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Market Rests After Easter Rally! SPX, Nasdaq, GS, BIDU, TSL, GOOG, BIIB, ESRX, WLP, INTC     

Yesterday, in my Market Forecast, I mentioned that "[t]he market may be a bit hesitant on Monday after the powerful run-up last week."  The market opened lower, but, fought its way back to the green, although the Dow still closed down.  Financials were strong once again.  Gold bounced.  Energy sectors were weak in the morning, but, strenghtened in the afternoon.  As the market was toppy, we locked in profits on many of our positions:

April 13, 2009
12:58 | HappyTrading BIIB ($52.90) Sold to Close IDKDJ Mar 50 calls, at $3.30 +10%
12:48 | HappyTrading TSL ($13.30) Sold to Close TSLDU Mar 10 calls, at $3.30 +43%
10:56 | HappyTrading BIDU ($200.50) Sold to Close BDUDT Apr 200 calls, at $7.00 +40%
07:34 | HappyTrading GOOG ($377.80) Sold to Close GOPDP Apr 380 calls, at $14.00 +32%
07:26 | HappyTrading GS ($129.20) Sold to Close GSDC Apr 115 calls, at $16.00 +112%

Even though GS was very strong ahead of its earnings, I opted to cash out on the rest of my Apr 115 calls for a +112% gain.  GS's intraday charts were very toppy.  After the market, GS announced its earnings report early (it was scheduled to report tomorrow morning).  It delivered a solid quarter, but, confirmed its plan to raise $5 billion from stock sale to pay back TARP.  GS shares were higher initially, but, ended down 1.49% in AH trading.  This does not necessarily mean that GS will drop tomorrow, but, it could provide us a good opportunity for re-entries.  We also took solid profits on BIDU, GOOG, and TSL.  I cashed the last part of the BIIB trade (which scored us as high as +103% last week), as I did not want to hold this until expiration.  I might look to pick up some May calls in BIIB.

ESRX announced plans to buy subsidiary units from WLP.  Both ESRX and WLP jumped higher today.  WLP gained just over +8%.  ESRX flew more than +15% higher!!  ESRX looked really strong, but, may need to rest a bit before going higher.

The Dow lost 25.57 points; SPX added +2.17 points; Nasdaq gained +0.77 points:

XLF (financials) pushed higher, gaining +4.23%.  GLD (gold) and SLV (silver) bounced.  USO (oil) lost 3.29%.  XME (metals and mining) added +3.24%.  FXI (Chinese ADRs) was +1% higher.

SPX

SPX added +2.17 points to close at 858.73.  Its daily MAs and MACD went higher.

Nasdaq

Nasdaq barely closed in the green, up just +0.77 points, closing at 1653.31.  It pushed its daily upper BB open.

The market basically closed flat today, although there were many solid gainers, especially in the financials.  Both SPX and Nasdaq pushed their respective daily upper BB open, hinting for more upwards movements.  But, the market does look toppy, and may need to take a rest and catch its breath.  GS's earnings numbers were encouraging, so, we'll see how the market reacts in the morning.  INTC will report after the market tomorrow and it is looking strong ahead of its quarterly results.

Good night and HappyTrading! ™


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