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The market found difficulty pushing things higher today, although it did try. I mentioned in my Market Forecast this weekend that the intraday charts of the major market indices are topping out. The market was pretty much flat and did see some good gains in various sectors including energy some tech names. GOOG briefly went above $330 today! AAPL traded above $96 as the company’s CEO, Steve Jobs, explained the cause for his weight loss and calmed the investors’ nerves. We continued locking in profits, including a new 2-bagger trade on FSLR:
10:05 | HappyTrading FSLR ($161.00) Sold to Close QHBAH Jan 140 calls, at $24.00 +193%
09:54 | HappyTrading Sold POT at $82.50 +9%
09:28 | HappyTrading TLT ($114.20) Sold to Close TTJMP Jan 120 put, at $6.50 +67%
Those FSLR Jan 140 calls traded as high as $25.85 and closed at $21. TLT puts were also a good trade, and the Jan 120 puts closed at $7.1. The treasury bonds have gone up so much so fast that the puts could be very profittable as some money rotates out of the bonds market and back into the stock market.
The Dow was down 81.80 points; SPX lost 4.35 points; Nasdaq slipped 4.18 points. The market charts show little new information as the market was little changed. So, we’ll look at them another day. The main thing right now is to wait to see if the market just takes a little rest and continues higher, or if the selling momentum is going to pick up. We’ll have our usual intraday updates in the Trading Room.
Good night and HappyTrading! ™
