Stock Market Analysis – GOOG, PCLN, VQ, AAPL, CRM, RDY, OVTI, MELI

Today was quite the day of big news: BP shares soared over 8% after the oil leaking into the gulf was FINALLY plugged by a new cap and Goldman Sachs (GS) agreed to pay $550 million to settle civil fraud charges. The settlement is the largest penalty against a Wall Street firm in SEC history. That's what you get for doing "gods work".

With that news aside tomorrow's session could be quite interesting. On one end GS is up over 4% in after hours trading due to its settlement, and on the other end Google (GOOG) missed profits and is trading down over 4% after hours. Tomorrow is the 9th day of the rally so both bulls and bears have much at stake.

For me personally I am still sitting mostly on the sidelines. I took a small position in SDS (2x ETF shorting the S&P 500) on Tuesday at S&P 1096 equivalent. If we do move down then atleast I can turn a small profit. If we see a sizable above-average volume accumulation day I will sell my SDS and start looking to dip back in on the long side.

Charts below. I will see you back here on Sunday night or Monday depending.

View all S&P 500 charts.

SP500 071510