The market bounced off the morning low on Monday and finished the day flat.  Today, things were in a tight range.  There were some buying, as the ISM number was better than expected.  Financials bounced, and the agriculture sector was especially strong:  CF +4.44%, AGU +2.59%, POT +2.06%, MOS +1.86%.

We closed out some nice trade in the past 2 days, including a +156% profit on CREE puts, which we held on to for a couple of weeks.  We caught a quick intraday trade on AAPL weekly calls.  Then, we locked in an overnight double on CME calls:

• June 05, 2012
• 12:17 | Ecstatic Plays OXY ($81.00) Sold to Close 0608C80 Jun 80 calls, at $1.40 +11%
• 08:48 | HappyTrading CME ($267.70) Sold to Close 06C270 Jun 270 calls, at $3.60 +95%
• 08:32 | HappyTrading CME ($266.50) Sold to Close 06C270 Jun 270 calls, at $3.00 +62%
• 07:48 | Ecstatic Plays GOOG ($573.00) Sold to Close 0608C585 Jun 585 calls, at $2.00 -53%
• June 04, 2012
• 12:38 | Ecstatic Plays CMG ($394.70) Sold to Close 0608P390 Jun 390 put, at $4.70 -28%
• 11:50 | HappyTrading AAPL ($562.60) Sold to Close 06C585 Jun 585 calls, at $5.00 +45%
• 11:46 | HappyTrading AAPL ($564.00) Sold to Close 06C585 Jun 585 calls, at $5.50 +59%
• 11:25 | Ecstatic Plays NFLX ($63.20) Sold to Close 0608P62.5 Jun 63 put, at $1.76 -23%
• 09:47 | HappyTrading CREE ($22.66) Sold to Close 06P27 Jun 27 put, at $4.48 +156%

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MA has been very strong these past couple of days, recovering about $15 from Monday’s morning low.  After the market, MA announced a $1.5B share buyback.  IRM proceeded to convert the company into a real estate investment trust to boost returns for shareholders; its shares popped more than +14% this evening.  This morning, WPRT and CAT announced a joint venture to develop natural gas engines.  The project will be funded by CAT.  WRPT shares vaulted +21.33% and CAT was up fractionally.

The Dow was up +26.49 points; SPX added +7.32 points; Nasdaq gained +18.1 points:

SOXX (semiconductors) bounced +2.21%.  OIH (oil services) added +1.14%.  XLF (financials) gained +1.65%.  IGV (software) added +1.63%.

SPX

SPX added +7.32 points to close at 1285.5.  Its daily MAs and MACD were slightly lower.

Nasdaq

Nasdaq gained +18.1 points to close at 2778.11.  Its daily MAs and MACD slipped.

This market is trying hard to bounce off of SPX 1280.  Global markets seem to be holding their breaths, waiting to see what will come out of Europe.  Tomorrow, we’ll also get the Fed’s Beige Book.  Financial stocks were strong today.  Let’s watch those tomorrow.  This market will need to see continued strength from the financials to really make a meaningful rally.

Good night and HappyTrading! ™

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