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Volatile Market Renders Trades On Both Sides: SPX, Nasdaq, MNST, FAS, PCLN, AAPL, GOOG, AMGN, REGN, ADBE, WSM, LULU, DSW, FDX, GLD

|Includes: AAPL, ADBE, AMGN, BKNG, DSW, FAS, FDX, GLD, GOOG, LULU, Monster Beverage Corp. (MNST), REGN, WSM

In my Market Forecast this weekend, I pointed out that SPX has support between 1550 and 1540. Yesterday, SPX came down to test 1550 and closed above; today, SPX tested 1540 then bounced again. Things opened higher this morning, but, selling soon took over. We found some nice intraday trades on both sides. MNST was particularly strong, and, we caught a nice trade on FAS puts:

  • 11:00 | Ecstatic Plays FAS ($160.20) Sold to Close 0322P163 Mar 163 calls, at $4.60 +39%
  • 10:56 | Ecstatic Plays FAS ($160.10) Sold to Close 0322P163 Mar 163 put, at $4.66 +41%
  • 08:53 | HappyTrading MNST ($50.10) Sold to Close 04C50 Apr 50 calls, at $2.00 +29%
  • 08:17 | Ecstatic Plays CF ($198.50) Sold to Close 0322P200 Mar 200 put, at $2.72 +16%

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Yesterday, in my article on AAPL, I mentioned that $460 may be a resistance. Today, AAPL tested $460 and pulled back. $440 should now be a support, and above $460, AAPL could see a breakout! GOOG jumped $10 in the morning, but only closed higher by $3.53. PCLN has been on a downhill run, falling from about $720 to $680 in just 5 trading sessions. AMGN popped $2 after reporting good results on its melanoma drug. REGN trade $7 higher intraday and ended up $5.17.

Last night, LULU gave profit warnings; its shares traded down just 2.76%. LULU reports Thursday morning. DSW fell 6.17% after delivering a disappointing quarter. After the market, ADBE jumped +5.64% as it raised its profit forecast. WSM reported a strong quarter and boosted its dividend, sending its shares up almost +6%.

The Dow was up +3.76 points; SPX slid 3.76 points; Nasdaq fell 8.5 points:

OIH (oil services) shed 2.24%, while XLE (energy) dropped 1.1%. XME (metals and mining) fell another 1.44%.


SPX slid 3.76 points to close at 1548.34. It closed just below its 10-day MA. The MACD went lower.


Nasdaq fell 8.5 points to close at 3229.1. It also close below its 10-day MA.

It seems that dip-buyers are still buying every dip. But, high-flyers definitely have been seeing profit-taking. I think we'll see a volatile week this week, as things consolidate. Tomorrow, investors will be watching the Fed, in addition to any further development in Cyprus. FDX will report in the morning and ORCL in the afternoon; both could provide some impetus for movements. Gold seems to have turned the corner as well. So, let's keep an eye on GLD tomorrow!

Good night and HappyTrading! ™

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