The market saw profit-taking today in the commodity sectors. Gold traded above $1000 in the morning, but, closed below $995/ounce. Oil prices were flat. With 1/2 hour before the close yesterday, I said in our Trading Room:
September 8, 2009 12:33 PM
feels like it wants to go higher, but, intraday charts are toppy, so, it is hesitating... better to breathe a little first and continue tomorrow late morning... pushing too hard now might invite more profit-taking...
can keep help keep the market up...
Indeed, today, we saw the strength in the financials: MA +1.38%; BLK +1.33%; COF +5.73%; WFC +2.59$; GS +1.82%. Techs also helped to keep the market higher today. Semiconductros were strong with JNPR leading the way jumping +7.62%, as it confirmed that the demand in its service provider business has picked up. After the market, TXN raised its 3Q profit outlook. Its shares traded only slightly higher in after-hours.
Yesterday, FSLR announced a deal from China to build the largest solar field on the planet. We jumped into the Sept 140 calls at $3.4:
September 08, 2009
12:35 | HappyTrading FSLR ($133.50) Bought to Open QHBIH Sep 140 calls, at $3.40
This morning we cashed them out for an overnight +150% gain:
September 09, 2009
07:01 | HappyTrading FSLR ($144.10) Sold to Close QHBIH Sep 140 calls, at $8.50 +150%
We cashed these out at near the top, again! These options traded as high as $8.7 (just 20 cents above our exit) and actually ended at $3.5!!
Our members were quite ecstatic to wake up to a big overnight gaine:
ZeroCred September 9, 2009 7:00 AM
HOLY COW. FSLR.
agarmoney September 9, 2009 7:35 AM
Thanks for the info on FSLR yesterday Happy, I would have sold for much less if not for you
QuarryMan September 9, 2009 7:54 AM
Thanks, Happy! In at 3.54 yesterday a little after your email out just now at $8.10 128% gain overnight!
The Dow ended +49.88 points higher; SPX added +7.98 points; Nasdaq gained +22.62 points:
Techs were strong today with INX2 (internet) added +2.12%. XLF (financials) was up +1.53%. GLD (gold) and SLV (silver) closed slightly lower. USO (oil) was flat. XME (metals and mining) and XLE (energy) saw profit-taking, but, managed to stay green. FXI (Chinese ADRs) slid less than 1%.
SPX added +7.98 points to close at 1033.37 (new 2009 closing high). Its daily MAs and MACD went higher.
Nasdaq gained +22.62 points to close at 2060.39 (new 2009 high). It caught up with its daily upper BB. Its daily MAs and MACD curved up.
With SPX at a new 2009 closing high and Nasdaq at a new 2009 high, the market looks strong. Nasdaq has already caught up with its rising daily upper BB and can start riding it up higher! VIX sank to close below 25 today and could test the support at 23 again. The commodity sectors took a breather today. Coals and steels, however, were mostly green. Gold and silver plays finally saw some profit-taking today, but, I don't think they are done going up. We'll see if the commodity sectors can draw new buyers in tomorrow and resume their rally.
Good night and HappyTrading! ™