Stocks aided by Time Warners’ earnings and lower oil price. Advancers outpaced the decliners by 3-1 on the NYSE and 2-1 on the Nasdaq. Volume was heavy with 2 billion on the NYSE and 2.2 billion on the Nasdaq.

The technical situation has definitely improved with all major indexes breakout of the recent trading range. Many groups looking very strong today like retail, energy, semis, metal, and financials even the home builders have posted strong gains today.

It looks like we are poise for the November rally and into the holiday season. But I’m still cautiously bullish.

Personal Trading: Closed half of the position for YHOO JAN 2006 37.5 Call at 2.45, opened at 1.5 for a 63% profit. I closed the position to reduce my exposure to Yahoo and was disappointed with Yahoo’s performance today with Nasdaq move so strongly to the upside. Continuing to hold the remaining YHOO JAN 2006 37.5 Call and YHOO JAN 2006 40 Call.

This entry was posted on Wednesday, November 2nd, 2005 at 6:26 pm and is filed under Market Recap, Stock, Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.