Wang’s Happy Trading

This is a very “passionate” market. It does everything with a lot of gusto! Yesterday, I said, “…I just held my cash and watched the market with awe, as to me, there’s something very unnatural, or even artificial, about this selloff! It almost ‘feels’ forced now. I’ll wait to form my opinions until things are less volatile.” Today, the market decided that, indeed, it had sold off too hard, too fast; and, it bounced, in a HUGE way! The Dow hurdled over +300 points (+319.54); SPX jumped +41.87 points; and Nasdaq flew up almost +90 points!!

This was a very good day for us, as we were holding lots of cash, waiting for opportunities. And, we cautiously made some very nice trades today:
optiondragon
Posted November 13, 2007 at 6:35 am | Permalink (Edit)
bought AAPL nov 165 calls load the boat…CHL and iPhone connection

Ozzie
Posted November 13, 2007 at 6:39 am | Permalink (Edit)
BIDU jumping! WOW!

HappyTrading
Posted November 13, 2007 at 6:43 am | Permalink (Edit)
BIDU
Dec 370 calls, BPJLN, nibbled a little at $17.2

HappyTrading
Posted November 13, 2007 at 6:46 am | Permalink (Edit)
CHL
good call; there were some buying interests yesterday. Somebody knew the news was coming out!

HappyTrading
Posted November 13, 2007 at 6:53 am | Permalink (Edit)
CHL
Dec 85 calls, CHLLQ, nibbled at $5.6

HappyTrading
Posted November 13, 2007 at 7:04 am | Permalink (Edit)
GS
is looking strong.

RankXerox
Posted November 13, 2007 at 7:07 am | Permalink (Edit)
retail acting strong ANN DECK FNM

optiondragon
Posted November 13, 2007 at 7:10 am | Permalink (Edit)
looking like a strong possible bagger on AAPL

tesorohaters
Posted November 13, 2007 at 7:12 am | Permalink (Edit)
Great call on aapl Dragon!

CapitainAl
Posted November 13, 2007 at 7:17 am | Permalink (Edit)
SINA looking good, and their earnings tomorrow

HappyTrading
Posted November 13, 2007 at 7:49 am | Permalink (Edit)
EDU
is screaming!!

HappyTrading
Posted November 13, 2007 at 7:51 am | Permalink (Edit)
GS
GPYLA, bought at $5.8

optiondragon
Posted November 13, 2007 at 8:00 am | Permalink (Edit)
bought AAPL nov 170 calls at 2.10 and cost avged up.

optiondragon
Posted November 13, 2007 at 8:03 am | Permalink (Edit)
here comes my daily double on AAPL 165 calls.

HappyTrading
Posted November 13, 2007 at 8:04 am | Permalink (Edit)
POT
gaining momentum!

CapitainAl
Posted November 13, 2007 at 8:13 am | Permalink (Edit)
EJ up 22%

JMAC3300
Posted November 13, 2007 at 9:41 am | Permalink (Edit)
CHL seems to be moving!Go Happy!

HappyTrading
Posted November 13, 2007 at 10:26 am | Permalink (Edit)
DECK
starting to fly!

Ozzie
Posted November 13, 2007 at 11:40 am | Permalink (Edit)
EDU CHL screams!

HappyTrading
Posted November 13, 2007 at 11:48 am | Permalink (Edit)
BIDU
$340 today? scalped another $1.3 on Nov 330s, still too soon!

StandUp Comic Bob
Posted November 13, 2007 at 12:06 pm | Permalink (Edit)
AAPL Nov170’s took 1/2 profits at 36%…thanks Dragon.

HappyTrading
Posted November 13, 2007 at 12:34 pm | Permalink (Edit)
BIDU
$340!!

GOOG
$660!!

optiondragon
Posted November 13, 2007 at 12:40 pm | Permalink (Edit)
bob, yes.
went to the well many times on AAPL!!! many baggers.

CapitainAl
Posted November 13, 2007 at 1:33 pm | Permalink (Edit)
thanks everyone, especially happy/dragon/luck
an amazing day, and who knows maybe an amazing week

Indeed, it was “an amazing day”. A fun day; a “happy” day! Great “plays” and congrats!! This is why keeping lots of cash is important in a volatile environment, and can be extremely useful. While it helps to keep me feeling comfortable and centered, it gives me the capability to take advantage of the market on a day like this!

Let’s see how the market looked at close:

VIX came down 22.48%, and USO (oil) was down 2.53%. Other than those, it’s pretty much “big strong>GR$$Ns” across the board. INX2 (Internet), SOX (semiconductors), and SWH (software) were strong, gaining +3.12%, +2.28%, and +1.74%, respectively. HGX (housing) jumped above 150 with a +4.48% gain! XLF (financials) also made a big move up, with +4.69% OIH (oil services) added +2.94%; XME with +2.66%. PBW (clean energy) advanced +4.8%! FXI (Chinese ADRs) hopped +7.44%!

SPX

SPX jumped +41.87% to close at 1481.05. This weekend and yesterday, I mentioned the support at 1440. The broader market was in a hurry to test that support yesterday. Today, it was in a hurry to bounce off it! This move was so big even the MACD started to turn up. Notice, however, the daily MAs are still in their bearish formation.

Nasdaq

Nasdaq flew up almost +90 points to close at 2673.65. Yesterday, I again mentioned Nasdaq’s support at 2625, even though it closed below that support. Today, Nasdaq bounced above it by almost +50 points! If this bounce continues with the same momentum, we may see 2720 as an immediate resistance (this was the July high). Notice that the daily MAs have slipped into a new bearish formation, with 10- below 20- below the 30-day MA. So, it is still good to be cautious.