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Slow Day into the End of the Quarter

|Includes: AAPL, BBY, QCOM, Transocean Ltd. (RIG)

Locking in more gains as the market air gets thinner!

  • March 30, 2010
  • 06:59 | Bagger Vance RIG ($84.00) Sold to Close RIG 04172010 85 C Apr 85 calls, at $1.60 +45%
  • 06:47 | Bagger Vance BBY ($43.00) Sold to Close BBY 04172010 36 C Apr 36 calls, at $7.00 +226%
  • 06:44 | Bagger Vance AAPL ($236.50) Sold to Close AJL 04172010 230 C Apr 230 calls, at $9.50 +150%
  • 06:43 | Bagger Vance QCOM ($42.45) Sold to Close AAO 04172010 37 C Apr 37 calls, at $5.25 +114%

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Tomorrow brings the end of the month and quarter and it seems that it'll be a good one for the bulls.  Indices are going to post 5-9% gains across the board, one of the best first quarters in a few years.  Breadth and volume are still an issues as the market rotation continues.  Today the commodities were beat up but durables, chemicals and tech were the flavors of the day.  Bonds were also subdued and perhaps are ready for a leg lower (yields up) if the jobs report is better than expected.  RIMM earnings are out tomorrow evening and I look for a good report and reaction.

Hit 'em straight....Bagger 

 

The Big 100

I wondered about this zone of the SPX that seems to cause so much angst for bulls and bears alike.  Once that big 1100 number was passed then tested, it's been a struggle up, but even more frustrating to those expecting downside.  So, I went back in time on the charts to see if this area was significant.  Alas, there was a day in 2008, specifically Sept 29 that saw the SPX move down more than 100 points that day, and it engulfed the full 1100-1200 range.  It was an amazing day and drop, only to be surpassed twice over the next couple of weeks.  But those were the aftershocks from the earthquake on the 29th, and are much lower than where the indices are now.  So, we struggle in this 100 point range, because of the give n' go.  If 1200 is exceeded and tested (much like 1100), there may be some more good upside to be had.