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Market Awaits Unemployment Report: SPX, Nasdaq, CF, AGU, MOS, POT, JOYG, LNN, AMZN, FSLR, TSL

|Includes: AMZN, CF Industries Holdings, Inc. (CF), FSLR, JOY, LNN, MOS, NTR, NTR, TSL

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The market hovered around, basically closing unchanged for the day.  Investors seemed cautious ahead of the unemployment report tomorrow.  Agriculture stocks, however, displayed some strength.  Yesterday, LNN, an irrigation equipment company, reported a strong quarter, sending its stock jumping almost $10 at the open.  After the market, MOS reported a record quarter,  but its revenue missed estimates.  MOS shares fell 2.11% today.  This morning, the Department of Agriculture said U.S. corn acreage will expand this year.  This brought buyers back into some the recently beaten down fertilizer stocks.  CF traded to almost $140 intraday, from yesterday's close of $132.61; it closed at 136.79, up +3.15%.  AGU added +2.92% and POT was up +1.29%.

In the tech space, AMZN has been really strong, after it announced "cloud" music service, in which users will be able to keep their music on Amazon's cloud drives.  AMZN shares popped $10 in just 2 sessions.  We bought Apr 175 calls on Tuesday and got more than a double the next day:

  • March 29, 2011
  • 07:05 | HappyTrading AMZN ($173.50) Bought to Open 04C175 Apr 175 calls, at $3.60

On Wednesday, we took profits on the Apr 175 calls and rolled up to the 180 calls, which we took profits off by the end of the day for an additional +25% (see the report on rolling up to higher strikes):

  • March 30, 2011
  • 12:03 | HappyTrading AMZN ($180.30) Sold to Close 04C180 Apr 180 calls, at $4.50 +25%
  • 07:32 | HappyTrading AMZN ($178.50) Bought to Open 04C180 Apr 180 calls, at $3.60
  • 07:02 | HappyTrading AMAN ($179.00) Sold to Close 04C175 Apr 179 calls, at $7.00 +94%
  • 06:44 | HappyTrading AMZN ($178.30) Sold to Close 04C175 Apr 175 calls, at $6.20 +72%

After Obama's talk on a change in energy policies that would favor solar and renewable energies, solar stocks are once again attracting buyers.  TSL has broken above $30 from last week's close of below $28.  FSLR jumped $5.45, or +3.51% today.  We took some profits on our Apr 160 calls for a +65% profit.  These were purchased on Monday at $3.1:

  • March 28, 2011
  • 07:17 | HappyTrading FSLR ($154.70) Bought to Open 04C160 Apr 160 calls, at $3.15
  • March 31, 2011
  • 12:20 | HappyTrading FSLR ($160.90) Sold to Close 04C160 Apr 160 calls, at $5.20 +65%

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The Dow was down 30.88 points; SPX slid 2.43 points; Nasdaq added +4.28 points:

USO (oil) jumped +2.26%.  GLD (gold) and SLV (silver) climbed higher.  Most sectors were little changed.  FXI (Chinese ADRs) added +1.15%.


SPX slid 2.43 points to close at 1325.83, below the 1330 level.  Its MACD was higher.


Nasdaq added +4.28 points to close at 2781.07.  Its 10-day MA and MACD went up.

Both SPX and Nasdaq were holding in a neutral zone today.  VIX was little changed as well.  It looks like the market is waiting for a slew of economic data that comes out tomorrow, including the latest unemployment rate.  Today, we saw the Chicago PMI rise, but, factory orders fell slightly in February.  The wait-and-see stance taken by the market seems appropriate for today.  To push higher, SPX will probably have to break above 1340, which was a resistance set back in February.

Good night and HappyTrading! ™

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