Wang’s Happy Trading

I’m going to change the format of my nightly review a little bit, in preparation for the “private” site! I will save most of the specific analyses for individual stocks for the private site, and on the public site, I’ll still go over the market indices and ETFs.

Every night, I’ll do a screen capture like this:

for the indices and ETFs that we are tracking. Of course, this list will probably grow. Whether I specifically talk about any of them, at least, we can all take a mental note of what’s going on in the market.

For instance, with a quick glance, we can see that we’ve had a broad market bounce today, although it was rather volatile ealier in the day (which was expected, as I stated this weekend). The major indices (SPX, Nasdaq, Dow) made good advances and held their respective support range. XLF bounced 1.89%, which was what I wanted to see, as I said this weekend, “I really think that if XLF starts to bounce, so will the broader market.” SOX was strong, which is good for the overall market. And, XME finally bounced, +2.35%!! This makes the metal plays interesting (ATI, FCX, PCU, ACH, RTP, RIO, X,…and so on) as they came down quite a bit over the past couple of weeks; and these guys can really jump!

SPX

SPX held its support range (1440-1460) and bounced to its daily lower BB, closing at 1473.91. Let’s see if SPX can recover further tomorrow!

Nasdaq

Nasdaq tested the bottom of its support range (2550-2575) and bounced back to close at 2583.28.

We’ll really need to see how the market does tomorrow to see if it confirms today’s bounce and establish a bottom to go up from. After the market, SUNW reported good earnings and sent its shares up more than 10%! MOS also had good things to say, sending its stock up almost 6%. This makes things interesting for POT tomorrow!

Another post coming up!
HappyTrading! ™