Wednesday, February 23, 2011

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.

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