIMM ($74.78) Sold to Close 03C70 Mar 70 calls, at $5.00 +87%

    We also took profits on RIMM, which continued to go higher.  Those RIMM Mar 70 calls closed at $6.05 today.  AMZN broke out higher today, closing at $133.58, up +2.35%.  AAPL barely closed above $225.

    The Dow was up +44.51 points; SPX added +4.63 points; Nasdaq gained +9.51 points:

    BTK (biotechs) continued to see new highs.  Commodity sectors were mostly flat.  XLF (financials) added +0.84%.  PBW (clean energy) finally bounced, by +1.31%.  GLD (gold) and SLV (silver) came back up to close in the green after being down in the morning.  UNG (natural gas) sank another 3.24%, a new low.  FXI (Chinese ADRs) slid 0.39%.

    SPX

    SPX added +4.63 points to close at 1152.24, just above the 1150 level.  Its daily MAs and MACD went higher.

    Nasdaq

    Nasdaq gained +9.51 points to close at 2368.46.  Its daily MAs and MACD continued up.

    So, SPX finally pushed higher to close above that 1150 level.  Nasdaq has been much stronger, climbing a little higher each day.  As I pointed out in my Market Forecast, "techs should be strong in a bullish environment."  While the financials have been strong, the commodity sectors have been taking a break so far this week, especially the mining stocks.  After pushing higher last week, we saw profit-taking in gold; and, the mining stocks flatlined.  If GLD (gold ETF) can clear above $110, I think gold is going higher.  When gold goes up, mining stocks usually do well.  Sidelined money seems to be looking for sectors that have not broken out yet.  So, we'll be watching the mining stocks.  Another area that has been really weak is the solar stocks.  Today, we saw solar names start to attract some buyers.  FSLR added +2.47%; STP went up +2.11%; and, TSL gained +2.67%.  These should be ready to go higher if the market keeps its strength.

    Good night and HappyTrading! ™

    Stocks: GS, C, PNC, STI, V, MA, BBRY, GOOG, AMZN, AAPL, FSLR, STP, TSL
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