The bulls are still up for the week but are feeling pressure by the bears following Wednesday’s pullback. Energy and Oil stocks led the way lower while some Tech and Financial stocks helped pull the indexes off their lows as the bears won their second straight session.
The Dow fell 72 points, or 0.5%, to close at 13,126. The blue-chips were down triple digits at one point, trading to a low of 13,069 (-128) before gaining some of the losses back. Dow component, American Express (AXP, $59.06, up $0.84) continues its surge towards $60 after setting a fresh 52-week high of $59.26. Bank of America (BAC), another blue-chip member, jumped 1.5%. Both are current recommendations for our Daily and Weekly Wrap. Caterpillar (CAT, $104.26, down $3.80) led the Dow losers, falling 3.5%. The losses whittled the bulls lead away as they are now only up a slim 45 points for the week.
The S&P 500 dropped 7 points, or 0.5%, to settle at 1,405. The index dipped below the 1,400 level as the bears pushed a low of 1,397 before losing their grips. The bulls are up 8 points for the week heading into today’s session.
The Nasdaq gave back 15 points, or 0.5%, to finish at 3,105. Tech touched a low of 3,086 but is still up 37 points, or 1.2% for the week. Apple (AAPL, $617.62, up $3.14) managed to set a new 52-week high of $621.45. The Apple March 610 calls (AAPL120330C00610000, $9.00, up $1.25) we mentioned yesterday morning reached a high of $13.40 and would have made a nice triple-digit return in less than 24 hours.
We were closed out of 2 more trades yesterday. Our Capital One (COF, $56.98, up $0.10) call option trade made 47% while our Solazyme (SZYM, $14.35, down $0.78) calls made 45%. Our other COF trade that was closed last week made 292% for our subscribers. This brings our 2012 Track Record to 57-11 so far for the year which is an 86% win rate.
We have added some new candidates to our Watch List today and we have moved up a number of Hard Stops to lock in gains on some of our other current trades showing a profit.
Futures are showing a lower open so things could quickly turn south for the bulls if key layers of support fail to hold today. Dow futures are down 39 points to 13,014 while the S&P futures are lower by 5 points to 1,394. Nasdaq futures off 9 ticks to 2,759.
Subscribers, pay close attention to our trade instructions and stay on your toes as we could be adding New Trades today.