The Wrap 3/24/11


There wasn’t really room for positive spin on today’s headlines, but stocks still scored strong gains as market participants showed renewed interest in risk. After the close, ACN, BODY, DRI, FINL, GXDX, JRJC, ORCL, PRMW, RIMM, SABA, SMOD, SNX and WTSLA are the most notable name that reported earnings results.

ORCL beat third quarter results by $0.03 on year-over-year revenue growth of 36.9%. Also, the company raised its quarterly dividend by 20% to $0.06.

RIMM topped fourth quarter results by $0.02 on year-over-year revenue growth of 36.2%, but the stock is down about 11% in after market trade.

It was a choppy day for some of our names, but ARUN triggered and  added IDT and OXY as longs. Please see the P&L for the new additions and to see any changes that may have been made. Some short candidates were removed because they moved a little too far from the trigger prices.

For now the bulls have taken back the hill and we closed over 1308 which was a key technical number. Let’s see what they can do with it.

I took EW off the list recently but am re-adding it as they have been invited into the S&P 500 and the chart still looks good.

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