Wang’s Happy Trading

It was a “cautious” day for most. The techs, however, were a bit weaker than the broader market. The Dow slid 39.10 points. SPX gave up just 7.60 points. But, Nasdaq went down 20.52.

Here’s how the market closed:

INX2 (Internets) continued to be strong. But, both SOX (semiconductors) and BTK (biotechs) were still weak. USO (oil) and UNG (natural gas) both went up. GLD (gold) recorded another solid gain!

SPX

SPX tested its 10-day MA and bounced back to close at 1476.65. The daily upper BB is still easily within reach and the MAs are in their newly formed bullish formation. The 30-day MA is starting to rise.

Nasdaq

Nasdaq closed at 2581.66, under its 10-day MA, as the semiconductors and biotechs continued to be weak. Buyers seem to be a bit shy ahead of the Fed’s rate decision, and I do think it is prudent to be cautious and hold cash until we see how the market reacts to the FOMC meeting results.

This morning, BIDU got a price target boost to $333 by Citi Investment Research. The company also announced plans for video ads. BIDU went up +18.01 points today, or a whopping +7.67%; it is also trading $1 higher in AH. ADBE reported 3Q profits that soared 117%!! Its shares jumped almost +4% after the market. LVS and WYNN continued to advance, as LVS got its price target boosted to $130 today! LVS went up another +$4.91 and WYNN added $2.37!

Good night and HappyTrading! ™

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