Wang’s Happy Trading

The market was a bit on the weak side today. The techs seemed strong in the morning, but, soon succumbed to the pressure from profit-taking. The broader market was even weaker. The Dow lost 61.13 points; SPX gave up 8.02 points; and Nasdaq slide just 3.27 points. Since the market is venting, we continued to take profits and hold cash:

AAPL Oct 140 calls, APVJH, at $11.5, +57.5% (partially out)
FSLR Oct 110 calls, QHBJB, at $10.7, +57.3% (more out)
FSLR Oct 110 calls, QHBJB, at $13, +91.2% (all out)
EMC Oct 19 calls, EMCJT, at $1.65, +17.8% (partially out)
BHP Oct 80 calls, BHPJP, at $2.35, +6.8% (partially out)
AAPL Oct 140 calls, APVJH, at $11.1, +50% (all out)
AMZN Oct 90 calls, ZQNJR, $5.4, +35% (partially out)
(see Happy Trades!! for more details)

Here’s how the market closed:

After charging up to new heights for 4 consecutive days, OIH (oil services) finally took a breather. But, I wouldn’t count it out just yet! SOX (semiconductors) were also on the weak side today, although WFR was one of the exceptions in the group, gaining +3.36%. BTK (biotechs) were able to keep things in the green. UNG (natural gas) was also strong. FXI (Chinese ADRs) went up another $5!

SPX

SPX lost 8 points to close at 1517.73. Its MACD leveled off a bit, but the daily MAs are still strong. What I didn’t like was that it closed under 1520, but, I think the pressure is coming from profit-taking. I still believe that the market is ready to test the July high (1550), and we’ll need to see SPX bounce above 1520 tomorrow.

Nasdaq

Nasdaq also slid a bit, closing at 2667.95, off by 3.27 points. It tried climbing along the upper BB in the morning, but, couldn’t quite stay in the green. It did hold things together pretty well, considering both INX2 (Internets) and SOX (semiconductors) were weak.

BIDU has just been amazing! It topped $300 today, with a closing price of $303.41! It went from under $220 on 9/10 to now over $300, in 2 weeks! Can it go higher!? I think it just might! See my comment on BIDU in Sector Watch from this weekend. LVS got another price target boost today, to $163!! LVS’s shares jumped +7.47% today. WYNN did even better, gaining $12.46, or +8.68%! S&P announced some index changes after the market. ICE, TSO, and EXPE will be added to S&P 500. OXPS will be added to S&P 600. All these stocks were trading up in AH!

Good night and HappyTrading! ™

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