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Techs Lead The Market Higher! SPX, Nasdaq, JPM, GOOG, RIMM, AAPL, C     

This morning, the market had a muted reaction to JPM's earnings, which beat the estimates.  After some late morning weakness, the market strengthened and pushed higher.  Techs were particularly strong, anticipating a good quarter from GOOG.  GOOG closed up +2.43%.  RIMM jumped +5.65%.  AAPL gained +3.24%.  After the market, GOOG did not disappoint and delivered a very solid report.  Initially, GOOG traded above $410/share, but, later fell back, ending basically unchanged in after-hours trading.

The Dow was up +95.81 points; SPX added +13.24 points; Nasdaq hopped +43.64 points:

SOXX (semiconductors) lead the techs with +3.36% gain.  GLD (gold) and SLV (silver) both dropped lower.  OIH (oil services) garnered +3.05%.  XME (metals and mining) and XLE (energy) finished in the green.  XLF (financials) added +1.11% while HGX (housing) pushed +4.35% higher.  FXI (Chinese ADRs) slid slightly.

SPX

SPX added +13.24 points to clsoe at 865.3.  Its daily MAs and MACD went up!

Nasdaq

Nasdaq gained +43.64 points to close at 1670.44.  Its daily MAs continued higher.  The MACD was flat.

Both SPX and Nasdaq are looking strong, closing above last Thursday's closed (Easter Rally).  Yesterady, I mentioned that SRS and SKF could push lower.  SRS closed below $30 today and SKF barely closed above $60.  VIX also went lower.  The market looks to be in the process of a new leg up!  Asian markets are solidly higher, although US market futures are down.  Tomorrow is the expiration day for April options, so, some manipulations may be going on.  I don't necessarily trust the after-hours reaction to GOOG's earnings, although I did cashed out my GOOG 380 calls for an +84% gain.  I did not want to wait for GOOG earnings.  The "non-reaction" this afternoon may just give us a chance to get in tomorrow.  Since GOOG did not jump higher after the market, out-of-money and near-the-money options will probably lose value at the open tomorrow morning, unless GOOG drives higher before the market opens.  C reports in the morning.  So, we'll wait and see how the market reacts.

Good night and HappyTrading! ™


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