Market Summary

Stocks recovered early losses to finish slightly positive on Tuesday, extending year over year gains from the mass panic of the 3/9/09 lows. Major averages did close below intra day highs which occurred in the early afternoon. On a quiet news day, the blue chips advanced 11.86, or 0.1 percent, to 10,564.38. The Dow is up 61 percent off of last years low. The S&P 500 index rose 1.95, or 0.2 percent to 1,140.45 and is now up 68.6 percent in the past year. The Nasdaq composite index gained 8.47, or 0.4 percent, to 2,340.68. Volume was slightly heavier than on Monday when the markets finished mostly lower.

Financials led the way following positive comments regarding taxpayer owned giant Citigroup Inc(C) and British institution Barclays (BCS). If banks can get healthy, and not the type of healthy that feeds off of free taxpayer money, than we could start to see some real credit flowing into small business, while conversely see improving mortgage portfolios

Crude trimmed some of its morning losses as equities turned. Benchmark crude for April delivery lost 38 cents to settle at $81.49 per barrel on the NYMEX. Gold closed down $1.70 to $1,122.30 an ounce.

On the Corporate Front

Texas Instruments (TXN), announced a toned down sales and earnings outlook for the first quarter. TXN expects revenue between $3.07 billion and $3.19 billion, compared with a previous range of $2.95 billion to $3.19 billion. The chip maker also forecast earnings per share of 48 cents to 52 cents, compared with a previous range of 44 cents to 52 cents a share.

The street is looking for earnings of 49 cents per share on revenue of $3.1 billion.

On the Jobs Front

Job Openings Jump to Start 2010

The number of openings in January rose about 7.6 percent, to 2.7 million, compared with December. That’s the highest total since February 2009. There are roughly 5.5 unemployed people competing for each open position, compared with 6 the prior month. Back in December of 2007, only 1.7 people were competing for hire. Hopefully this is a beginning of a trend. Lots of times however, jobs go unfilled because higher ups never allocate the money to fill the positions

Absolutely HUGE day in chat ….. $5k in gains between the KERX huge gap – selling at 1.68 and 1.51 pre market 68% gain over night, NXPN 25% gap, SLAT at .68, Lebed’s play BULM which gave 50% return in less than 10 minutes, BCS shorts … CORS buys at .35-.36 .. you name it chat was on FIRE! Congratulations to all subscribers I received a ton of PM’s especially those who held KERX and NXPN over. I held them over again tonight as well expecting more.

ACF bullish as heck, on watch for the short will be monitoring this one like VIP the last few days in CPN. These make for some of the best shorts but just need to be monitored intraday for the sideways price action and fail on new high of day

CPN short watch again tomorrow should be able to get a decent drop once it cracks off sideways price action

CBS steady all day today didn’t drop more than a dime all day and hugged high of days throughout… watching for the $9 test tomorrow and a fade off

CBAK area of interest around $2.50 crack and hold – can test $3+ short term

CNOA OTCBB’s have been hot so watching this one for continuation and a .45 break and push

CRAY watching for continuation and a push towards $5+

GPRE huge off scan last night held the gap and squeezed – possible additional gap tomorrow and watch for the fade, not sure I’ll trade this one a bit too light volume for my taste

GROW a bit more volume, $9 area of interest – let it run… but short bias

ASH short biased, unfortunately I think we are in for a gap down as of 10:20PM tonight… futures at 806 looking like a red day on wall street… anyhow, short biased – this does great swings +/- 30 cents or so, keep that in mind

BCS if you’re looking for a good flipper this is it… nearly 250% move off bottom’s without looking back, almost filled the gap back to mid January on Friday I am short biased

CLRT perfect triangular breakout – keep an eye for support around $2, the volume is good and this run may have legs

GAB very bullish, first test = $3.50

HNSN would like to see this test $5+ to give a great shorting opportunity…

INZ is borderline breakout/breakdown – the volume signifies a fight here if it loses $10 I’m interested in the short side possible $2/share.. if it doesn’t we’re going to $12+

From scan on the 26th “LTM potential gap fill towards $14” definitely got it $2 upside! For Monday – Watch for a gap followed by potential short side tomorrow

VTNC short biased – more in chat

YRCW I’m short over night looking to cover $4.50 range

TCK short biased has been a great trade past 2 days – I am short this over night as well

SOLR perfect breakout from the swing trade suggestion at $4.05 watch for the red hit Monday

Recap from today in chat : Many many plays and many in the room making some good money!

Chat logs available HERE.

IRE nice range – surely will be in play in chat

BCS played it Friday morning into the afternoon sold just before close… missed out on the 60% gap, I tend to sell out before the days close .. regardless another nice volatile trade alongside the financials

AIB Muddy and others nailed in chat today as you saw on the recap

TGA broke through previous triple stop in the $2.75 range – watch for momentum to continue towards $3.50+ before shorting

WBS bounce watch – may be quick like MSCC today followed by another short

GERN had another long opportunity and shorting opp – I short 8.25 to 8.08s and 7.8x’s

AFL possible retest of today’s lows followed by a reversal tomorrow – its an awesome stock each day, great range – today we nailed it for $4 on the downside..

ZLC heavily beaten – CFO had stepped aside, never a good sign nearing a buck very well may head there but there might be a bounce first… it tried today if it heads back up tomorrow it may have a decent bounce, if it can’t hold green don’t even think about it