Wang’s Happy Trading

It was another volatile day on the market. A lot of attention is on the tech stocks, as Nasdaq went up as much as +24.7 points, but, ended up only +2.14. SPX closed down 6.12 points. The Dow lost 50.56 points.

Not a whole lot of commitment from these numbers, as investors were jittery before tomorrow’s Fed Chairman speech. Both the semiconductors (SOX) and biotechs (BTK) were able to keep green. The Chinese stocks (FXI) were on the weak side today.

We went ahead and closed quite a few positions that we opened yesterday since the market was volatile:
AAPL Sept 130 calls, APVIF, at $10.3, +37% (more out)
RIMM Sept 80 calls, RFYIP, at $6.5, +62.5%
AAPL Sept 130 calls, APVIE, at $11, +46.7% (all out)
AAPL Sept 135 calls, APVIF, at $7.6, +4% (partially out)
LVS Sept 105 calls, LVSIA, at $3.3, +13.8% (partially out)
ISRG Sept 210 calls, AXVIY, at $13.8, +46.7% (all out)
PCU Sept 100 calls, PCUIT, at $6.4, +18.5% (partially out)

I think it’s good to keep cash before we know what the Fed is going to say tomorrow.

SPX

SPX again struggled against its 30-day MA and couldn’t break through. Not a whole lot of new information from the actions today. We’ll have to wait and see what happens tomorrow.

Nasdaq

Nasdaq, though, did break above its 30-day MA. Its MACD continues to rise. More funds are being rotated into techs as investors escape from the financials and housing sectors.

After the market, Dell reported favorable earnings and saw its share rise slightly. OTEX jumped more than +14% in AH trading. It reported a net income of 52 cents per share vs. the analysts’ estimate of 40 cents per share. OVTI gave a strong 2Q outlook and its shares were up over +10% in AH.

Good night and HappyTrading! ™

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