The market overcame some "morning sickness" and ended the day higher. Techs were strong ahead of INTC's earnings. GOOG jumped more than $14, or +2.45%. RIMM added more than +$2, trading back above $72. IBM, FFIV, and BRCM were also strong. REITs broke higher yet again! In our Trading Room, I alerted our members early:
April 13, 2010 7:47 AM
SPG, MAC coming back up...
and gave a quick target
April 13, 2010 9:23 AM
keeps rising; recent high $88.
SPG went up $3.15 today, closing at $88.18. The Apr 85 calls opened at $1.2 and went as high as $3.6, a triple from the open price! They closed at $3.2. MAC advanced +3.84% and CBL was +2.32% higher.
Education stocks drew buyers' attention today as Credit Suiss upgraded the sector: ESI +9.58% (up $10.42), BPI +9.39%, CECO +6.71%, DV +10.25%. Most of these stocks saw new 52-week high today.
After the market today, INTC reported blowout earnings with a quarterly profit that almost quadrupled! INTC shares were up almost +4% in after-hours trading. CSX also gave a strong report, earning 78 cents per share vs. a consensus of 69 cents per share. CSX rose +1.26% this evening. LLTC delivered a quaterly result that more than doubled from the year before. LLTC shares trade +2.86% higher after the report.
The Dow was up +13.45 points; SPX added just +0.82 points; Nasdaq gained +8.12 points:
Commodity sectors were on the weak side, pulling back a bit on AA's earnings last night. OIH (oil services), GDX (gold miners), and XME (metals and mining) all finished slightly red. XLF (financials) was basically flat. Techs helped keep the market's altitude with SOXX (semiconductors) rising +0.62%.
The major indices charts were little changed and still progressing according my Market Forecast this weekend. So, we'll look at the charts another night. VIX finished in the green, just above 16, a neutral position ahead of JPM's earnings repot tomorrow morning. Techs should see strength tomorrow. We'll have to see if JPM can also deliver inspiring quarterly results tomorrow. If the financials rally as well, we should see SPX push above 1200.
Good night and HappyTrading! ™
Disclosure: long: RIMM, FFIV, GOOG