Wang’s Happy Trading

Last weekend, I said, “For the new week, I think the market is in a good position to continue higher into the earnings.” The market did finish higher and RIMM may have set a good tone for the earnings season as it reported spectacular quarterly results and sent its stock flying up +12.76%!

The Dow finished the week up +170.38 points; SPX was up +30.84 points; and, Nasdaq jumped +78.82 points! Here in the “Happy Trading” land, we profitted handsomely with the market’s recent movements! Many of our members locked in fantastic gains in their portfolios.

Here’s how the market closed on Friday:

HGX (housing) continued to rebound and could be heading back towards 180! INX2 (Internets), SOX (semiconductors), and BTK (biotechs) were strong. XME (metals and miners), GLD (gold), and GDX (gold miners) all enjoyed solid advancements. USO (oil), UNG (natural gas), and OIH (oil services) were, however, on the weak side. XLF (financials) was able to keep some gains. FXI (Chinese ADRs) seemed to be back in the “flying” mode, up +$10.4, or +5.74%!!

SPX

SPX was up +14.75 points to close at 1557.59. It finally got above its July high (1550). Its MACD and daily MAs are all in good shape, and, it still hasn’t caught up with its daily upper BB, yet!

Nasdaq

Nasdaq was at one point up more than +50 points on Friday!! If finished up +46.75, at 2780.32, a new 52-week high! Its daily MAs are strong and the MACD is rising again. It is still riding its daily upper BB higher!

For the new week, I’m looking for the market to open strong, continuing where it left off. We may see some volatility, though, as some people might be looking to lock in profits. As the earnings start to trickle in, we’ll have to pay special attention to the leaders in various sectors. We have another week until the earnings season is in full-swing, so, it might be healthy to see the market let off some steam mid to late week. We’ll have to see if the market can manage to vent without losing altitude like this week.

I’m posting a bit late this Saturday, as I took some time off to enjoy my weekend. We played hard during the week on the market, and had a lot of fun making money. On the weekend, it’s good to balance ourselves and enjoy life! Hopefully, you’re having a great weekend too!

I’ll be back tomorrow to look at some interesting sectors.

Happy Weekend and Happy Trading! ™