August 21, 2012 at 20:24 PM EDT
SPX 1420 and AAPL New High Reached! SPX, Nasdaq, AAPL, GOOG, BIDU, FAS, GLD, SLV
We have been talking about SPX testing 1420 all last week.  Well, it happened today.  The market pushed higher in the morning, with AAPL hitting almost $675, a new all-time high!  But, right after SPX went above 1420, as high as 1426.68, profit-taking started to happen.  AAPL quickly turned lower, ending the day down more [...]

We have been talking about SPX testing 1420 all last week.  Well, it happened today.  The market pushed higher in the morning, with AAPL hitting almost $675, a new all-time high!  But, right after SPX went above 1420, as high as 1426.68, profit-taking started to happen.  AAPL quickly turned lower, ending the day down more than $9; at its low of the day, it was a $25 swing from the morning high!

We locked in more profits on the long side and picked up nice trades on the downside, including an overnight +112% downside trade on BIDU.  In my Sector Watch for this week, I talked about GLD’s potential breakout, and, it happened today.  We already locked in an +42% overnight profit.

  • 12:46 | Ecstatic Plays CF ($211.30) Sold to Close 0824P215 Aug 215 put, at $4.60 +37%
  • 10:22 | Ecstatic Plays FAS ($99.00) Sold to Close 0824C95 Aug 95 calls, at $4.50 +67%
  • 10:14 | Ecstatic Plays GOOG ($664.50) Sold to Close 0824P675 Aug 675 put, at $12.00 +45%
  • 07:06 | HappyTrading GLD ($159.13) Sold to Close 09C157 Sep 157 calls, at $3.90 +42%
  • 06:47 | Ecstatic Plays BIDU ($128.50) Sold to Close 0824P130 Aug 130 put, at $2.75 +112%

(to subscribe to our Premium Services, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video)

BIDU was especially weak today, as QIHU started its own search engine.  QIHU has been very strong lately, going from under $15 to over $22 in just a couple of weeks.  After the market, WSM announced a strong quarter and raised its full-year forecast, sending its shares up more than +9%.

The Dow was down 68.06 points; SPX slid 4.96 points; Nasdaq fell 8.95 points:

GDX (gold miners) went up +1.67%.  Both SLV (silver) and GLD (gold) went higher as well.  XME (metals and mining) added +1.2%.

SPX

SPX slid 4.96 points to close at 1413.17.  Its daily MAs glided up, while the MACD was flat.

Nasdaq

Nasdaq fell 8.95 points to close at 3067.26.  Its daily MAs were up and the MACD flattened.

The market was not able to close above SPX 1420 today, and VIX bounced a bit, back to 15.  Financials were strong this morning and helped to drive SPX above 1420.  As I had mentioned before, we’ll need to see strength in the financials for this market to break out.  AAPL has been on an strong run, going up $100 from the earnings drop in July.  Now that AAPL has made a new all-time high and quickly turned back down, we might see a little more selling in the next couple of more days.  But, both gold and silver are looking very interesting.  We could see shaper rises in both GLD and SLV from here.

Good night and HappyTrading! ™

Sign up for FREE membership!

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here