Wang’s Happy Trading

Hello! I’m writing to you from Lake Tahoe, taking a little semi-vacation for Thanksgiving.

High volatility seems to be the norm these days. A “happy” member had a pretty good description for the market today:

“This market = a chicken running around with its head cut off” - Conceivable

The market started the day sloping down, made an attempt to rally in the afternoon, but, couldn’t keep things going to the close. The Dow close down more than 200 points; SPX lost 25.47 points; Nasdaq gave up 43.86 points.

Let’s take a look at where the market closed:

VIX went up +2.04%. USO (oil) made a small gain. Most sectors ended in the red. INX2 (Internet), SOX (semiconductors), BTK (biotechs), SWH (software) were all weak. GLD (gold) was down 0.66%, GDX (gold miners) lost 3.19%, and XME (metals and mining) gave up 2.1%. XLF closed below $30, down 2.69%! FXI (Chinese ADRs) continued its downward spiral with another slip of nearly 5%!

SPX

SPX closed at 1433.27, down 25.47 points. The market, overall, was under pressure all day today. But, SPX kept trying to climb back to 1440. However, it ended the day below that support level. We’ll have to see what the market does tomorrow. If it doesn’t bounce above 1440, the next support level is at 1410.

Nasdaq

Similar story for Nasdaq. It closed below its support level at 2625, losing 43.86 points to closed at 2593.38. Its next nearest support is at 2550.

Today, I played SPY puts again, in-and-out with quick daytrades. We also cashed some more profits from last week’s STP play this morning. FSLR did climb to $220 for a test, as I had anticipated last Friday. CME and DISH also provided us with some opportunities on the long side:
blackry
Posted November 19, 2007 at 6:33 am | Permalink (Edit)
nice call on STP happy

wiiboxer
Posted November 19, 2007 at 6:34 am | Permalink (Edit)
STP up and up and away.

HappyTrading
Posted November 19, 2007 at 6:55 am | Permalink (Edit)
CME
going up fast! I’m in (non-published).

HappyTrading
Posted November 19, 2007 at 6:56 am | Permalink (Edit)
FSLR
$220 coming soon!

HappyTrading
Posted November 19, 2007 at 7:02 am | Permalink (Edit)
STP
STPLN, took more profits at $7.3

sc_troj
Posted November 19, 2007 at 7:49 am | Permalink (Edit)
FSLR 220!!!

HappyTrading
Posted November 19, 2007 at 7:57 am | Permalink (Edit)
SPY
SFBXO, Dec 145 puts, bought at $4.55

HappyTrading
Posted November 19, 2007 at 10:26 am | Permalink (Edit)
SPY
SFBXO, took some profits at $4.9

HappyTrading
Posted November 19, 2007 at 12:26 pm | Permalink (Edit)
CME
took my profits from this morning’s buy.

It was another volatile day. But, it was fun to make some nice quick trades. Still keeping over 70% cash!

DISH jumped over $50 per share today, as buyout speculations are going again, and, it received an upgrade to “Buy”! It closed the day at $47.49, up +19.23%, but, it is trading down $3.09 at $44.40 in AH. AMZN announced a new product this morning, an electronic book reader with wireless access. The news kept AMZN green in a sea of red. After the market, HPQ gave a solid earnings report, sending its shares up +1.74% in AH. JWN’s 3Q earnings report gave investors something to cheer about in the retail sector. Its shares were up more than +10% in AH trading!

Good night and HappyTrading! ™