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Market Continued To Bounce Despite Weak Jobs Numbers: SPX, Nasdaq, BTU, WLT, CLF, NFLX, PCLN, CMG, MA, GES, NTAP, TIF, MRVL, OVTI, BCSI, FFIV

|Includes: BCSI, Peabody Energy Corp. (BTU), CLF, CMG, FFIV, GES, MA, MRVL, NFLX, NTAP, OVTI, PCLN, TIF, WLT

The market opened on the downside today after weak jobs numbers.  However, buyers continued to come in, driving stocks higher.  Coal stocks were strong again:  WLT +3.25%, BTU +4.05%, CLF +1.26%.  Meanwhile, high-flyers just keep flying higher!  PCLN popped +6.3.  CMG and NFLX recorded new all-time highs; NFLX added +1.65% and traded as high as $265.88, while CMG jumped as high as $293.53 and closed up +2.38%.  MA had a strong day, addinig $7.62.

On the earnings front, GES and NTAP reported better than estimates last night.  GES vaulted +11.15% and NTAP rose +6.92%.  This morning, TIF delivered a strong quarter and raised yearly forecast.  TIF shares hopped +8.57%.  After the market, MRVL gave an upbeat forecast, driving its shares up +8.86%.  OVTI posted a strong quarter, but, its shares fell 5.85%.  OVTI had already been moving higher ahead of its earnings and was trading near its all-time high.  This drop on a strong quarterly report may be a buying opportunity.  BCSI's outlook disappointed investors and its shares fell 6.8% on top of the 4.12 drop during the day!

The Dow was up +8.1 points; SPX added +5.22 points; Nasdaq gained +21.54 points:

Most sectors were slightly higher.  However, GLD (gold), SLV (silver), and USO (oil) went lower.  FDN (internets) and SOXX (semiconductors) were about +1% higher.  XME (metals and mining) and XLE (energy) were up.  XLF (financials) closed in the green as well.

SPX

SPX added +5.22 points to close at 1325.69, above 1320.  But, it closed below its daily MAs and the bull trend trendline.  MACD flattened.

Nasdaq

Nasdaq gained +21.54 points to close at 2782.92, above 2780.  It, too, closed below its daily MAs and its bull trend trendline.  Its MACD was flat.

On Tuesday, I pointed out that the bull trend, which started in September 2010, could be broken.  Today, although SPX and Nasdaq closed above their respective support levels, both are still below their respective bull trend trendlines.  It would be impressively bullish if the markets can close out the week, ahead of the Memorial Day holiday on Monday, above these trendlines.  We'll see how the markets go tomorrow.  Energy and miners will be very crucial.  Techs should go higher if the broader market is strong.  MRVL gave a strong report and should help the techs.  We got out of FFIV early today, but, FFIV looks to be ready to break out and should be bought on any pullback, especially if the bull trend continues!

I'll be out of the Trading Room for most of the day tomorrow.  Mr. Bagger Vance will have the helm.

Good night and HappyTrading! ™

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