What a Day

{+++}

The  market indices started off the week with a bang. There was a big gap up at the beginning, a very strong follow on rally, a mid-day consolidation, and a strong afternoon move especially on the S&P 500. Despite the fact that the Nasdaq 100 trailed, by the end of the day it caught on and they closed at the highs for the day going on both indices as well as the Dow.

Net on the day the Dow was up 214.33 at 8426.74, and the S&P 500 up more than 3 percent at 907.24, up 29.72. The Nasdaq 100 was up 31.34 at 1427.96. The Semiconductor Index (SOXX) was up 14.12 at 272.31.

Advance-declines were about 6 to 1 positive on New York and 21 to 6 positive on Nasdaq. Up/down volume was about 17 to 1 positive on New York on total volume of less than 1.7 billion. Nasdaq traded over 2 1/2 billion and had a 4 to 1 positive volume ratio.

Some of our names popped including EOG, which is closed up 5 points from Wednesdays trigger at $67, CHK cruised up $1.80 from yesterday trigger around $21, PBI was up a bout .25 cents but is acting well. CREE which was posted Thursday evening along with EOG is up about $1.20.SLB from last night jumped about $4 but I warned you not to buy on a gap and try and wait for a pullback, it was buy-able on a dip if you could find one.

Commodities, oil and gas are all running and I was lucky enough to grab a few for us but things are getting to the point where I will hate myself in the morning if I chase. When you grab some pops like today take some off, I usually sell 2/3 of a position, trust me, you’ll thank me in the long. There is always another name to trade and profits are precious and hard to come by.

Here is a name that’s in a good group, it’s a bit thin but looks like a nice pattern. I will catch you in the morning.

ACO
ACO
Previous Post
Update
Next Post
Follow Through Tuesday?

Recent Articles