Still catching a bid on the last day of Feb

While unusual for historical trends, U.S. markets up with the DIA up .79%, SPY up .56%, and the IWM and QQQQ up fractionally.

NYSE Breadth was 20 up for every 10 down. 204 issues made new 50-day highs.

Cigarettes led by PM up .53 to 62.78.

Commodities led by Silver up .55 to 33.11, Coffee (JO) up 1.18 to 72.51, and Cocoa (NIB) up .63 to 52.83.

Energy was the second best performing sector, up .77 to 78.54 via the XLE.

AAPL was up 5 to 353.21. The iPad 2 will premiere in U.S. stores on Mar 2.

JOYG up 3.67 to 97.38. Earnings to be released before the bell on Mar 2.

Market avgs up, as funds vote with their buy orders

Feels like the early selloff this week was just to shakeout the weakest longholders. Feels like equities are up because its better than earning .01% interest in a savings account and having the chance to earn dividends.

IWM up 2.32%, QQQQ up 1.4%, SPY up 1.07%, DIA up .6%

NYSE Breadth was 23 stocks up for every 7 down. 107 issues reached new 50-day highs.

Independent Oil led by DNR up .97 to 24.32 (up 15% for the month of Feb).

Oil Drillers led by CXO up 2.26 to 109.79 (up all but two days in Feb).

DECK was disappointing, opening at 94 and selling off all day closing at 88.30 (down 1.50). Funds vote with their money and not exactly a reassuring tone of confidence.

Oversold bounce in IWM & QQQQ as SPY & DIA continue declines

IWM & QQQQ rose for opening 30 minutes before a slow decline for 3 hours. Then the averages dropped below yesterday's support line and below 1300 on the S&P for 45 minutes before a buy program saved the averages into the close.

IWM up .57%, QQQQ up .55%, SPY down .10%, DIA down .37%

Breadth was even at 15 to 15. Only 48 issues made new 50 day new highs.

PCLN was a missed opportunity as it rose another 16 1/2 points from yesterday's afterhours to make call buyers happy. The highest print was in the opening 3 minutes at 469, but managed a final 36 1/2 point gain to close at 462.50.

Agriculture led by POT rebounding 1.96 to 174.60.

Cigarettes led by PM up .31 to 62.29.

Light Sweet Crude was initially over $101/barrel for April Delivery but actually closed down on the day to 96.59. As of 2am EST Fri, its at 98.25.

Afterhours, DECK reported record earnings. The stock was up 2.60 in the regular session as it broke above its daily high around 3:15pm where most of the gains started occurring. It was up another 4 pts to 94 at 7pm EST.

Second distribution day in all averages, watching PCLN

IWM down 1.64%, QQQQ down 1.21%, DIA down .88%, SPY down .61%

Bounceback rally lasted for the opening 30 min then sold off. Program buyers didn't step in until the S&P 500 touched 1299.55 and held the line for one day.

Breadth was 19 down for every 11 up. 62 issues closed at 50-day highs.

Cable Television led by DTV up .80 to 45.03.

Cigarettes led by PM up .44 to 61.98.

Cocoa via the NIB up 1.47 to 52.04.

Light Sweet Crude Oil was the best commodity up 2.50 to 98.50 for April delivery.

Major Intergrated Oils up. COP up 1.96 to 78.57, CVX up 1.95 to 102.27, XOM up 1.63 to 87.07.

Nasdaq Big-Caps led by AAPL up 4.01 to 342.62, GOOG up 1.11 to 611.32. All the rest were down, NFLX down 11.40 to 211.20, BIDU down 4.38 to 115.90, ISRG down 3.97 to 327.14, AMZN down 3.74 to 176.68, WYNN down 2.73 to 120.34, DECK down 1.80 to 87.24.

Silver rose .45 to 32.71.

Afterhours PCLN reported earnings. Before 4pm the stock closed down 7.79 to 425.99. Initially after the release at 4:01pm, the stock dropped to a 387.50 print for a few minutes. As the conference call commenced, the stock recovered and closed the afterhours session up almost 20 points to 445.90. If it holds here, it will wipe out all 2/25 call and put options holders who were playing the earnings game.

Distribution Day Post President's Day

QQQQ down 2.74%, IWM down 2.62%, SPY down 2.05%, DIA down 1.44%.

After the 1% gap down, the buy the dippers tried to rally the markets for the next forty-five minutes before selling resumed and broke the first hour lows.

Breadth was 26 down for every 3 up. Only 45 issues made 50-day new highs.

Silver was the top performing sector via the SLV up .48 to 32.26. The mess in Libya is giving everyone an excuse to sell.

Cigarettes managed a positive gain with PM up .11 to 61.54.

Other commodities up on the day include Coffee (JO) up .44 to 72.87, Cocoa (NIB) up 1.21 to 50.27, Gold (GLD) up .88 to 136.29.

