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Market Still Range-Bound? SPX, Nasdaq, AAPL, NFLX, AIG, ESI, APOL, DV, COCO, CECO, CF, AGU, MOS, POT, ACN, GYMB

|Includes:Apple Inc. (AAPL), ACN, AGU, AIG, APOL, CECO, CF, COCO, DV, ESI, GYMB, MOS, NFLX, POT

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This morning, the market jumped higher at open, as jobless claims dropped.  However, the buying did not last for more than an hour before the selling started.  The market rallied all month and has been trading in a tight range around SPX 1140 for almost 2 weeks.  SPX got close to 1160 this morning and it triggered heavy profit-taking.  NFLX, which touched a fresh, new all-time high near the open at $174.4, ended down $8.47 at $162.16.  AAPL tested $290 again, but fell back and closed down $3.62 at $283.75.  CMG, another high-flyer, recorded $177.69 as the new all-time high, slipped to $172 at the close, down $4.03.

AIG and the US government has reached an agreement for AIG to exit the bailout program.  AIG jumped above $40 in the morning and we locked in our profits.  We got into the Oct 37 calls on Monday and took some profits yesterday when AIG popped above $38.  This morning, we took the rest of the trade off for an +88% profit:

September 30, 2010
07:15 | HappyTrading AIG ($39.70) Sold to Close 10C37 Oct 37 calls, at $3.00 +88%

September 29, 2010
07:41 | HappyTrading AIG ($38.40) Sold to Close 10C37 Oct 37 calls, at $2.20 +38%

September 27, 2010
07:47 | HappyTrading AIG ($37.70) Bought to Open 10C37 Oct 37 calls, at $1.60

The agriculture stocks were hammered yesterday and today.  CF recently went up to almost $104, and closed today at $95.5.  AGU lost 2.55% today and MOS fell 3.61% (earnings on Monday).  POT has continued to slide while while investors await for the buyout saga to unfold.  POT had jumped above $153 after BHP's unsolicited $39 billion bid; it closed today at $144.04.

While most sectors pulled back today, the education stocks soared:  ESI +6.96%; DV +4.95%; CECO +5.19%; COCO +7.34%.

After the market, ACN reported a strong quarter and raised its dividend.  ACN shares were up +3.39% after the news.  GYMB is looking for a buyer, according to WSJ.  GYMB shares jumped more than +20% in after-hours trading!

The Dow was down 47.23 points; SPX slid 3.53 points; Nasdaq fell 7.94 points:

MOO (agriculture) fell 1.74%.  XLF (financials) was still in the red.  OIH (oil services) slid 0.86% while USO (oil) jumped +2.65%.  GLD (gold) and SLV (silver) were flat.  FXI (Chinese ADRs) went up slightly.

SPX

SPX was down 3.53 points to close at 1141.2.  It closed just above the 10-day MA.  The MACD flattened.

Nasdaq

Nasdaq fell 7.94 points to close at 2368.62.  It managed to stay above the 10-day MA.  The MACD stayed flat.

As mentioned above, SPX got close at 1160 today.  Nasdaq tested 2400.  But, both were unable to hold their gains.  VIX popped higher and closed at 23.7.  The market does not seem ready to break higher yet, as I mentioned on Tuesday about the "directionless" trading.  Even with the favorable job data this morning, it only triggered more profit-taking.  Perhaps, we'll have to wait and see how earnings reports come in starting next week.

Good night and HappyTrading! ™ (click to see our Facebook Page)

Stocks: AAPL, NFLX, AIG, ESI, APOL, DV, COCO, CECO, CF, AGU, MOS, POT, ACN, GYMB