A Waiting Game: SPX, Nasdaq, JPM, GS, BAC, C, PRU, WFC, PRU, BLK, MA, GE, IMCL, MOS

Submitted By Andy Wang

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The market was very volatile today, but, for the most part, range-bound. Investors/traders seemed to be nervous, and yet slightly more optimistic, ahead of the Senate’s voting on the modified economic rescue plan. Financials ended mostly higher: GS +5.08%; BAC +8.94%; JPM +6.27%; C +12.14%. But, there were losers too: WFC -2.21%; PRU -10%; BLK -7.29%; MA -3.38%.

We did some quick trades today and cashed most of them out just to be on the safe side:

12:31 | HappyTrading CME ($294.00) Sold to Close CMEJT Oct 400 calls, at $21.00 +40%

09:54 | HappyTrading GS ($132.50) Sold to Close GSJE Oct 125 calls, at $12.50 +21%

09:53 | HappyTrading CME ($389.00) Sold to Close CMEJT Oct 400 calls, at $18.00 +20%

09:46 | HappyTrading JPM ($48.90) Sold to Close JPMJW Oct 48 calls, at $4.00 +23%

The Dow closed down 19.59 points; SPX slid 5.3 points; Nasdaq lost 22.48 points:

VIX went up slightly. Techs were mostly weak. USO (oil) lost 2.95% which OIH (oil services) fell 4.47%. XME (metals and mining) dropped 3.56%. UNG (natural gas) added +4.05%. XLF (financials) gained +3.92%. FXI (Chinese ADRs) was basically flat.

SPX

SPX lost 5.3 points to close at 1161.06. It closed above the 1150 level. The 10-day MA flattened. The MACD was slightly lower.

Nasdaq (QQQQ)

This is a chart of the Qs. There was an error in Nasdaq’s quote this morning which made Nasdaq’s chart somewhat distorted today. Nasdaq dropped 22.48 points to close at 2069.4. The daily MAs and MACD went lower.