Food led by HRL up .42 to 27.34.

HMOs continued their good run in Feb, HS up .94 to 38.

Light Sweet Crude Oil moved higher although off their highs closing up 5.30 to 95.26. CVX up 1.60 to 100.32, XOM up .94 to 85.44. But refiners were killed today, CVI down .97 to 19.44, FTO down 1.15 to 26.97, VLO down 1.25 to 28.17.

Nasdaq Big-Cappers were taken out and shot today with most closing below their ATR sell stops. GOOG down 19.87 to 610.21, PCLN down 15.15 to 433.78, NFLX down 13.91 to 221.60, AAPL down 11.95 to 338.61, ISRG down 9.81 to 331.11, BIDU down 6.52 to 120.28, AMZN down 6.08 to 180.42, WYNN down 4.63 to 123.07, JOYG down 3.51 to 96.52.

Options Ex Fri, all U.S. avgs close up .1% to new highs, DIA up .6%

Most of the trading desks vacated on Thur to enjoy a four-day weekend. As the markets were closed Mon for the President's Day holiday, action should return to normal with retailers in the spotlight on the earnings front this week.

Last Fri, 275 issues closed at new 50-day highs.

Apparel was led by PSS up .35 to 23.44.

Commodities was the top sector led by Silver up .76 to 31.79, JO up .57 to 72.43. However, BAL got chopped 12.94 to 98.06.

Software led by INTU as TurboTax is still the most popular do-it-yourself program for Americans to compile their federal tax returns, up 3.67 to 54.11. ADBE up .41 to 35.39.

Cable Television led by CMCSA up .45 to 25.67 (every dip has been bought since Jan 30).

Cigarettes led by PM up .59 to 61.43. (up everyday but one in the month of Feb).

Coal led by JOYG up 1.96 to 100.03.

Dow component HD up .30 to 38.48. They report earnings before the bell on Tue.

Food was led by HRL up .40 to 26.92 (Six straight up days, since 90% of Americans eat some serving of meat, they'll just trade down to SPAM).

Medical Instruments & Supplies was led by SYK up 2.22 to 63. Possible rotation into sectors that underperformed the averages in January.

Metal Fabrication led by VMI up 12.70 to 110.26.

Nasdaq Big-Cappers mostly down, AAPL down 7.74 to 350.56 (while rumors about CEO Steve Jobs likely removed buying support in the final hour, word over the weekend is the updated MacBook Pro shipped to retail stores and will be seen on Feb 24), PCLN down 6.34 to 448.93, BIDU down 1.74 to 126.80, AMZN down 1.26 to 186.50. GOOG bucked the negative trend with a gain of 4.82 to 630.08.

Oil was led by OXY up 1.52 to 107.37 (five straight up day after staying above the $100 barrier.), COP up 1.10 to 76.62, CVX up 1.55 to 98.72.

REITs led by PSA up 1.26 to 111.65.

New highs in the IWM, SPY, & DIA

Despite a selloff in the final 45 minutes, three of the four major U.S. indexes closed at 52-week highs. IWM up .7%, SPY up .3%, DIA up .25%. The QQQQ finished down two pennies.

Breadth was 18 positive for every 12 down. 304 issues closed at 50-day highs.

Silver was the best performing sector with the SLV up 1.07 to 31.03.

Coal was led by JOYG up 1.19 to 98.07.

Commodities led by BAL 4.58 to 108.81, JO up 2.22 to 72.

As mentioned last night, CLF led Industrial Metals closing up 6.64 to 99.52 on impressive earnings (although it was near 102 last yesterday).

Oil Refining was the second best performer. TSO up 1.37 to 25.83, FTO up 1 to 28.94, VLO up 1.11 to 30.29, WNR up .42 to 18.03, CVI up .31 to 21.30, HOC up .38 to 60.52, OIH up 2.98 to 163.84.

Retail was led by DECK up 6.32 to 90.57 on no news. They report earnings after the bell on Feb 24.

New highs for all four U.S. avgs

IWM up 1.02%, QQQQ up .67%, SPY up .63%, DIA up .5%

Breadth was 21 issues up for every 9 down. 335 issues made new 50-day highs.

Apparel has had a good two weeks. JWN up all but two days this month, up .83 to 46.70.

Coal led by JOYG up 2.81 to 96.88.

Commodities led by BAL up 4.24 to 102.02.

Energy was the top performing sector. Refiners led the way with WNR up 1.19 to 17.61, FTO up 1.92 to 27.94, CVI up .80 to 20.99, HOC up 1.87 to 60.14, DK up .89 to 11.74. OIH up 3.51 to 160.86, OXY took seven weeks to break 100 but a good 5 pt move in the last three days to 105.02.

