The market pushed higher after a slow start on Monday, which we have already discussed in the Trading Room on Friday, as I commented:
June 15, 2012 11:51 AM
I don’t see the market with a big rally on Monday, no matter what happens…
This gave us a chance to stay light ahead of the Greek elections this weekend, and get into position after the market opened on Monday. We did lock in our profits on AAPL calls as AAPL popped more than +2%. We also took a +135% gain on ACOM. Last Tuesday and in our Sector Watch this weekend, I mentioned that the agriculture stocks were ready to push higher. CF, AGU, POT, and MOS all made huge gains today. We came away with an overnight double on POT!
The Dow was up +95.51 points; SPX added +13.2 points; Nasdaq gained +34.43 points:
SPX added +13.2 points to close at 1357.98. The 20-day MA has turned up and the MACD went higher.
Nasdaq gained +34.43 points to close at 2929.76. Its 20-day MA also turned up.
Things are progressing as discussed in my Market Forecast and Sector Watch from Sunday. SPX tested 1360 today, but, we didn’t think it would close above, and it didn’t. VIX found support at 18, as we mentioned in the Trading Room today. Now, we wait for the Fed. Most of the Asian markets have also turned bullish, except for China. Tomorrow should be a volatile day. If the market can clear 1360, stocks could rally on! But, we’ll likely stay cautious and wait for the Fed’s announcement. Let’s keep an eye on the financials and gold. Energy stocks have been quiet to start this week and could get more interesting again.
Good night and HappyTrading! ™