Wang's Happy Trading

Yesterday, I talked about how both SPX and Nasdaq have their daily MAs in a “bearish” formation, and that it is still prudent to be cautious, even though we had a very strong bounce. Today, the market opened high and slowly went lower, and lower. The Dow closed down 76.08 points; SPX gave up 10.47 points; and Nasdaq lost 29.33 points.

Being as careful as we are, we took much profits early on, and, made quick, profittable, daytrades:
optiondragon
Posted November 14, 2007 at 6:31 am | Permalink (Edit)
AAPL out at 8.50â€¦bagger from last nights hold.

BillBigD
Posted November 14, 2007 at 6:33 am | Permalink (Edit)
AAPL-sold at the open will wait for the retest

sgraham
Posted November 14, 2007 at 6:34 am | Permalink (Edit)
thanks dragon, was in the AAPL with you. out at 8.4!

StandUp Comic Bob
Posted November 14, 2007 at 6:35 am | Permalink (Edit)
Iâ€™m out the other half of AAPL too, 129% on that half. Half in the bag?

Andy
Posted November 14, 2007 at 6:39 am | Permalink (Edit)
BIDU DEC 370, took the 80% profit on that one, keeping cash reserves high

HappyTrading
Posted November 14, 2007 at 6:39 am | Permalink (Edit)
CHL
CHLLQ, took some profits at $11

Edul
Posted November 14, 2007 at 6:40 am | Permalink (Edit)
CHL!!!

WOW! Thanks Happy you are the man!

fb
Posted November 14, 2007 at 6:45 am | Permalink (Edit)
CHL. My second bagger with Happy. Thank you very much.

sgraham
Posted November 14, 2007 at 6:51 am | Permalink (Edit)
very nice open, CHL out wtih 173% and AAPL 200% Thanks everyone!!

BillBigD
Posted November 14, 2007 at 7:22 am | Permalink (Edit)
BIDU- More out with $3 gain. Might go long

BillBigD
Posted November 14, 2007 at 7:43 am | Permalink (Edit)
BIDU puts-All gone on the $350â€™s. Double on last part

sgraham
Posted November 14, 2007 at 8:45 am | Permalink (Edit)
In/out of BIDU 340p for 114%, less than 5 minutes!

Aussie
Posted November 14, 2007 at 9:30 am | Permalink (Edit)
Thank you Happy, Dragon and community for your site. Been a subscriber for 2 months with 70% gain. Any thoughts on STV earning play out tomorrow?

sc_troj
Posted November 14, 2007 at 1:05 pm | Permalink (Edit)
Good day in all.

Thanks to happy family for excellent trade support and ideas.

Logging off with my baggersâ€¦.

Even though the market closed in the red, “Happy” Traders took in the GR$$Ns! It was another good day for us. Personally, I’m now sitting on more than 75% cash! Today, many members were really on top of things, trading and making profits on both sides (both calls and puts)! Great plays, everyone!

Let’s where the market closed:

INX2 (Internet), SOX (semiconductors), and SWH (software) were weak. BTK (biotechs), on the other hand, was able to hang on for a green finish. Commodities and related sectors are on the stronger side today: GLD (gold) +1.47%; GDX (gold miners) +2.35%; XME (metals and mining) +1.65%, USO (oil) +2.35%, OIH (oil services) flat (see my Sector Watch from this weekend). FXI (Chinese ADRs) added +3.06%.

SPX

SPX lost 10.47 points to close at 1470.58. It is right at its falling 10-day MA, which could be seen as a resistance. The daily MAs are still in their bearish formation. Although the MACD is trying to turn, unless SPX can rise above the daily MAs, it is prudent to be cautious.

Nasdaq

Nasdaq opened up high, around 2700. But, slide all day to close at 2644.32, losing 29.33 points. It is making higher highs and higher lows, but, the daily MAs are already in a bearish formation. So, it could still take some time to come completely of out this dip.