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Financials And Techs Lead The Market In Bounce: SPX, Nasdaq, POT, MOO, HBAN, STT, FITB

|Includes: FITB, HBAN, MOO, Nutrien Ltd. (NTR), STT

After 3 days of profit-taking, the market was strong right from the open today.  Financials and techs led the rebound.  Regional banks were especially jumpy:  HBAN +7.03%, STT +6.52%, FITB +7.12%.  Agriculture stocks continued to push higher.  We got back into both POT and MOO and again scored some nice trades:

May 14, 2009
12:50 | HappyTrading MOS ($50.70) Sold to Close MOSFI Jun 45 calls, at $7.50 +32%
12:19 | HappyTrading POT ($107.30) Sold to Close PYPEA May 105 calls, at $3.20 +7%
11:40 | HappyTrading POT ($108.30) Sold to Close PYPEA May 105 calls, at $4.00 +34%
11:28 | HappyTrading MOS ($49.60) Sold to Close MOSFI Jun 45 calls, at $6.70 +18%

The Dow was up +46.43 points; SPX added +9.15 points; Nasdaq gained +25.02 points:
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SOXX (semiconductors) bounced back +3.2%.  XLF (financials) added +3.34%.  MOO (agriculture) added +2.64%.  Commodity secotrs also showed renewed strength: XME (metals and mining) +1.65%; USO (oil) +0.65%; UNG (natural gas) +1.62%; PBW (clean energy) +3.11%.  FXI (Chinese ADRs) rose +0.57%.

SPX
http://www.myhappytrad...
SPX added +9.15 points to close at 893.07.  It stayed above its 20-day MA.  The MACD was slightly down.

Nasdaq
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Nasdaq gained +25.02 points to close at 1689.21.  It closed above the 30-day MA, but, below the 1700 level.  Its MACD was lower.

Well, the market stopped the bleeding, as least for now.  SPX used its 20-day MA as support, while Nasdaq bounced off of its 30-day MA.  VIX went lower again and closed under 32.  Its daily chart is now showing a new leg down.  We could see VIX into the 20s from here, which would be a good sign for the market.  Tomorrow is options expiration day.  Both SPX and Nasdaq are near their key levels: SPX 900 and Nasdaq 1700.  It would be a mental blow to the bears if SPX and Nasdaq can close the week above those key levels.

Good night and HappyTrading! ™