Wang’s Happy Trading

sdjerry
What a week!! Short term portfolio really flying………. LOT’S OF IDEAS for making money all the time.

That was a wonderful week! Last weekend, in my Market Forecast, I said, “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… We’ll have to see if the market can manage to vent without losing altitude like this week.”

On Monday, the broader market was flat, but the techs continued to charge up. On Tuesday, the whole market jumped, sending the Dow and SPX to record highs, and Nasdaq to a new multi-year high! On Wednesday, like I had predicted, we started to see some profit-taking and volatility. On Thursday, the market managed to make new highs in the morning, and we took our profits early. But, in the afternoon, we saw high volatility and the profit-taking increased, as the techs led the market into the red. On Friday, the market bounced back and locked in a sizeable gain. So, the market was able to vent without losing altitude and still closed higher for the week.

Here’s how the market looked at close on Friday:

The market was pretty much green across the board, besides HGX (housing), which lost 2 points. INX2 (Internets) and BTK (biotechs) were strong; even SOX (semiconductors) showed up with a win. GDX (gold miners) and GLD (gold) stayed their uptrend course. FXI (Chinese ADRs) roared back to a new all-time high of $203, gaining +$10.39 for the day!

SPX

SPX closed at 1561.80, gaining +7.39 points. It managed to stay above its 10-day MA and its daily MAs are still in their bullish formation.

Nasdaq

Nasdaq gained back most of what it lost on Thursday, adding +33.48 points to close above 2800, at 2805.68. Its daily MAs are still going up strong!

For the new week, earnings are going to roll in. The market is in a good position to continue higher. We’ll have to pay special attention to the leaders in each industry as they announce their quarterly reports. By Wednesday, the market may be ready to set its near-term course, as IBM, INTC, and YHOO are all reporting on Tuesday.

I’ll be back tomorrow to look at some interesting sectors in my Sector Watch.

After market on Friday, BIIB announced its intention to explore potential sale of the company! BIIB jumped more than +$12 in AH trading, or +17.53%!! There are speculations that BIIB could be worth $200! WOW!! We have the Nov 70 calls, rolled from the Oct 70 calls on Friday (see Happy Trades!! for more details).

Good night and HappyTrading! ™

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