The Wrap 1/18/11


All eyes were on Apple today after the Steve Jobs departure news yesterday. The company beat on revenues by $2 billion. Amazing, mind blowing. Steve Jobs is a savant, we all know it, but will Wall Street continue to bid the shares up with Jobs in the back of the bus? Apple was down hard in Europe this morning, but managed a nice rally off the lows. The stock closed at $340 after a 10 or 15 point rally off the lows, it traded to about $355 in the aftermarket, but is now quoted at about $345, so maybe the Steve Jobs hangover kicked in a bit, it will be interesting to see what the stock does tomorrow.

We saw some decent action on our P&L today and I took some off the table in names like ARUN, FTK, ESRX and A. Some were just partial profits.

AKAM, ATI, SMTC, EW, ADTN, CMI, DORM (short) and RAX  all triggered today (the latter to the penny, but I will put it on the triggered list).  AGN gapped up through the trigger, so I took it off the list and will possibly revisit on a pullback. RVBD came close , but didn’t trigger. MELI did not trigger as it gapped way up through the trigger, but only came to our price on a deep sell off at days end, that isn’t considered a trigger as you want to buy the “breakout”, not the “breakdown”. The stock may lift tomorrow, we will see, but for now, it’s off the list. With the market near 1300, I am not giving the benefit of the doubt to sloppy patterns.

No picks tonight, we have a full boat, so let’s monitor what we have for now. Have a great night.

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