A Very Nice Recovery Day

The major averages enjoyed a daylong rally on Wednesday that helped the S&P (+0.9%) narrow its week-to-date decline to back to flat. Meanwhile, the Nasdaq (+1.5%) closed at a fresh record high (5,106.59) and turned its weekly decline into a 0.3% advance for the week.

Health care was boosted by biotechnology with Biotech ETF (IBB 366.96, +6.66) climbing 1.9% and put in a one month closing high.

Our one short, FOSL, imploded today after KORS reported a horrible quarter and said that watch sales look dismal. FOSL is big in watches. I covered another 1/3 position today for +$9.80 or 12.6%. Does anyone buy watches anymore?


I sold another 1/3 AMBA today for +$10 or 12%. Semis are getting hot again. Check out SMH which had a very solid breakout today.


BLUE made more all time highs today and NFLX popped 2% and is near big trend resistance.

Our new name RMBS triggered today at 14.70

See you in the morning.

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