Industrial Electrical Equipment led by ROK up all but three days in Feb, up 2.60 to 90.98.

Nasdaq Big-Cappers led by AAPL up 3.23 to 363.13.

Software led by SAP with a quiet up move for six weeks, up 1.15 to 60.45.

In afterhours news, Industrial Metals component CLF up 9.66 to 101.87 on exceelent earnings.

Stephen A. Cohen's interview by Paul Tudor Jones at the ISI conference

Founder of one the most successful hedge funds, the $12 billion SAC Capital Advisers was interviewed in a private two-day conference at the Waldorf Astoria in Midtown Manhattan.

While he muses the lesson of 2008: "leverage, concentration, and illiquidity can kill you." its likely he made concentrated positions in his younger days to get where he is today.

We can agree on illiquidity as if there is no one to take the opposite side of a trade, then one won't be able to cash in on a profitable trade in your direction.

Based on his current firm comprised of 100 portfolio managers and 150 analysts, its not surprising if their fund manager puts as much as 10% of their individual fund in their best recommendation.

Stocks are just as much about luck as gambling. Somebody wins, somebody loses. The question comes down to: how much can you risk in order to have the chance of a better life and whether you can live if the trade goes against you.

Cash is a trader's life. Without it, the game is over.

U.S. avgs down 1/3%, IWM down .7%

Options expiration is a week I usually do not trade. While others have the ability to consistently make money, I've found this is the one week of the month I'm likely to get whipsawed. Usually I will sit it out, maintain existing positions with wide mental stops, or close one position with the smallest profit which happened on Monday.

In the most recent history since 1990, the Tuesday through Friday of Options ex before the 3-day President's Day holiday is negative along with the Tuesday after the holiday. It is on Tue before the close that you want to add to existing positions.

Breath was 11 up for every 19 down on the NYSE. 116 issues made new 50-day highs.

Asset Managers led by BEN up .93 to 129.97.

Commodities led by BAL up 3.53 to 97.78.

Nasdaq Big Cappers led by QCOM up its sixth straight day up .47 to 58.64, JNPR up every day but one in Feb, up .77 to 44.39.

Most Oil stocks down 2% today. But CLB up 1.17 to 99.77.

1/4% up moves in the QQQQ, IWM, & SPY to new highs

Slow news day as everyone starting to concentrate their holdings into their favorite positions.

Breadth was 16 issues up for every 14 down. 252 issues made new 50-day new highs.

Agriculture led by POT up 1.64 to 189.94.

Asset Managers led by BEN up .49 to 129.04.

Energy was the top performing sector via the OIH up 3.90 to 158.55 after seven days of consolidation. Oil Refiners led by WNR up 1.07 to 16.70, FTO up 1.58 to 26.21, CVI up .99 to 20.34, VLO up 1.16 to 29.08, HOC up 2.20 to 59. Major Oils led by XOM up 1.97 to 84.79.

Nasdaq Big-Cappers led by NFLX up 15.89 to 246.96, AAPL up 2.33 to 359.18, PCLN up 1.62 to 457.01.

All four U.S. averages close at New 52-week Highs to close the week

Not much news as any dips or weakness was quickly bought as next week focuses on options expiration. IWM up 1%, QQQQ up .68%, SPY up .6%, DIA up .36%.

287 issues closed at new 50-day new highs.

Afterhours Thur had WYNN down but the positive bias of Fri turned a two-point loss into a 7.45% gain or 8.95 to close at 129.10.

Agriculture was led by POT up 3.28 to 188.30.

Asset Manager BEN up 1.28% to 128.55.

Industrials were led by ROK up 1.28% to 87.91.

Nasdaq Big Cappers led by NFLX up 3.5% to 231.07, BIDU up 3% to 129.58.

Oil Refiners led by CI up 2.71% to 19.35.

Oprah's LULU up 1.86% to 84.31, UA up 1% to 69.81.

Flat Thur after CSCO misses. WYNN misses after hours

CSCO reported after the bell yesterday and for the third consecutive quarter, they underperformed expectations as the stock dropped 14% or 3.12 to close at 18.92.

WYNN reported after the bell today and while Macau is doing well, Las Vegas is not; especially when not of much of a profit was made taking wagers for Super Bowl XLV. The stock was down 1.40 in regular trading and another 1.33 in after-hours last trading at 118.80.

The Millenial Generation is guaranteed to spend on overpriced food. Regardless of what you think, both CMG & PNRA reported after the bell and the results were well in the green. CMG up 22 points afterhours to 279. PNRA up 11 afterhours to 110.93.

As mentioned yesterday, WFMI closed today up 11.7% to 60.05 on excellent earnings.

Breath was even at 15/15 while 178 issues made 50-day new highs.

Agriculture was led by POT where after six flat days, closed up 3.28 to 185.35.

