Wang’s Happy Trading

Yesterday, I said, “…we’ll need to see a follow-through on this relief rally tomorrow to establish a bottem.” And, today, the market did just that!

The Dow closed another +101 points higher; SPX +6.39; and, Nasdaq gained +22.82! Recently, it always makes me “happy” to see XLF green! The financials really need to find a bottom here. BTK (biotechs) had a nice day, rising +8.26 points!

SPX

SPX rose above its support range (1440-1460) to close at 1472.2! It made a higher high and high low today to establish a bottom. We can also see that the MACD “difference” continues to rise!

Nasdaq

Nasdaq’s chart shows a similar story. Its 23-point rise today helped it to establish a bottom. The MACD difference is also rising!

We started taking interests, again (after a long consolidation period), in the casino/hotel group early in July. I wrote about LVS and WYNN just last week. LVS was trading around 86 then. Last night, LVS reported not-so-hot earnings, but, analysts were excited about its future prospects! LVS closed up +7.74%, at above 92!! This morning, MGM reported a fantastic 2nd quarter. Its shares rose +3.58%! WYNN also tagged along for the ride, adding +4.56%!

I feel a little more comfortable now with the market establishing a bottom and VIX moving down more than -10% today. Let’s see if the market can continue this “relief rally” some more.

Good night and HappyTrading! ™