Last night, Asian markets were down huge, which Japan's Nikkei down more than 1,000 points! On the US side, market futures were down over 2%. This morning, it looked like the weakness was going to hold and SPX quickly sank down to test 1260, seeing a day low of 1261.12 in the first 15 minutes. However, dip-buyers came in almost immediately.
FFIV opened at $105.21 and went down to $104.9, but, closed at $110.67, up +1.56% for the day. CMG opened at $249.85 and closed at $258, up +1.08%. FCX opened at $47 and closed at $51.43, up +5.11%. CMI opened at $94.16 and went above $100 briefly, before closing at $99.93, up +2.44%. Similar bounces were all across the board, although most still closed in the red.
The market itself ended down only a little more than 1%. Comparing to the Asian markets from last night, we escaped a potentially disasterous day!
NFLX bucked the trend from the beginning with Goldman's new $300 target! NFLX was up $18 intraday before coming down a little to close at $217.11, up $15.91 or +7.91%. Solars were still hot as Japan was still fighting to stabilize its nuclear reactors: FSLR +8.17%, TSL +8.77%, LDK +9.33%, SOLR +6.08%.
We caught a nice day-trade on FSLR March 155 calls and pocketed profits as high as +79% in just a couple of hours:
- March 15, 2011
- 01:01 | HappyTrading FSLR ($169.50) Sold to Close 03C155 Mar 155 calls, at $6.00 +79%
- 12:34 | HappyTrading FSLR ($159.00) Sold to Close 03C155 Mar 155 calls, at $5.60 +67%
- 12:28 | HappyTrading FSLR ($158.20) Sold to Close 03C155 Mar 155 calls, at $5.10 +52%
- 10:57 | HappyTrading FSLR ($155.40) Bought to Open 03C155 Mar 155 calls, at $3.35
After the market, RMBS jumped almost +8% on a renewed licensing agreement.
The Dow closed down 137.74 points; SPX lost 14.52 points; Nasdaq fell 33.64 points:
USO (oil) fell 3.72%. SLV (silver) and GLD (gold) were both lower. XME (metals and mining) came back to close just in the green. XLF (financials) slid 1.16%. SOXX (semiconductors) and INX2 (internet) were both down. FXI (Chinese ADRs) dropped 1.74%.
SPX lost 14.52 points to close at 1281.87. Its daily MAs and MACD went down.
Nasdaq fell 33.64 points to close at 2667.33. Its daily MAs and MACD were also lower.
Although the market escaped a disasterous day, both SPX and Nasdaq sank down along the daily lower BB. Their daily MAs continued to sink, slipping into bearish formations. The market may have bounced up from the morning low today, but, it looks like the overall momentum has shifted to the downside, for now. VIX popped above 24 today, which is another sign of caution for the market. We could see this bounce carry into tomorrow's trading, but, I don't think this downturn is done just yet!