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Market Rallies On JPM Stress Test Results: SPX, Nasdaq, JPM, GS, GOOG, WHR, CTXH, ASNA, YOKU, C, CRM, CTXS, CTSH, FFIV, EBIX, VMW, CAT, JOY     

Wow, JPM really got the markets going!  After the Fed's announcement on keeping the rates unchanged, which was expected, the market really didn't do much.  But, at about 3pm (EST), JPM came out with its stress test results, reporting that it passed the test.  Further, JPM announced a raise in its dividend and a whopping $12 billion share buyback.  The market was trading around 1380 on the SPX at the time; it shot up to close at 1396 in just one hour!

We were ready for such a movement.  We added Apr calls on GS and some March calls on GOOG in the morning.  We also cashed out on other positions that we opened more than a week ago.  GS gave us a quick intraday +74% profit and GOOG returned +81% intraday.  We got the day high on the GS trade and cashed out on GOOG just before the market jumped.  Nevertheless, we can't complain about an +81% return in just a few hours.

Our CTSH trade was opened last week and scored a +136% gain.  On Monday, our YOKU trade caught its big jump on a merger with TUDO, giving us a +125% profit.

  • March 13, 2012
  • 12:28 | HappyTrading GS ($124.60) Sold to Close 03C120 Apr 120 calls, at $7.65 +74%
  • 12:15 | HappyTrading GS ($123.75) Sold to Close 04C120 Apr 120 calls, at $7.00 +59%
  • 12:01 | Ecstatic Plays GOOG ($610.90) Sold to Close 03C610 Mar 610 calls, at $5.00 +56%
  • 10:51 | HappyTrading WHR ($77.28) Sold to Close 03C75 Mar 75 calls, at $2.60 +49%
  • 10:48 | HappyTrading CTSH ($75.00) Sold to Close 03C72.5 Mar 73 calls, at $2.60 +136%
  • 10:43 | Ecstatic Plays GOOG ($612.30) Sold to Close 03C610 Mar 610 calls, at $5.80 +81%
  • 10:33 | HappyTrading CTSH ($74.40) Sold to Close 03C72.5 Mar 73 calls, at $2.15 +95%
  • 10:32 | HappyTrading WHR ($77.10) Sold to Close 03C75 Mar 75 calls, at $2.40 +37%
  • March 12, 2012
  • 12:05 | HappyTrading ASNA ($43.00) Sold to Close 03C41 Mar 41 calls, at $2.10 +50%
  • 07:38 | Ecstatic Plays YOKU ($28.50) Sold to Close 03C25 Mar 25 calls, at $3.90 +95%
  • 07:19 | Ecstatic Plays YOKU ($29.50) Sold to Close 03C25 Mar 25 calls, at $4.50 +125%

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The Dow was up +217.97 points; SPX added +24.86 points; Nasdaq gained +56.22 points:

Most sectors went higher.  GLD (gold) and SLV (silver) fell.  XLF (financials) popped +3.84%.

SPX

SPX added +24.86 points to close at 1395.95.  Its daily MAs and MACD curved up.

Nasdaq

Nasdaq gained +56.22 points to close at 3039.88.  The daily MAs and MACD went higher as well.

Major market indices closed above their respective resistance levels, with SPX closing in on 1400, Nasdaq above 3000, and the Dow above 13,000.  After the market, while most banks passed the stress test, but, 4 banks, including C failed.  C is sliding lower after market.  GS climbed slightly up and should test $125.  The financials really popped higher today in just 60 minutes.  We'll likely see some profit-taking tomorrow on some of the financials.  Software stocks were also very strong today, leading the techs.  EBIX gained +5.64% on strong earnings.  Here's how some of the other software stocks did today: CTSH +3.89%; CTXS +3.22%; CRM +3.46%; VMW +5.12%; FFIV +5.46%.

We'll likely get a mixed market tomorrow.  Commodity sectors were still weak, although we did see CAT and JOY ramp up today.  Energy stocks really didn't go anywhere.  We could see some buying in these tomorrow.  Also, Asian stocks didn't move much today either, and, Asian markets will likely get a sizable pop tonight.

Good night and HappyTrading! ™

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