Wang’s Happy Trading

Well, like I said this weekend, “During the mid-week, the market may need some time to breathe.” Yesterday, we saw some of the profit-taking in late morning. Today, we saw some more. But, the market really held up pretty well. The Dow was down just 48.86 points; SPX gave up 10.28 points; and Nasdaq slid 12.19 points.

We did not make too many trades today. On the member site, I cautioned members to relax, hold cash, and allow the market to “vent”:

(the time showing is PST, west coast time)
HappyTrading
Posted September 20, 2007 at 8:38 am | Permalink (Edit)
market
don’t forget to lock in profits and keep cash! market might need to vent a little. just because we picked mostly good stocks and are going higher, it doesn’t mean that the market can just go and go. The market has mostly been neutral to red today. So be careful!

more experienced traders can find their own trades with stocks mentioned. And, I trust that you guys have the discipline to manage your quick trades.

We took a lot of profits this week (see Happy Trades!! for more details). No need to chase the market while it is letting off steam!

Let’s take a quick look at the individual sectors:

GDX (gold miners), GLD (gold), and XME (metals and miners) were all strong, up +4.07%, +1.81%, and +1.29%, respectively! USO (oil), UNG (natural gas), and OIH (oil services) all had pretty solid performances. So, it was a day for the commodities and their related sectors.

SPX

SPX slid back to its daily upper BB and closed at 1518.75. With the big gains accumulated during the past couple of days, the market needed to “vent”. The market is actually quite strong, allowing some profit-taking without losing too much altitude.

Nasdaq

Nasdaq slides to 2654.29 and shares the similar story as the broader market. Its daily MAs and MACD are still strong.

GS reported awesome earnings this morning! It gapped up at almost $211 at the open, but, couldn’t hold on to the gains. Perhaps it was due to options expiration tomorrow; perhaps GS had already made huge gains before the earnings. GS ended the day being down almost $2! It could be an opportunity for us to go back in! AM also reported good earnings in the morning. Its shares jumped +7.33% today! After the market, ORCL reported 1Q profit that went up +25%! ORCL’s shares went up $0.2 during the day and added $0.1 in AH trading to close at $21.14. NKE reported solid earnings gaining +51% in its 1Q profit! Its shares didn’t really move in AH, adding just $0.46.

Good night and HappyTrading! ™

Get Wang’s World in your email for FREE!