Wang’s Happy Trading

The major indices were pretty flat today. SPX was off less than half-a-point. Nasdaq gained +3.56 points, while the Dow garnered +42.27 points.

But, there were many very exciting stocks today, two of which were RIMM and BIDU! We made very good money of these today (RIMM for the past couple of days)! We got into RIMM when the market started to bounce on Thursday. I was looking for stocks that can really move up in better market conditions. Both RIMM and BIDU got taken down with the rest of the market quite a bit (RIMM from 235 to below 190; BIDU from 215 to almost 160). RIMM is getting a 3-for-1 split and the analysts seem to be quite cheerful about how the business is going this quarter.

I got into BIDU a day later, on Friday. I was looking for a Asian ADR play. The Fed’s discount rate cut helped the market’s bounce follow-through on Friday. I wanted to have something to play on the possible jump from the Asian markets when they open the new week (Hong Kong gained +1208 points or +6%!!). FXI jumped +3 points today, and BIDU jumped +11.04 points! (see more details on these trades on Happy Trades!!)

Here’s a snapshot of how our markets closed:

Natural gas (UNG) is down “huge”, more than 12% on Hurricane Dean, which is coming to the Gulf of Mexico. Oil (USO) is down slightly, but, oil services (OIH) was able to secure a late gain, up +1.49 points. Internet (INX2), semiconductors (SOX), and biotechs (BTK) all gained. I’m still of the opinion that more funds are going to be rotated into techs.

SPX

SPX closed flat at 1445.55 (staying above 1440). It looks to be negotiating with the 10-day MA. But, its MACD continues to rise.

Nasdaq

Similar story on Nasdaq, still trying to get above the 10-day MA, and MACD is rising. I do, however, like the fact that the broader market hung tough, while the financials (XLF) was taking a rest, and down slightly (after Friday’s big jump). If both SPX and Nasdaq can get above, and stay above, the 10-day MA, it’ll be a very good sign for the bulls in the market.

LOW posted good earnings this morning, sending its shares up just above +6% today. WFR jumped almost +5% on no apparent news. Could it be buying on the INTC rumor (see my post this weekend on the solar sector)? FSLR also jumped today, more than +10%!! The rest of the solar sector did pretty well also. I’m keeping an eye on the solar plays!

Good night and HappyTrading! ™