12/13/10 Market Update

12/13/10 Market Update

  

Despite China's better than expected CPI, they failed to hike interest rates this morning.  Stock were fairly healthy all day but began giving back in the final hour of trading, ultimately closing basically flat.  The Nasdaq was the loser of the day closing down almost -0.5%.

 

After the bell a headline was released citing the Senate had reached enough votes to pass the Tax Compromise Bill. 

  

  

BookingAlpha clients opened a new trade on Hewlett Packard (HPQ) today for a very short term profit opportunity.  HPQ has been performing very well technically and maintaining support and resistance zones.

 

Last week's ORCL trade received some tweaking today as well.  The Put strikes were rolled up a notch to squeeze a little more profit out of the spread prior to expiration this Friday.  As well, the call strikes underwent and adjustment to Jan as the stock has gone parabolic.  I expected a run but the magnitude of the run is surprising me.  Earnings are expected Thursday and should be good.  The stock is trading at a 10 year high and has gained over 13% in 2 weeks.   

 

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