The market felt a little “heavy” today, as people locked in profits. We, fortunately, were a little ahead of the game and took lots of profits yesterday! On the member’s board yesterday, I posted:
HappyTrading
Posted September 4, 2007 at 12:51 pm | Permalink (Edit)
market
I think the market has room to give one more push tomorrow morning. Then, more profit-taking will come. So, be very “selective†on what to buy right now on the long side. Don’t forget to take profits!
The market actually opened lower today. Although there were couple of attempts to push higher, they didn’t amount to anything substantial. But, on the other hand, the market was strong enough to keep above the daily MAs. The Dow was down 143.39 points; SPX lost 17.13 points; and, Nasdaq slid 24.29 points.
Housing (HGX) was weak and lost more than 5 points. Energy sectors kept on the green side as oil (USO), natural gas (UNG), and oil services (OIH) all made gains. Internets (INX2) were also strong, as GOOG, YHOO, AMZN, and EBAY all went up! The Chinese ADRs (FXI) were sluggish, although BIDU buck the trend and traded as high as $222.41!
SPX
SPX tested its 10-day MA today and bounced back, although it closed under 1480, the level that it had failed on its initial bounce. I’d feel more comfortable with the broader market above 1480, so, I’ll be watching this level. I do like the fact that the 10-day MA is rising up and has already crossed above the 30-day MA.
Nasdaq
Nasdaq continues to be stronger than the broader market. It gave back some of the gains made during the past 4 days, but, there’s really no harm done. Both 10- and 20-day MAs are curving up, and the 30-day MA is about to turn. There are still lots of room for the MACD to go up.
AAPL was the big news today, with new products, but, a slash on the top iPhone price. AAPL shares closed down more than 5% today! JCG reported good earnings but its sales failed to inspire investors. Its shares were down more than 8% in AH trading on top of the 2% slide during the regular session. On the other hand, JCP shares jumped almost +2% as its August same-store sales top estimates. HPQ is going after both the cell phone market and the PC gaming industry. HPQ‘s shares were flat today.
Good night and HappyTrading! ™
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