Wang’s Happy Trading

Not a bad way to start a week, eh? Even though the DOW didn’t make a new high today, it hung in there pretty well, closing -0.1%. Nasdaq is ready to take the next leg up and added more than 20 points! Like I was saying in my post this weekend, SOX and BTK are still consolidating. But, it was nice to see BTK closing in the green, and SOX getting as high as 497 and change! OIH is still making new highs and GLD seems to find buyers at 65!

SPX

SPX seems to be content just riding up the daily upper BB. All-time high is less than 30 points away!

OIH

OIH sailed into uncharted territory on high volume and got as high as 173+, closing at 171.1! Other energy/oil-related sectors continue to push higher. as well. I think we’ll see OIH above 175 soon!

GLD

GLD made a little advance on high volume today, again, bouncing off of 65! It seems like there are buyers standing by at that level. But, the daily MAs are still in the bearish formation with 10- below 20- below the 30-day MA. So, I think it’ll take some more time for GLD to come out of this consolidation phase.

Nasdaq

Nasdaq was the story today! Even though the semiconductors and the biotechs are still sorting things out, the internets were there to take the lead. AMZN added another 5 points! And, the Chinese Internets seem to have caught on fire: BIDU went all the way to 136 at some point; SINA jumped nearly 7%; SOHU added more than 5%; and NCTY garnered up 10+% on the ERTS news!
Nasdaq is pushing open its daily upper BB, hinting for the next leg up!

MGM jumped more than 10% after the market with news of buying interest in its Bellagio. This news comes after last week’s buyout news for TRMP. Looks like it’s another sector in the merger race!

Good night and HappyTrading! ™