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The stock market turned a 1% loss into a 1% gain today. The swing wasn’t inspired by any particular piece of news, but came gradually as sellers slowed their efforts in the face of technical support, which eventually gave way to short covering. After the close, AAPL, BSX, FIS, GILD, JNPR, LLTC, MDRX, SLM, STX, SYK VMW and YHOO are the only notable names that reported after the close.
After hours, AAPL is trading 2.5% higher, while YHOO is 6.3% lower following earnings results.
Futures are higher after hours with S&P 500 futures 0.34 points above fair value of 1080.16 and Nasdaq 100 futures 9.86 points above fair value of 1839.64. YHOO is 6.3% lower
Nine of the ten sectors were in positive territory, led by Materials (+2.9%), Energy (+1.9%) and industrials (+1.6%), while health care (-0.2%) was lower.
omorrow morning, no economic reports are scheduled to be released before the open.
Tomorrow before the open, of the many companies scheduled to report, some of the bigger names include: ABT, MO, BLK, KO, FCX, GENZ, MS, NTRS, UTX, LCC, USB, and WFC.
VXX fell 5%.
It wasn’t the market being up that was impressive, 1 to 2% moves are now commonplace, it was the bottom to top move that was interesting.
AAPL rallied like a scalded monkey off the lows and it seemed like a case of sellers remorse as buyers just seemed to take out offers in the name all day long. AAPL hit a high of about $262 in after market trading and it closed around $259. Analysts surely will raise targets and earnings estimates tomorrow, we’ll see if has decent follow through. It usually does.
What a market. I know buy and hold is dead, but swing trading too? Mu god, we came in short this morning, barely had a chance to cover and then were forced to go long. Great trading, but tough to go the the bathroom. I’ve dded a few longs for tomorrow. I hope you had a great day and I will see you in the morning.
   Wednesday, July 21, 2010Economic
04:30 BoE minutes
10:30 DoE Crude Oil/Gasoline/Distillate Inventories
Events
BoJ minutes. 10:00 Fed Chairman Bernanke provides monetary policy report to Senate. 07:00 MBA Mortgage Applications. Trades Ex-dividend: HRL $0.21, PG $0.482.
Earnings
Before the Open: ABT, AAI, MO, AMB, APH, ARB, ABFS, ATMI, BLK, CHKP, KO, CMA, ETN, EMC, ECA, FCFS, GENZ, HST, HCBK, JRN, LUFK, MTB, MAN, MEG, MS, NTRS, PJC, DGX, SEIC, SWK, STEL, TXT, UTX, LCC, USB, WFC. After the Close: AFFX, ADS, DOX, AMLN, AF, BMI, BIDU, BCR, CA, CNS, COHU, CLB, CSGP, CVTI, CVBF, CYS, EBAY, EW, FFIV, FNF, GGG, HBI, HNI, HUBG, IBKC, ISIL, ISRG, LHO, MLNX, MKSI, NFLX, NTGR, NVEC, PLXS, QCOM, RHI, RT, RUSHA, SWI, SFG, SBUX, TEX, TCBI, TSS, TSCO, TBI, WERN, WDC, XLNX.
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