The market was mostly weak today, as foreclosure problems troubled the financial sector: GS -2.03%, WFC -4.22%, JPM -2.81%, STI -4.23%. But, the market experienced a minor rally that basically took the market back to flat. Besides the weakness in the financials, mining stocks saw some profit-taking after yesterday's big jump.
FSLR got a nice pop today after announcing plans to build two new factories. FSLR traded above $145 intraday before settling down to close at $142.27, up +3.9% for the day. After the market, GOOG delivered a blowout quarter with income rising +32%. GOOG shares vaulted +9% this evening, trading at around $590! STX released a statement about receiving a buyout interest to take it private. STX jumped more than +20% in after-hours! WDC also got a boost from the news, up +8.51%.
The Dow was down 1.51 points; SPX slid 4.29 points; Nasdaq lost 5.85 points:
SLV (silver) jumped +2.29% and GLD (gold) also pushed higher. Most industrials were slightly on the red side. DBA (agricultural commodities) still made a small gain. INX2 (internet) closed in the green ahead of GOOG's earnings. FXI (Chinese ADRs) went up slightly.
As the market gets toppier, it starts to show signs of nervousness. VIX jumped up to test 21 today, and closing just below 20. The weakness in the financials are keeping the market on its toes. However, earnings and M&A activities seem to keep investors/traders in the market for now. But, the market could get a quick pullback soon to catch its breath. We've been locking in profits all week, which we'll discuss in this week's wrap-up report. In the Trading Room, we are calling out quick trade opportunities to go along with the usual manuevers during the options expiration week, while staying mostly in cash.