Wang’s Happy Trading

Well, the DOW made another new high! SP 500 did quite make 1500. But, the techs, both SOX and Nasdaq, continued to push upwards. The oils are still hot, but, the metals are feeling some pressure.

Nasdaq

An interesting thing about Nasdaq is that it is now above the converging triangle that it had been stuck in since 2001! This should be another bullish sign!

Nasdaq 10-year weekly chart

You can see the converging triangle more clearly on a 10-year chart!

OIH

OIH continues to do well as it climbs its upper BB!

GLD

GLD closed below its 20-day MA. The metals, as a sector, are going through some consolidation right now.

GOOG

GOOG “touched” its upper BB today, but, was not able to cling on to it. It did, however, close above the 480 resistance. Another good thing is that the upper BB is starting to open up. Now, with BIDU’s big jump after their earnings, can GOOG manage a 20-point gain to get above 500? Investors seem to like BIDU’s $50.2 million in sales. Maybe they should also celebrate GOOG’s $3.66 “Billion” revenue?!?

FFIV

FFIV took people by surprise yesterday with their earnings! It jumped more than 20% today to close around 80! It still has so much more room to go up! The MACD, MFI, and RSI, are just starting to go up! We should see FFIV in the mid-80s soon!

So, MSFT reported good earnings after the market, and is trading better than 30, up 4+%! While this should provide more boost to the market, tomorrow is Friday. There might be some profit-takers, but, MSFT maybe able to help the markets to let off some steam without losing much altitude!

Good night and HappyTrading!(tm)