Market Wrapup - March 26th

Great day on the street today folks and the technicals look very strong here! We closed above resistance, so higher we should go. Some people believe 900 is possible on the charts but I feel we got another 20-45 points, 900 may be pushing it a little.

I made numerous trades today, starting with the JTX buy. I bought it at $3.90 and its still rolling in after hours at $4.70. I sold my shorts for a loss today but made it back with a strong trade on the TTWO $10 April calls. I caught the technical breakout in AKAM as well and sold the entire position but am holding the TSO for a little longer. Towards the end of the day, I moved into strong offense, by going long Commercial Real Estate, for a short squeeze play. I connected on the MAC trade, took that off, and I am still holding URE. Commercial Real Estate is doomed but it is also heavily shorted, so squeezes are possible with this strong technical tape but play small if you choose. REITs like FR and MAC are toast in the long-term, so you know I am long the June $2.50 puts, which I bought at $0.25; however, if we catch a strong rally, I am tempted to buy the MAC April $2.50 puts (+MACPZ) for a risky trade, for like $0.05 or $0.10. I was short the stock early in January, covered in February, and now I can't get any shares to short. Its heavily shorted for the right reasons, so buyer beware. Also, talking options, if you got in on the DIA March $80 Calls, congrats on the 100%+ gain (I wish I still had mine).

Lastly, I will comment on the chart above. Many mutual funds are buying this rally, which is killing many short sellers. The chart above is the FAS (3x Long Financials). If you believe in charting leveraged ETF's (frankly not my cup of tea but worth looking at) there is a bullish trend highlighted in teal, called the inverted head and shoulders. If this holds, financials will run even harder than they have, so don't be surprised if they run higher and I wouldn't be short financials here. As for tech, I would keep an eye on Intel since it just broke $15 resistance (this is bullish) and RIMM because Goldman Sachs came out with a note today to buy this stock before earnings (rather rare to see that). I'm gone, have a good night!