Wang’s Happy Trading

The market was volatile today. It found plenty of resistance at the 30-day MA (see my post this weekend). But, one group shined through: the Chinese stocks! I mentioned some of these stocks in my sector watch this weekend, and, did a specialy post on it this morning. We had some pretty good luck right at the open today, as ONXX and PTR gapped up! ONXX reported positive outlook for Nexavar. We also got into BIDU, CTRP, and ACH pretty early today and turned some pretty good daytrading profits:

ONXX Sept 35 calls, OIQIG, at $2.6, +48.6%
ONXX Sept 35 calls, OIQIG, at $2.6, +54.3%
CTRP Sept 42.5 calls, QCTIV, at $3.2, +28% (partially out)
FLR Sept 125 calls, FLRIE, at $5.2, +37% (all out)
ACH OCT 65 calls, ACHJM, at $8.6, +14.7% (partially out)
BIDU Sept 210 calls, BDUIB, at $12.3, +40% (partially out)
ACH OCT 65 calls, ACHJM, at $9.6, +28% (more out)
(see Happy Trades!! for more details)

Some of our open positions from last week didn’t do quite well, though. AAPL, SPWR, and LVS all slid with the market. NVDA, though, looks like it’s on a breakout path. It made a new all-time high today!

Here’s how the market closed:

As you can see, most sectors were in the red; the “big” exception was FXI, the ETF that tracks Chinese ADRs.

SPX

SPX closed down 12.58 points to close at 1466.79. It was negotiating with the 30-day MA today, but, couldn’t break through.

Nasdaq

Similar story for the Nasdaq. It gave up 15.44 points to close at 2561.25, also under its 30-day MA. We’ll have to be really careful for the next few days. As I said this weekend, “This could be the test for the recovery. If the market oscillates around the 30-day MA, but, stays above the 20-day MA, it might lure enough sideliners to come in and carry things higher.” So, I’ll be watching the daily MAs closely.

The data for existing home sales disappointed the investors today, and, prompted people to take some profits. We have plenty more of other economic data coming this week. Tomorrow, we have the consumer confidence data. Let’s pay attention around 10am to see how the market reacts. After the market, SNDA reported strong 2nd-quarter profit that more than tripled! SNDA’s shares didn’t get too much reaction and is just slightly positive, up $0.22, although it did gain +4.67% during the regular session today. WFMI finally got the approval to buy its rival OATS. WFMI was up $1.21 today, but, no immediate reaction after the market.

Good night and HappyTrading! ™

ps. Just a quick reminder: the 30% discount will end on 9/10/07. The regular fees will be:
$99/month
$249/quarter
$799/year
You can still lock in the discount rate now!

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