Stocks jumped higher today led by the financials. This morning, JPM reported strong earnings, easily beat the analysts’ estimates, making 74 cents per share vs. a consensus of 64 cents per share. Financials rallied immediately at open: JPM +4.05%, GS +3.16%, BAC +3.91%, WFC +3.51%. FAS (3x Financial Bull ETF) soard +7.57%, adding $8.3. FAS has nearly doubled in 2 months, since hitting just below $60 in early February. It closed at $117.88 today and trading at $119 in after-hours!
Techs were also very strong, rallying on INTC’s earnings. INTC shares rose +3.29%. Other tech leaders include: FFIV +3.27%, MRVL +7.69%, SNDK +4.78%, IBM +1.72%.
We cashed our trades out in both sectors. GS was a +107% gainer and FFIV book a +74% profit:
April 14, 2010
08:35 | HappyTrading FFIV ($66.70) Sold to Close 04C60 Apr 60 calls, at $6.80 +74%
06:58 | HappyTrading GS ($184.60) Sold to Close 04C180 Apr 180 calls, at $4.95 +107%
On Monday, we also cashed out an overnight winner in CREE, as high as +64%
April 12, 2010
11:25 | HappyTrading CREE ($79.50) Sold to Close 04C75 Apr 75 calls, at $4.70 +42%
07:28 | HappyTrading CREE ($80.20) Sold to Close 04C75 Apr 75 calls, at $5.40 +64%
CREE received another upgrade today and those Apr 75 calls went up to $7.4 for the close! It does look like CREE can see $85 soon.
The Dow was up +103.69 points (closing at 11,123.11); SPX added +13.35 points; Nasdaq gained +38.87 points:
Most sectors were up today. XLF (financials) jumped +2.59%. SOXX (semiconductors) vaulted +4.3%. OIH (oil services) bounced +2.3%. XLE (energy) and XME (metals and mining) also went higher. FXI (Chinese ADRs) advanced +1%.
SPX
SPX added +13.35 points to close at 1210.65, above the 1200 level. The daily MAs and MACD went up.
Nasdaq
Nasdaq gained +38.87 points to close at 2504.87, above the 2500 level. Its daily MAs and MACD also went higher.
With SPX closing above 1210 and Nasdaq above 2500, we certainly saw a lot of bullish actions today. It seems like not only more money from the sidelines came in, we also saw more shorts getting squeezed out! We still have some big earnings this week. Tomorrow after the market GOOG will report, and on Friday morning, we’ll hear from BAC. I think we’ll see some profit-taking tomorrow ahead of these two bellwether reports. So, don’t forget to lock in your profits!
Good night and HappyTrading! ™ 
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