Wang’s Happy Trading

XLF (financials)

With another Fed meeting coming up at the end of the month, it is very important to keep an eye on the financial sector. XLF slid all last week, and, on Friday, it dropped back below 33. This is not a healthy sign. We’ll be paying special attention to XLF this week.

SOX (semiconductors)

SOX was actually pretty strong most of the week, especially after INTC’s earnings. But, on Friday, it nosedived 4.3%!! It closed the week at 475.01, testing the support at 475. We’ll have to see if this support holds.

OIH (oil services) Daily Chart

OIH dropped over 6% on Friday and caught its daily lower BB.

OIH (oil services) Weekly Chart

But, OIH’s weekly chart is still healthy. Its weekly MAs are still in a bullish formation, and it stayed above its 10-week MA. We’ll wait and see how the overall market conditions are in the new week. This could be a buying opportunity for this sector.

XME/GLD/GDX (metals and mining/gold/gold miners)
Metals and miners still seem to be doing well. Gold and gold miners stayed very strong last week.

XME (metals and mining)

XME was down 2.68% on Friday. But, its daily MAs remains in a bullish formation with 10- above 20- above the 30-day MA. The MACD is sliding; it would be more convincing if the MACD starts to turn up.

GLD (gold)

GLD continued to ride its daily upper BB higher, and made a new all-time high on Friday of $76.29! It looks strong and still shows more room to go higher.

GDX (gold miners)

Although down for the week, GDX managed to stay above its 10-day MA. The MACD is getting a little weaker. But still, given what happened on Friday, GDX held up together rather well.

FXI (Chinese ADRs)

FXI already went down 6.21%, or $13.2, on Friday. The Asian markets followed the U.S. down on their first day of the new week. FXI did stay above its 10-day MA. We’ll have to see how the U.S. market opens on Monday, and, maybe catch some of these ADRs again, at much cheaper prices.

Hope you’ve enjoyed your weekend!
Good night and HappyTrading! ™