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Market Jumps On Healthier Economy!

|Includes: AAPL, CREE, FFIV, LVS, NFLX, Wynn Resorts, Limited (WYNN), X

The market was strong today as stronger reports on jobs and services industries painted a better economic picture.  Casino stocks broke out to new heights:  WYNN added +6.3% and LVS soared +9.67%.  We caught a quick intraday trade on WYNN for a +50% gain:

April 05, 2010
12:15 | HappyTrading WYNN ($82.10) Sold to Close 04C75 Apr 75 calls, at $7.50 +50%
07:50 | HappyTrading WYNN ($80.95) Sold to Close 04C75 Apr 75 calls, at $6.50 +30%
06:42 | HappyTrading WYNN ($79.00) Bought to Open 04C75 Apr 75 calls, at $5.00

There are also members who got into WYNN last week on a high strike, tripling their original investment:
Frosty Muggs April 5, 2010 12:53 PM
WYNN - All gone at $3.70 from $1.05 +252%

CREE added nearly +10% on an upgrade, up +$7.03!  FFIV gained more than +5% and we cashed out on some profits:
April 05, 2010
09:58 | HappyTrading FFIV ($65.67) Sold to Close 04C60 Apr 60 calls, at $5.90 +51%

AAPL was a bit on the volatile side as its iPad went into the stores this weekend.  Initial accounting said that more than 300,000 iPads were sold this weekend.  AAPL managed to closed higher by $2.52.  I think AAPL is heading into the $240s this week.  NFLX got a big boost today with its free app on iPad.  NFLX shares reached a new all-time at just above $80, up +6.65% on the day!

The Dow was up +46.48 points; SPX added +9.34 points; Nasdaq gained +26.95 points:

Most sectors participated today.  Commodity sectors remained strong:  XME (metals and mining) +3.06%, OIH (oil services) +2.04%, XLE (energy) +1.78%.  SOXX (semiconductors) led the techs with +2.98% gain.  USO (oil) and UNG (natural gas) both went higher.  FXI (Chinese ADRs) tacked on another +1.2%.


SPX added +9.34 points to close at 1187.44.  It caught up with its daily upper BB and its MACD turned up.


Nasdaq gained +26.95 points to close at 2429.53, just below its daily upper BB.  Its MACD flattened.

Both SPX and Nasdaq have cleared their key levels (SPX 1170 and Nasdaq 2400) and are basically at their respective daily upper BBs.  Financials and techs saw renewed strength today (see Sector Watch), as commodity sectors glided higher.  Energy stocks have gone quite far in the past 5 trading sessions and may need a quick breather.  We should see SPX 1190 tested soon.  Coal stocks are still strong and seem to want to push higher.  Steel stock are also healthy, as I said this weekend in my Sector Watch "X closed above $65 and looks ready for a new leg up."  X hit a new 52-week high today going just above $69/share.  I think we'll see X test $70 soon.

Good night and HappyTrading! ™ (click to see our Facebook Page)

Disclosure: no positions