Option Investor
Market Updates

Rally Mode

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The stock market is in rally mode. The Dow Jones Industrial Average is up 373 points to 9,006 and breaking out over its simple 50-dma and the 9,000 mark. The S&P 500 is up 4.4% at 915. The NASDAQ composite is up 4.7% at 1,580. The Russell 2000 smallcap index is up 4.6% at 482. The Volatility index (VIX) is down about 4% and trading under its 50-dma. The U.S. dollar (via the UUP) is down sharply about 1.6%, which is a big move for the dollar ETF. Gold prices are up on the day and the GLD gold ETF is posting a gain of 2.3%.

Some of the stocks moving on the OptionInvestor.com play list today are:

China Mobil (CHL): Target exceeded. The stock gapped open higher at $52.14 and is currently up 6.9% at $53.16. Our first target to take profits was $51.75. We still have a secondary, more-aggressive target at $57.50. I would not suggest new positions at this time.

Express Scripts (ESRX): This stock is up 3.6% and breaking out past technical resistance at its 50-dma and round-number resistance at the $60.00 mark.

Chinese ETF (FXI): This security is up sharply. The FXI also gapped open higher at $29.72 and is currently up 9.6% at $30.50, above round-number, psychological resistance at $30.00. Readers may want to start taking some profits off the table here. Our first target is listed at $32.50.

Lockheed Martin (LMT): Exit Alert! LMT Is up 3.3% at $82.85. The stock has exceeded our secondary target to exit at $81.50. Our entry point was $73.50.

Priceline.com (PCLN): PCLN has hit our first target today. Shares are up about 8% around $65.30. Our first target to take profits was $64.90. We still have a secondary, more-aggressive target at $69.90.

- James Brown

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