Wang’s Happy Trading

Another very good day! The market traded sideways to up, venting (after yesterday’s big jump) without losing altitude. This is very encouraging. Again, as I said in my Market Forecast this weekend, “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.” Nasdaq has caught its daily upper BB and continues to go higher, so, I’m a little more comfortable playing the techs. Chinese ADRs have also been doing very well.

We daytraded GOOG again today; this time with Nov $590 calls, and, made a quick intraday +27% gain. We also cashed in on some Chinese ADR plays: ACH for a whopping +173% return, and TSL for a good +65.8% gain! (see Happy Trades!! for more details)

The market got a little volatile in the last hour, but, closed strong. The Dow managed to stay above 14,000, giving up only 40.24 points. SPX was flat, down 0.41 points. Nasdaq charged up in the last 1/2 hour to close at the day high, gaining +6.12 points.

Here’s how various sectors looked at the close:

HGX (housing) continued where it left off yesterday, jumping another +2.91%! XLF (financials) was also strong, gaining +1.14%. BTK (biotechs) finally woke up today, adding +2.2 points. UNG (natural gas) jumped another +4.91%, as I indicated yesterday that it was ready to go higher! FXI (Chinese ADRs) added another +2.29%!

SPX

SPX closed flat today, at 1546.63. Still couldn’t quite make it above 1550. Its MACD and daily MAs are still looking strong.

Nasdaq

Nasdaq continued to ride its daily upper BB higher, gaining +6.12 points to close at 2747.11. Its MACD and daily MAs are also healthy.

BIDU’s sail caught a strong wind today as it received a new $400 price target this morning! It gap-opened +$15 and was up almost $40 during the day, setting a new all-time high of $323.34! It closed at $320.58, up $35.77 and traded up $3 more in AH! Where is it going? Can we see $340-$350 tomorrow?! Amazing!! LVS and WYNN both set new all-time highs today…AGAIN, $145.57 and $169.38, respectively! CHNR jumped a whopping +74.61%, or $11.9, to close at $27.85; it is also trading another +10% higher in AH!! CIEN got favorable comments from analysts today, sending its shares up +8.91%.

Good night and HappyTrading! ™