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