Wang's Happy Trading

“Happy, and the entire crew…
THANK YOU!!!!
I have traded options for quite some time but never felt so relaxed and confident, nor successful as when I joined your site one month ago. My account is up 10%, TODAY.
THANK YOU!”

James
Posted October 23, 2007 at 1:06 pm | Permalink (Edit)

You’re welcome James! Thanks for being part of the “happy” family! Trading is as much about understanding the market as about understand oneself. Being relaxed and confident is a very good place to be!

The market was strong today, especially the techs. Nasdaq jumped +45.33 points!! With Monday and today added together, Nasdaq basically gained back all it had lost on Friday! The Dow climbed up +109.26 points and SPX added +13.26.

Here’s how the market closed:

INX2 (Internet) was again strong, so was BTK (biotechs). SOX (semiconductors) couldn’t quite find any momentum with TXN weighing on the sector. XME (metals and mining), GDX (gold miners), and GLD (gold) were solid. OIH (oil services) made a comeback today with a +3.69% gain! FXI (Chinese ADRs) added another +4.24% to close at $210.04 and could be in a position to challenge the recently set all-time high of $218.48 soon!

SPX

SPX added +13.26 points to close just under 1520. It is definitely looking better, with its MACD “difference” rising. It’ll need to continue to go up from here to stop the 10-day MA from sliding further.

Nasdaq

Nasdaq was incredible today, flying up +45.33 points and erasing all of Friday’s loss with Monday’s gain. It closed just shy of 2800. The 10-day MA and MACD are starting to turn up again.

These are good signs. We might still see some volatility, though, as the past 3 trading days have been pretty erratic! I’m doing quick daytrades and holding on to lots of cash.

After the market, AMZN reported stellar earnings, but, its stock stumbled $10.82 in AH, giving back all of its gains during the day, and more! This is what’s so “erratic” about the market! My question is: “If AMZN didn’t jump so much during the day, would it have fallen in AH, or would it have risen?” Hmmmm… RIMM announced that its BlackBerry phones has penetrated through the Asian market and will be in consumers hands later this year in China! Its stock skyrocketed to a new all-time high of $128.36 and closed at $124.53, up nearly +9.83%! RIMM is, however, down more than $3 in AH trading. AAPL charged up +6.77% to close at $186.16 and set a new all-time high at $188.60, following its strong earnings, announced after the market yesterday. AAPL is down more than $2 in AH. GOOG was not to be left behind today. It closed up $25 at $675.77 and set a new all-time high at $677.60. It is trading down $7.52 in AH.

Good night and HappyTrading! ™