Wang’s Happy Trading

Aside from the DOW, the broader markets were weak today; well, at least in the afternoon. The DOW made another new high! Seems like the mid-caps have been driven so high; now, some of the money is shifting towards the bigger caps (MDY has been stalling for couple of weeks now). We are getting into areas where it’s worth to raise some caution flags!

SPX

Although it’s sitting pretty much at its 10-day MA, SPX barely managed to close above 1500. AMAT reported inline results after the market, and it wasn’t so warmly received. So, let’s see if SPX’s 20-day MA, which would be around 1495 tomorrow, can hold.

Nasdaq

Nasdaq had a hard time keeping things up, as both the SOX (semiconductors) and BTK (biotechs) were weak. The Internets didn’t help much either. Nasdaq was saved by the bell, closing at just above 2525. It is getting dangerously close to its 30-day MA! Let’s see if Nasdaq can bounce of its 30-day MA tomorrow.

BTK

BTK closed below its 30-day MA. It needs to hold this 30-day MA to present pushing down on its lower BB.

Both GLD and OIH managed to hold a flat performance, closing fractionally higher.

Well, it’s a doubly volatile week with options expiration and consolidation going on at the same time. So, be careful, and remember to keep cash!

Good night and HappyTrading! ™