Wang’s Happy Trading

The market started out kind of dull, staying flat, but in the red most of the morning. Soon after lunch, the market began to pick up some momentum, especially the techs, perhaps in anticipation of strong earnings from GOOG. The Dow was down just 3.58 points; SPX was flat, losing just 1.16 points; and, the techs again led the market up, as Nasdaq added +6.64 points.

Here’s how the market looked at the close:

BTK (biotech) backed off today, down 1.68%! INX2 (Internet) and SOX (semiconductors) managed to barely stay on the green side. FXI (Chinese ADRs) took a breather, after yesterday’s +10% jump, losing 2.74%. The commodities and related sectors were strong today. GLD (gold), GDX (gold and gold miners), XME (metals and miners), USO (oil), and OIH (oil services) all recorded solid gains!

SPX

SPX lost 1.16 points to close at 1540.08. It is still just under its 20-day MA, and the MACD continues to slide. We really need to see SPX pop back above 1550 soon to keep its picture looking healthy.

Nasdaq

Nasdaq gained +6.64 points to close at 2799.31. It’s staying above the 10-day MA and riding it up higher. Although the MACD is sliding just a bit still, the daily MAs are going up strong.

This morning, UNP reported strong earnings and saw its shares jump +5.84%! LOGI also sailed higher as its 2Q profit increased +54%. Its shares went up by almost +23%!! After the market, the much anticipated GOOG earnings seemed to be getting approvals from the investors. The company’s quarterly profit soared +46%, beating the expectations once again! GOOG shares traded above $650 at one point in AH. Last checked, they were trading up only $3.88, adding to the $6.14 gain during the regular session. INFA reported 3Q earnings that rose +54%! Its shares were trading up +3.87% in AH. CREE jumped +5.39% in AH trading, as investors cheered its future outlook!

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Good night and HappyTrading! ™