Market Rebound Continues, Techs Lead the Way

The market had a great day today with the NASDAQ closing up 45 point or 1.65% and the S & P 500 finishing the day up 13 points or 0.88%. It was the big leaders pushing ahead though that left the day on a positive note.

So who helped drive the market today? Apple reported fantastic earnings yesterday after the bell and the stock ran up after hours. Online movie retailer Netflix also posted great earnings and too had a great session. China also had a great day today and Baidu.com closed at record highs. Don’t forget Google too who also closed at record highs. The main theme was all about the leaders doing their job and leading the market with strong gains.

Big Winners Today:

  • Apple (AAPL) closed at $186.16, up some 6%.
  • Baidu.com (BIDU) closed at $349.90, up over 9%.
  • Netflix (NFLX) closed at $25.99, up over 11%.
  • Google (GOOG) closed at $675.77, up over 3%.
  • Research in Motion (RIMM) closed at $124.53, up over 8%

Amazon.com also closed the day on a big note up over 9 points to close above $100. The company though after hours reported earnings and has given back all of its gains and as of 6:30 PM is actually down after hours trading just above $90 a share.

The big question is whether or not this rebound is going to stick and truly signal a market ready to continue its move forward. Attached are charts of both the S & P 500 and the NASDAQ Composite. (Need help? Check out our stock chart education and reading the overall market for dummies)

sp500-102307.png nasdaq-102307.png

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Comments

  1. says

    I think BIDU still has a few more points before it closes at a all time high. Why I don’t own Apple in my IRA is still a mystery.

  2. says

    It’s amazing how the leaders can run. I keep expecting a climax run, but every time these guys flash sell, they continue skyward.

  3. Pavel says

    I leave for work at 5:30AM so I can’t sit and watch the pre-market and opening action, but I believe BIDU will beat estimates and set an order at market before I left my house this morning. I was pleasantly surprised (bought at 325). I think this might be either a confidence rally prior to its earnings, or a pump and dump to squeeze the last out of it. We’ll see I guess. If earnings are solid I think I’m going to full margin it =)

  4. Pavel says

    Hey why exactly is AMZN DOWN on earnings, when their annual income was upgraded to 4x last years??? I also heard they have shrinking margins, but DOWN 10 dollars in after hours???? WTH is going on?

  5. says

    Disappointed in Amazon’s margins. I’m more disappointed, although not shocked, at MER this morning. So much for back to back rally days. My baby reports tonight and tomorrow though. Oh VMWare and EMC.. how I love you so… :idea:

  6. says

    VMW earnings should be interesting, everyone is expecting them to have blowout numbers. I expect it to behave like AMZN did yesterday, run up into the close, sell after the earnings are released.

  7. says

    I’ve not invested in VMW since I’m following the “sell the child, buy the parent” mantra. I do worry that any disappointment with VMW will translate over to EMC. EMC may also be a bit more cautious on the next quarter with the economy slowing down so investors may not like that. At least the beauty of options is that I can capitalize on the higher IV as a result of their reports tomorrow.

    PS. MER conference call is depressing…

  8. says

    Cramer’s gone bearish on AMZN which isn’t good as it’s one of his four horsemen of tech. Folks are saying the short squeeze is what kept AMZN up. It’s at 86 and freefalling as we speak..

  9. says

    I also believe all the good news is priced into VMW already. Started the day strong but taking a beating with the rest of the market right now.

  10. says

    Yeah. It’s more EMC I’m worried about. I still think it’s undervalued by a couple of dollars. It’s fighting hard but taking a huge beating as well. Down 5% so far. I’m hoping (although hope should never enter the equation) that it recovers before the close tonight so that I can close my contracts out. I don’t trust the market with anyone’s earnings reports this week. It’s been too rough.

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