Cam at the Close 3.1.12

Other names such as Melco-Crown Entertainment (MPEL) and MGM Resorts (MGM) have been showing strength as well. I blew out of my position at $122.94 and booked 2.9 points. If WYNN can break through $124, it looks like it will be a straight shot to $128. One thing that is important to note is that manufacturing in the US declined. The numbers showed that manufacturing slid from 52.4 to 54.1 in January. Higher crude oil prices could have something to do with this as consumers could be cutting back from buying goods and services. The SPY sold off on this news, but quickly recovered. When markets go higher on bad news, it is very important to take note. Monster Worldwide had quite the epic run this morning. Andrew pointed this out earlier when a buyer came in and bought 2770 March 8 calls for .10. The stock exploded from a morning gap of $7 all the way to $8.58. $8.58 was a clear short term blow of top as the stock failed to break through $8.60 on the heaviest volume of the day. The move to the high $8.50’s also filled the gap made on 1/24/12 and 1/25/12. Spot Crude rose higher day due to continued speculation over turmoil in Europe. Spot crude closed up 2% to $109.23.


I had my order lined up to short MWW at $8.57 with a stop at $8.60. I just wanted to nibble because I was aware that the stock could have seen much higher prices if it took out $8.60. But I didn’t pull the trigger or chase it when it was clear that sellers were in the name. My first target to cover was $7.90 which was .10 away from the initial second intraday break out of $7.80. You win some and you lose some, but transparency is the key. The only stock I traded today was WYNN and now I want to throw my computer out the window sitting in computer programming class. Have a good afternoon everyone. Go Ducks.

The Big Boys
AAPL +2.06 (0.36%)
CMG +4.43 (1.10%)
GOOG +4.15 (0.67%)
AMZN +0.43 (0.23%)
CVX +0.55 (0.51%)
GE +0.07 (0.29%)
IBM +0.80 (0.42%)
MSFT +0.55 (1.72%)
WMT -0.26 (-0.44%)
XOM +0.31 (0.34%)

Pretty quiet day for leaders over $200 billion in market cap except for Microsoft. An analyst from Nomura Equity Research reiterated a buy recommendation with a $37 price target. Microsoft under $25 is a no brainer if the shares every trade back there.

Written by Cameron Patrick