Asset Manager BEN rose .86 to 126.93 as the Russell 2000 inched closer to another 52-week high.

Cotton via the BAL ETN was up 5.10 to 97.34.

Nasdaq Big-Cappers led by BIDU up 2.59 to 125.60, NFLX up 1.66 to 223.95, PCLN up 1.22 to 452.33.

Oil refiners made up yesterday's losses to reach new 50-day highs today. HOC up 4.38% to 57.47, VLO up 2.67% to 28.08, CVI up .37% to 18.84.

Oprah stocks up again, LULU up 1.56% to 82.77, UA up 3.99% to 69.12.

Weird minus 1/4% day in the market avgs except for the Dow making new highs

A little rotation the past three days from energy into consumer discretionary (retail). Not sure if its temporary or the start of something permanent.

146 issues made new 50-day highs.

Aerospace & Defense led by LMT up 1.07% to 82.27.

Casinos led by WYNN up 1.82 to 122.

Commodities led by BAL up 2.69 to 91.94, JO up 1.48 to 68.

Energy was mostly down except for CRR up .76 to 119.50.

Nasdaq Big-Cappers led by PCLN up 8.36 to 451.11, NFLX up 4.66 to 222.29, BIDU up 3.17 to 123.01, AAPL up 2.96 to 358.16.

Oprah's LULU up .61 to 81.50.

After the markets closed, WFMI reported good earnings and moved up 5.81 to 58.72.

All major U.S. averages at new 52-week highs with .4% gains

Breadth was 18 stocks up for every 12 down. 236 companies made new 50-day new highs.

Aerospace & Defense led by GD up 1.84% to 77.85.

Asset Managers led by BEN up 1.56% to 126.61.

IBM led the Dow Components with its four straight up day, up 1.88 to 166.05.

Nasdaq Big Cappers led by AAPL up 3.32 to 355.20.

Oil Refiners were the top performing sector with WNR up 3.63% to 15.97, VLO up 2.56% to 28, CVI up 2.17% to 18.82, and HOC up 2.02% to 55.50.

Oprah stocks still higher (why I don't know), LULU up 3.19% to 80.89, UA up 2.26% to 66.99.

Three quiet days after Feb 1, then a 1/2% up day after the Super Bowl

After watching Super Bowl XLV and throughly happy that the Green Bay Packers triumphed over some of the evil elements that occupied the Pittsburgh Steelers (yes I'm calling you, the special teams player attempting to shove the returner into the punt and having your despicable sideline coaches asking for a flag on the Green Bay player, most of you with the exception of Mike Tomlin, are just a bunch of pathetic thugs no better than Rex Ryan's New York Jets), the U.S. averages gapped higher in the opening fifty minutes before selling off throughout the day but still holding good gains as the SPY closed at a 52-week high.

Breadth was 21 stocks up for every 9 down. 284 companies touched 50-day new highs.

Aerospace & Defense led by LMT up 1% to 81.52 to a 52-week high.

Agriculture led by POT up 2.67 to 184.11 (new 52-week high).

Asset Manager BEN up 1.82% to 124.67 to a 52-week high.

Energy was the third best performing sector behind Financials (Property Insurance, Life Insurance) and Materials. XOM up .78% to 83.93. CVX up .57% to 97.66, CVI up 4.4% to 18.40, HOC up 3.3% to 54.40, WNR (best of the refiners) up 2.8% (up 35% in the last six days) to 15.41, all 50-day highs.

Nasdaq big cappers led by AAPL up 1.5% or 5.38 to 351.88 (new 52-week high).

The Oprah Winfrey "fad" stocks at new highs, LULU up 1.86% to 78.39, UA up 2.84% to 65.51, both 52-week highs.

First of the month up trade and BIDU helps

SPY closed at 52-week highs at 1307.59, up 1.67%. While the other major U.S. averages went back above their 10-day moving averages to trap the bears at least for one day, IWM up 2.26%, QQQQ up 1.89%.

Breadth was a solid 25 to 5 in favor of advancers as market marched higher all day with the high around 3:45pm. 332 issues made new 50-day highs.

BIDU finished up 10 pts or 9.2% after yesterday afternoon's earnings.

Aerospace was led by FLIR up 3.58%.

Agriculture was led by POT up 2.8%.

Coal favorite PCX surprised with a positive earnings release before the bell and rallied 8.87%.

Materials was the top performing sector of the day, up 2.68% via the XLB.

Energy up 1.63% via the XLE. Big cap oil led the sector gainers as XOM reported record earnings finishing up 4% to 83.91.

Semiconductors led by NVLS up 5.74% and SPRD up 3.12%.

Nasdaq big cappers led by PCLN up 9.41 or 2.2% to 438. AAPL up 5.68 or 1.67% to 345.