The market was solid all day today, and kept the rally going. Commodities were once again weak and the oil prices fell further. Techs led the market, although biotechs took a breather. CME, mentioned yesterday, went up another +6.65%, or $24.35, closing above $390

ISRG, also mentioned yesterday, opened at $313 and continued to rise all day to close at $331, up +18.16% for the day! ILMN jumped +9.33% on yesterday’s good earnings. We cashed out on our BAC trade from yesterday for a +104.7% gain. Then, we went back in on the same trade after the intraday pullback and scalped another +10%. We cashed out on these August 30 calls (BACHF) as high as $4.5. The day high was at $5 and the options closed at $4.3.

After the market, BIDU reported an +87% surge on its quarter earnings and sent its stock flying up more than +13%, or almost $38!! AMZN announced quarterly profits that more than doubled!! Its shares were up +8.38% in AH trading. QCOM reported solid earnings, but, the big news was that it settled the legal battles with Nokia with Nokia agreeing to pay QCOM an upfront payment and ongoing royalties. QCOM shares flew higher by more than +18% after the report, trading at $53!! QCOM’s 52-wk high was at $50.82.

The Dow was up +29.88 points; SPX added +5.19 points; Nasdaq gained +21.92 points:

VIX closed slightly higher at 21.31. SOX (semiconductors) bounced +1.43% while INX2 (Internet) added +0.85%. Commodities and related sectors were weak again: GLD (gold) -2.68%; SLV (silver) -3.2%; USO (oil) -3.19%; UNG (natural gas) -3.71%; MOO (agriculture) -2.22%; XME (metals and mining) -3.45%. FXI (Chinese ADRs) advanced +1.29%.

SPX

SPX added +5.19 points to close at 1282.19. It tested the 30-day MA today and closed above the 1280 level. Its MACD went higher.

Nasdaq

Nasdaq gained +21.92 points to close at 2325.88. It tested 2350 today and closed right at its 30-day MA. The MACD continued up!

With solid earnings from BIDU, AMZN, and QCOM, the market should get some upside excitement at the open tomorrow. Yesterday, I said that the market should test the 30-day MA soon. It did that today. If VIX goes below 21 and stays under, the market shold be able to rise and hold above the 30-day MA. We might get another day of rally tomorrow and see some profit-taking near the end of the day, or on Friday, before the weekend.

Good night and HappyTrading! ™