Wang’s Happy Trading

The market finally took a break today, letting off more steam. The Dow lost almost 80 points. SPX gave up 7, and Nasdaq slid 17.68 points. Overall, it wasn’t all that bad, and, the market could use this rest before the earnings start.

Here’s how the market closed:

SOX (semiconductors) was especially weak, losing over 2%! FXI (Chinese ADRs) followed Hang Seng (Hong Kong market), which was down over 700 points yesterday, and dropped more than 5%! Things were mostly on the weak side, but, HGX (housing) was surprisingly strong, gaining +1.53 points. BTK (biotech) was up +2.49 points.

SPX

SPX slid 7.04 points to close at 1539.59. Its MACD is leveling off again. We’ll need to see some bigger moves upward if SPX is going to catch its daily upper BB. So, it is time to be a little more cautious and hold cash.

Nasdaq

Nasdaq also took a breather, closing at 2729.43, giving up 17.68 points. Its MACD is also leveling a bit. So, we’ll need to have a little patience right now and wait for the market to give us clearer signals.

DISH charged up as high as $52.15, perhaps on further buyout speculation. It closed at $48.94, up +4.64%. Its competitor, TIVO, went up +8%, as a patent case against DISH may be ruled in its favor. MU shares dropped almost 9% today after an uninspiring earnings report yesterday. ISRG recorded a new all-time high of $245.38 today and was up over $12 at one point. It received a target boost to $270 by an Oppenheimer & Co. analyst. It closed at $239.62, up +$6.5 for the day.

Good night and HappyTrading! ™