Wang’s Happy Trading

Wow! A complete reverse of yesterday, and more! The market started down today, lead by financial stocks, and finished much lower! The Dow was down 362.14 points; SPX dropped 40.94 points; and Nasdaq gave back 64.29 points!

Our situation in the “Happy” community was made better by UTHR, which jumped +37.51% today on new drug results! Much thanks to one of our beloved members, “optiondragon”, who’s vacationing in Hawaii right now (Aloha!); and, still sends his “gifts” from paradise! We’ve made over +100% on this trade already!

UTHR Jan 90 calls, FUHAR, at $8.4, +110%
*I played it safe on this one, getting the Jan options. Some more aggressive members were on the November options. I can only guess how big a percentage their profits must have been.

And, the members cheered!
Gator
Posted November 1, 2007 at 6:26 am | Permalink (Edit)
OptionDragon
Thanks big time for UTHR!!!!!!!!!!

tdbct
Posted November 1, 2007 at 6:32 am | Permalink (Edit)
Look at it run!!! 5 points in about 10 seconds!!! Go UTHR!!! you are the man Dragon!!!

even me!
HappyTrading
Posted November 1, 2007 at 6:34 am | Permalink (Edit)
good moring!!

UTHR!!
Thanks dragon!!

I also cashed out on some GOOG and BIDU during the day for some good profits (unpublished trades; on the member’s board only) and made a timely trade on RIG:
RIG Jan 125 calls, RIGAE, at $7.5 , +23%

But, this big drop in the market did make me give back some gains made earlier in the week. It’s a good thing that I’m holding lots of cash still.

Let’s take a look at the market:

Somebody flipped the colors on us (see yesterday’s table)! Today it’s pretty much “red” across the board! XME (metals and mining) was especially weak, down 4.52%. XLF (financials) led the market down, losing 5.13%. FXI (Chinese ADRS) also lost quite a bit, 4.66%. VIX (volatility index) jumped a whopping +25.26%!!

SPX

SPX dropped 40.94 points to close at 1508.44. Just when the picture was looking a little more bullish yesterday, it got reversed again! SPX closed below its daily MAs. The MACD is sliding again. This does not look too healthy!

Nasdaq

Nasdaq gave back 64.29 points to close at 2794.83 (under 2800). It still managed to stay above its daily MAs. Its MACD is flat.

What a difference a day makes!?! We’re back to uncertainty in the markets again. So, holding cash is still good for me! Let’s see how the market goes tomorrow, but, we’ll need to see a bounce here to hold the upwards trend, especially, on the broader market (SPX).

This morning, some unfavorable comments on C from some analysts revived worries on the whole financial sector. C’s shares were down almost 7% today! Investors didn’t find reasons to cheer over XOM’s earnings either, driving its shares down 3.79%! RATE reported a huge surge in its quarterly profits despite troubles in the credit markets! Its shares gained over +4% today. After the market, ERTS announced profits that topped estimates, and saw its shares jump more that +5%! GOOG announced a new working relationship with MySpace. Its shares were down $3.79 during the day, but traded up $1.68 in AH trading!

Good night and HappyTrading! ™