Wang’s Happy Trading

In my Market Forecast this weekend, I said, “[w]e may see some volatility, though, as some people might be looking to lock in profits.” I also said that “….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.” Well, we certainly saw some volatility today. It looked like the market was getting weak right after the open. But, gradually the market came back. The techs finished very strongly, as Nasdaq gained +7.70 points! SPX was flat, losing just 2.68 points, and the Dow was lower by 85.84 points. So, it does seem like there’s some profit-taking and “venting” going on, but, the market is doing so without losing much altitude again!

Here’s how the sectors looked:

SOX (semiconductors) was weak again. But, INX2 (Internets) and BTK (biotechs) more than made up for it, for the techs. OIH (oil servies) added +3.18% and gave the broader market solid support. GDX (gold miners) and XME (metals and miners) again charged up higher! USO (oil) and UNG (natural gas) also locked in gains.

SPX

SPX was flat and closed at 1562.47, losing just 2.68 points today. Its daily MAs are still strong, but, the MACD is leveling out. It is nice to see the broader market to let off steam without losing altitude. But, we’ll need to see some upwards movement soon to catch up to the daily upper BB.

Nasdaq

Nasdaq, on the other hand, gained another +7.70 points to close at 2811.61! Its daily MAs and MACD are all rising, as it continues to climb higher along the daily upper BB.

Yesterday, I mentioned GOOG closing above $615. Today, it jumped another $10+ to close at $625.39, as its price target got raised to $740! After the market, GOOG continued to rise, trading above $630!! BIDU also made a new all-time high, topping $343! BIDU traded at $345.90 in AH. VMW and EMC, which were also mentioned yesterday, jumped again, by +5.34% and +3.48%, repsectively. VMW set a new record high at $107.47! AKAM has been rising 3 days in-a-row. It traded as high as $37.94 and closed at $37.13. I think it’s got more room to go! ESRX touched $60 per share, a new all-time high, today, but, retreated back to close at $58.91. I also think ESRX can go higher from here.

Good night and HappyTrading! ™