Markets Open Higher On Options Expiration Friday

The markets are trading higher in early trading, with this being options expiration day. Healthcare and retail are leading the early action, while utilities and consumer staples are lagging.

Last night, RIMM reported solid earnings, but offered conservative guidance. The stock is trading -3.5% lower today, and is getting closer to a good buy point, imo. AAPL released its new iPhone today, and the lines are once again big as demand is off the charts. I think the smartphone revolution is still in its early stages, and both of these companies continue to lead this secular growth wave.

Healthcare stocks have been doing better the last couple days as reports come out that the Senate's draft of health care reform calls for most people to buy insurance, which is in opposition to the President's public option.

In economic news, the IMF indicated that the decline in the world economy is moderating. Also, officials form the European Union see a sustainable recovery without more stimulus.

Asian markets rose overnight; the dollar is down a bit this morning, but commodity prices are firm; the 10-year yield is down a bit to 3.79%; and the VIX is now -6.4% today, well below the key 30 level to 28.10.

Trading comment: Yesterday I took partial profits on our URBN position, as recent retail reports have been dismal. It is possible that URBN bucks the trend, but I want to lock some in just in case. This morning, I took small profits on a trading position in CELG, which has had a nice bounce. I have not made any big moves in our ETF accounts.

long AAPL, CELG, URBN