The market was a bit "wobbly" today. It started out weak, and was able to regain its footing. But, in the afternoon, it slipped into the close. Well, the market has been going up and up. People are bound to take profits. We locked in our profits in the morning today, on GS and FSLR calls:
08:11 | HappyTrading FSLR ($129.90) Sold to Close QHBDZ Apr 130 calls, at $10.90 +22%
07:22 | HappyTrading FSLR ($132.20) Sold to Close QHBDZ Apr 130 calls, at $12.10 +36%
07:20 | HappyTrading GS ($113.10) Sold to Close GSDA Apr 105 calls, at $14.05 +60%
07:14 | HappyTrading GS ($113.00) Sold to Close GSDA Apr 105 calls, at $13.70 +56%
We got a little optimistic on the fertilizers, especially MOS, CF, and POT, as they stayed strong as the market became shaky. In the end, they, too, got dragged lower as the market retreated. We exited out of the POT calls for a small loss before the market close:
12:20 | HappyTrading POT ($83.65) Sold to Close PYPDQ Apr 85 calls, at $5.50 -7%
Financials finally saw some profit-taking. STI dropped 8.43%. JPM los 8.52%. GS gave in near the close and slipped into the red, down 1.19%. CME fell more than 10% after the recent +25% gain.
Our "star" member tonight is "Skymist", who has been just ripping on the penny stocks. Here are some of her trades:
Skymist
FREE is up 29%. I have a fairly gigantic gain on it. Feels good.
Skymist NGLS: Targa Resources has fallen a bit relative to its peers due to profit taking. This would be a good moment to buy some.
Skymist FREE: Freeseas is up almost 32%! I have nearly 20% of my entire portfolio worth in the stock. So, this day is, I believe, the single largest one-day gain in a single stock I have had all year. It is a good thing when you buy a lot of a stock then later see it ranked number 3 in the days top gainers across the entire stock market (of stocks over $1). Still, I don't feel at all surprised. It's doing exactly what it did last time (in December, mid month short squeeze, big gain that time too.) So everything is more or less how I thought it would be. Did you ever buy any, Quarryman? Not too many of us here bottom feeding, I guess.
FTK: up big today too! I know Qman is with me on this one. Nice.
TXCO: stuck in the mud, but I did not buy much, so I will watch this a bit more. Oil needs to be $60 for this to move.
QUARRYMAN Yo Skymist! Just checked in to see a nice up move on FTK. Thanks, up 26% on the equity side in 2 days.
Skymist
BBEP: popped at EOD, so I took a quick sale at 7.25 for .75/sh profit. Leaving GTC buy-in orders at 7.07 and 6.95 to scale back in.
Those are some awesome "happy" trading, Skymist!! Congrats!! 
We knew the market was getting a bit overbought, so, we locked in our profits in the morning. Also, Congress will begin working on Obama's budget tomorrow. We have seen how the market hates the uncertainties caused political dramas. So, we witnessed additional selling pressure.
The Dow closed down 115.89 points; SPX lost 16.8 points; Nasdaq fell 39.25 points:
Most sectors were slightly in the red. XME (metals and mining) managed to stay on the green side. XLF (financials) gave up 4.8%. Across the board, sectors lost about 2%, consistent with the market indices.
SPX
SPX lost 16.8 points to close at 806.12. It managed to stay above the 800 level. The MACD went higher.
Both SPX and Nasdaq stayed above their support levels (SPX 800 and Nasdaq 1500). We are only looking at SPX's chart tonight as Nasdaq also depicts the same picture. Both indices are seeing the 10-day MA crossing above the 30-day MA, and the 20-day MA has turned up. The MACD continues to rise. The market has gone quite far these past 3 weeks. With the debate on Obama's budget looming, it is a good place to take a rest and lock in profits. SPX 800 and Nasdaq 1500 may be tested tomorrow. Below those levels, the 10-day MA will be the next support.
In the recent months, the stock market did not do well when the political drama lingers in Congress. The debate on the budget could give the market's recent rally, and perhaps the recent change in the market sentiment, a real test!
Good night and HappyTrading! ™
