Semiconductors Gain As BRCM Soars 16%, IPI Goes Public

DJIA + 42.99, +0.34% SP500 + 3.99, +0.29% NASDAQ Comp. + 28.27, +1.19% Russell 2000 + 4.40, +0.63% Oil $118.30 The Nasdaq Composite regained 28 of the 31 points it lost on Tuesday. The DJIA, S&P and Russell 2000 each regained less that half of Tuesday’s losses. The Nasdaq 100 is still above support on its recent breakout, the DJIA is at the resistance/support area and the S&P and Nasdaq Composite are holding just below resistance. The Russell 2000 is still below the resistance zone. The Nasdaq was supported by a 4.12% gain the Semiconductor Index ($SOX). BRCM rose $3.84 or 16.31% on a 200% plus increase in volume on a positive earnings report. Watch the semis as they are a major sector in the tech laden Nasdaq index. POT, MOS, MON and AGU all had significant pullbacks today. POT gained $2.20 in after-market trading. POT earnings are scheduled for tomorrow morning. Both AAPL and AMZN reported earnings after the close today. AMZN dropped $3.59 in after-market trading. AAPL traded lower but recovered down just 58 cents in after-market trading. The AAPL 165 straddle was $20.45 and the AMZN 80 straddle was $11.30 at today’s close.

Intrepid Potash (IPI), IPO priced at 32, closed at 49.01 on its first day of trading. IPI based in Denver is the largest producer of potash in the U.S. Another POT?

Thursday's Earnings - BMO - POT, MMM, BDK, MOT, NIHD, PEP - AMC - AMGN, BIDU, BUCY, CF, DECK, KLAC, WFR, PCU

Today’s Action Moving Higher ESRX, CHRW, AMZN, GRMN, CELG, FWLT Moving Lower FSLR, POT, MOS, AGU, MTL, CF, MON, MER, JASO, DECK, MEE, CLF, LEH Intermediate Term Market Trend: Neutral Short Term Market Trend: Neutral