Wang’s Happy Trading

Yesterday, I said, “I think the market is in a position to have a good rally tomorrow to get the 20-day MA above the 30-day MA!” Well, we did get a rally and the market now has the 20-day MA above the 30-day MA! The rally, though, was somewhat muted, especially among the techs. The Dow closed up +133.23 points, and it closed above 13400, at 13424.88! SPX gained +12.39 points, while Nasdaq advanced +8.99 points.

Here’s a snapshot of the market close:

INX2 (Internets), SOX (semiconductors), and BTK (biotechs) all were a bit weak, even though Nasdaq still managed to go up nearly +9 points. HGX (housing) closed in the green, for a change. It is also nice to see XLF (financials) showing some strength!

SPX

SPX had a good day, closing above 1480, at 1483.95. Its 20-day MA has crossed above the 30-day MA. The daily MAs are now in a new bullish formation. MACD is also rising. The market now is in a good position to rally further to catch the daily upper BB, which is around 1500.

Nasdaq

Nasdaq shows a similar story. It closed just above 2600, at 2601.06. Its daily MAs are also in their newly established bullish formation. Its daily upper BB is at about 2650.

QCOM received some good news today as a federal judge halted a ban on mobile phones using Qualcomm chips. QCOM shares went up +3.43% today. The news didn’t affect BRCM shares much at all. BRCM even got a “buy” rating on a new coverage by Bank of America. BRCM shares traded up +1.41%. RIMM set a new record high at $88.23, but, closed at $85.74, up just +0.34%. RIMM received a new price target of $120 and a “buy” rating from Canaccord Adams. BIDU continued to set new all-time highs. Today, BIDU traded as high as $234.96! SNDA, which I mentioned yesterday, added +3.86% today to close at $32.59.

Good night and HappyTrading! ™

Get Wang’s World in your email for FREE!