It was a run n' gun start for the markets today...something lacking all week long. We talked in the room yesterday about compression that was building and that energy released on today with a fury. SPX seems like a test of 1000 in days, while the Naz hit 2000 before the close. Given the lack of movement all week it was assumed something would burst...and early on the markets did it. But, without much fuel left from the bears it's difficult to carry on through, and a small selloff ensued late in the day. Turnover was brisk and breadth was strong, bonds were up but the greenback lower. Tech was a standout until late in the day but energy was the star of the session. Earnings were the big drivers today (see: MA), and will be into next week.
We unloaded our MA calls today for a spectacular gain of well over 100%. We're 2-2 in the bagger category this week with MA and AMGN. Still some names out there, FSLR was after the close. More good ideas to come as we're just getting started this summer! Once we roll there is no turning back!
Have a great night, hit 'em straight!
Bagger
