Mid Day Trading Update – Internet Names Drive Rally
Stocks like LinkedIN (NYSE: LNKD), Google (NASDAQ: GOOG), Priceline (NASDAQ: PCLN) & Facebook (NASDAQ: FB) are helping the futures lift back towards their all time highs yet again despite the weakness felt yesterday. We are still clearly in a dip buy environment and bears continue to see their trades thwarted by the hunger of the bulls. As we head into the lunch hours the markets are stalled out right under the all time highs on the S&P. Most sectors are squarely in the green today except for the Financials, which again remain the laggards. Many are expecting money to flow back into these names once the markets aggressively press into all time high territory.
Economic data and earnings have not been able to derail this rally, to the contrary they've even provided more fuel to the flame of the bulls. This could prove to signal even higher prices as we close out the end of the week tomorrow. Keep an eye on the money flow though to track which sector is benefiting the most.
The move of the day has to be in this Visa (NYSE: V). The stock reported earnings this morning and gapped up considerably but proceeded to add another 6-7 points on top. The weekly call options payed out in full today and the move itself is disgusting to watch.
I've spent a majority of the day just writing put options in Apple and am still babysitting the position. The stock is basically pigeonholed around $447 and I have written every put up from $435 up to $445.
Stay tuned for tonight's update!
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