Wang’s Happy Trading

That was a nice way to start the week, the month, and the new quarter!! In my Market Forecast this weekend, I said, “The overall market situation is perhaps better than I had thought. The sideways-trading this week has allowed the market to vent without losing any altitude, and in fact, it gained a little. For the new week, I think the market is in a good position to continue higher into the earnings. I will, however, be cautious, hold on to my cash, and wait to see if the market can catch up to its daily upper BB.” Well, right out of the gate, the market “felt” strong. I picked up some GOOG Oct $560 calls for a quick +25% intraday gain! (see Happy Trades!! for more details)

The Dow gained +191.92 points and propelled itself into record high territory! SPX jumped +20.29 points, and Nasdaq charged up nearly +40 points!

We have lots of “Happy Traders” on the members board today:

Well, what a happy trading community! We can all use more “happiness” in life, and most people would not mind to have more money $$$!! In our community, we’re getting more of both!! Congrats everyone!

Let’s take a look at some individual sectors:

I added 2 new ETFs this weekend. PBW will help us track “clean energy” stocks and HHH gives us something “tradable” for the Internet sector (but, I’ll still mainly use INX2 for analysis). We are higher across the board! SOX (semiconductors) and XLF (financials) both jumped today (see Sector Watch)! UNG (natrual gas) seemed to be ready to go higher, gaining +2.77%. HGX (housing) jumped +3.15% and closed above 160, which is a good sign! FXI (Chinese ADRs) was at it again, advancing almost +3%!

SPX

SPX gained +20.29 points to close at 1547.04, just below its July high (1550). Its MACD is rising again and the daily MAs are going strong. The daily upper BB is within reach!

Nasdaq

Nasdaq is riding its daily upper BB higher. It jumped almost +40 points to close at 2740.99, above its July high (2720). The MACD and daily MAs are looking healthy!

OSTK charged up +10.42% on almost twice the average volume to close at $31.80, with no apparent news! Its intraday high was $31.94, which was also a new 52-wk high. After the market, PDLI jumped +7.63% as the company announced that it is “for sale”! Its shares were trading at $23 in AH; it’s 52-wk high is $27.98. CME broke out into the $600s and closed above $600 at $608.30 (see Sector Watch). It made a new all-time high of $615.40!! Other stocks in the same arena also did well: ICE +$2.1, NYX +$1.28, NMX +2.26, NDAQ +$0.88.

Good night and HappyTrading! ™