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Market Rallies On Jobs Data: SPX, Nasdaq, PCLN, GOOG, AAPL, BLK, WYNN, LVS, CLF, WLT, BTU, ACI, XLNX, ALTR

|Includes: AAPL, ARCH, Booking Holdings Inc. (BKNG), BLK, BTU, CLF, GOOG, INTC, LVS, WLT, WYNN, XLNX

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After yesterday's ADP report and this morning's jobless claims, which showed improved in hiring, the market jumped higher at open and glided up throughout the day.  Coal stocks were really strong today, continuing their bounce from yesterday, as Bagger Vance commented in the Trading Room:
Bagger Vance March 2, 2011 11:01 AM
strong move with coals today - adding some ACI, BTU

Today, BTU popped +5.11%, receiving a target raise to $80; BTU closed at $69.32.  ACI was up +2.54%.  CLF and WLT were also strong, up +3.7% and +3.54%, respectively.

AAPL also got a target raise to $450.  AAPL shares added +$7.44.  PCLN jumped +$15.61 while GOOG bounced $8.77.  In the financial sector, BLK was very strong, gaining +4.85%, or $9.585.  BLK was called out early in the Trading Room today:
March 3, 2011 7:13 AM
up $5

March 3, 2011 7:19 AM
really strong

March 3, 2011 8:00 AM
still liking this one...

WYNN has been really strong for the past 5 trading sessions, trading from about $117/share to today's close of $130.53.  It broke out to a new 52-week high intraday, at $131.08.  On the other hand, LVS has been trading lower since Tuesday's SEC probe into its Maucau unit for making improper payments to foreign officials to win or retain business.  LVS was down 0.9% today.

The Dow finished up +191.4 points; SPX added +22.53 points; Nasdaq gained +50.67 points:

SOXX (semiconductors) added +1.9%.  OIH (oil services) gained +1.59%.  XME (metals and mining) popped +2.44%.  XLF (financials) advanced +2.04%.  SLV (silver) and GLD (gold) both suffered a pullback.  FXI (Chinese ADRs) rose +1.79%.


SPX added +22.53 points to close at 1330.97.  It closed above its daily MAs.  The MACD turned up.


Nasdaq gained +50.67 points to close at 2798.74, just shy of 2800.  Its daily MAs flattened and the MACD went higher.

In my Market Forecst this weekend, I pointed out the strength in the semiconductors (NASDAQ:SOXX):

"If SOXX continues to push higher, we may not see the present pullback go much lower.  So, we'll be watch SOXX carefully."

Yesterday, JP Morgan upgraded the whole sector as XLNX led the group with a gain of nearly +6%.  ALTR has also been really strong, up +4.1% today on top of yesterday's +3% win. 

Today's strength was really across the board.  Mining and energy stocks helped SPX to a close above 1330.  Tomorrow, the market will get the latest unemployment rate.  We'll see if it will validate today's optimism!

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