The Wrap 2/8/11


Stocks started the session without much direction, but they gradually chopped their way higher to settle with solid gains at their best levels in more than two years. After the close, ASYS, ATML, BELD, GSM, MOTR, NTGR, OPEN, QUIK, TTWO and WWWW are the most notable names that reported after the close.

Futures are mixed after hours: S&P 500 futures are -0.01 from fair value of 1321.71 and Nasdaq100 futures +0.36 points from fair value of 2362.14.

Eight of ten sectors were in positive territory, led by consumer discretionary (+1.2%), financials (+0.7%) and industrials (+0.7%).

Tomorrow morning before the open, one economic report is scheduled to be released: MBA Mortgage Purchase Index (Consensus NA).

Tomorrow before the open look for the following companies to report: ABD, AGU, AHCI, ANR, ASCA, BECN, BAH, CAE, CHBT, KO, CSC, XRAY, DTE, ENER, IR, ICE, LRN, LNCE, MAG, NOC, PTI, RL, PBG, SIAL, SBGI, SON, SSYS, JNY, GTS, and WYN.

We had a nice day today with MCP and AVL as the rare earth stocks were the flavor of the day. Both charts look great for now and could edge higher. We took 1/3 profits and I raised stops slightly, so please check the P&L tonight.

The S&P looks and feels like it is being pulled to the 1350 level and although we are overbought, it may just have the legs to get there.

Here are two longs set ups to watch:

Previous Post
The Wrap 2/7/11- Careful
Next Post
Christopher Lee: Revelation to Resignation, You Can't Mess With the Web

Recent Articles