Wang’s Happy Trading

The market was not so hot today, but, we managed to have a “happily” profittable day! The Dow lost 237.44 points; SPX fell 33.48 points; Nasdaq stumbled 55.61 points! So, why does this make me “happy“? Because we weren’t greedy and locked in very good profits early today and are now sitting on over 80% cash, and, everything just got a lot cheaper!

We took profits on RIG, BIDU, VIP, AAPL, and GOOG; and, did a few very good daytrades on GRMN, ending the day with holding some puts on XLF:
HappyTrading
Posted November 26, 2007 at 6:26 am | Permalink (Edit)
GRMN
I saw GPS units everywhere this weekend! Got myself a Garmin.

RIG
we have Jan 125s!! Breaking out above $130, this can go much higher by Jan.

HappyTrading
Posted November 26, 2007 at 6:38 am | Permalink (Edit)
BIDU
gaining momentum.

RIG
RIGAE, took some profits at $10

Ramesh
Posted November 26, 2007 at 6:39 am | Permalink (Edit)
Happy, OD, nice call on RIG…thanks

BillBigD
Posted November 26, 2007 at 6:42 am | Permalink (Edit)
VIP-up another 3% $$$

marketquest
Posted November 26, 2007 at 6:43 am | Permalink (Edit)
Wow, RIG GRMN. Great start for week

HappyTrading
Posted November 26, 2007 at 6:44 am | Permalink (Edit)
GRMN
Dec 95 calls, GQRLC, bought at $7

amucktrader
Posted November 26, 2007 at 6:44 am | Permalink (Edit)
Took quick RIG profit at $9.70. Thanks a bunch Happy!!!!!

HappyTrading
Posted November 26, 2007 at 6:46 am | Permalink (Edit)
GOOG
GOQLJ, took some profits at $6.5

HappyTrading
Posted November 26, 2007 at 6:50 am | Permalink (Edit)
GOOG
GOQLJ, rest out at $6.8

RIG
RIGAE, rest out at $11

HappyTrading
Posted November 26, 2007 at 7:02 am | Permalink (Edit)
GRMN
flying!!

HappyTrading
Posted November 26, 2007 at 7:05 am | Permalink (Edit)
GRMN
GQRLC, took some quick profits, +25.7% in less than 1/2 hour!

optiondragon
Posted November 26, 2007 at 7:05 am | Permalink (Edit)
GRMN daily double almost on the DEc 100 calls

HappyTrading
Posted November 26, 2007 at 7:08 am | Permalink (Edit)
GRMN
$100++!!

HappyTrading
Posted November 26, 2007 at 7:09 am | Permalink (Edit)
GRMN
wow!! took more profits at $9.5, +35.7%!

BillBigD
Posted November 26, 2007 at 7:10 am | Permalink (Edit)
Congrats all on trades this morning, am waiting for a pullback to play again

HappyTrading
Posted November 26, 2007 at 7:13 am | Permalink (Edit)
BIDU
cashing some out from last Wed’s buy (unpublished trade).

HappyTrading
Posted November 26, 2007 at 7:41 am | Permalink (Edit)
GRMN
looks like it wants to go higher; taking quick profits is good in this environment, though!

HappyTrading
Posted November 26, 2007 at 8:04 am | Permalink (Edit)
GRMN
GQRLC, back in at $9

HappyTrading
Posted November 26, 2007 at 8:35 am | Permalink (Edit)
BIDU
seems to want to go higher!

HappyTrading
Posted November 26, 2007 at 8:49 am | Permalink (Edit)
BIDU
should top $330 today.

Gambler101
Posted November 26, 2007 at 8:51 am | Permalink (Edit)
BIDU on fire

HappyTrading
Posted November 26, 2007 at 9:05 am | Permalink (Edit)
BIDU
$330+; out for now; might still be early, but good $6+ gain on Dec 330s!

angar
Posted November 26, 2007 at 9:28 am | Permalink (Edit)
AAPL - touched 176 !!! Happy - you are the best. I am truly impressed by your TA on BIDU today !

Frosty Muggs
Posted November 26, 2007 at 9:30 am | Permalink (Edit)
BIDU 335+ *choo-choo*

HappyTrading
Posted November 26, 2007 at 9:44 am | Permalink (Edit)
BIDU
$340 coming up!!

HappyTrading
Posted November 26, 2007 at 10:39 am | Permalink (Edit)
GRMN
GQRLC, took profits at $10! (still early, I think; market goes green, this should fly again!)

HappyTrading
Posted November 26, 2007 at 10:51 am | Permalink (Edit)
market
for me, I’m watching the 10-day MA as I talked about this weekend. Going above gives me a bullish indication, and vice versa.

HappyTrading
Posted November 26, 2007 at 12:37 pm | Permalink (Edit)
XLF
Dec 28 puts, XLFXB, bought at $1.23

So, even though the market was down, we still were able to make some good $$$$. Now, we are sitting in a very comfortable position with over 80% cash. Let’s wait for the opportunities to come to us!

Here’s how the market looked at close:

Another big red day! VIX jumped +12.89%! SOX (semiconductors), INX2 (Internet), BTK (biotechs), and SWH (software) were all weak. GLD (gold) was able to close in the green, but, GDX (gold miners) went down 3.66%! XLF (financials) fell another 3.35%. FXI (Chinese ADRs) slid 2.61%.

SPX

SPX fell 33.48 points to close at 1407.22, below the 1410 support! The daily MAs and MACD slid more. In August, SPX went all the way to 1370.6 before pulling back up, but, 1410 was a good support. We’ll have to see how tomorrow plays out.

Nasdaq

Nasdaq shows a similar story: it also broke below its support. Nasdaq stumbled 55.61 points to close at 2540.99, below the 2550 support. In August, it went below 2400 before pulling up.

This weekend, in my Market Forecast, I said, “We’ll need to see if the market can continue where it left off on Friday. If the market fails to reach above the 10-day MA, we’ll need to be prepared to play more on the downside. But, if the market can continue higher and close above the 10-day MA, it could establish a bottom here.” So, the market still couldn’t get above the 10-day MA today. We’ll have to see how the market does with those August lows.

In this weekend’s holiday shopping, GPS units were some of the most popular items. Everywhere I went, I see them “on sale” and hoards of people surrounding the display area where they store the GPS devices. Obviously, I wasn’t the only one noticing this, as GRMN received an upgrade this morning! Its shares traded as high as $101 today, which we profitted nicely from. We’ll keep an interested eye on this one. C went below $30 today on more job cuts and further concerns on mortgage losses. This seemed to have exerted additional pressure on the whole financial sector, as XLF fell another 3.35%! CREE found renewed buying interests today, as PHG made an announcement to buy GLYT in a $2.7 billion deal. GLYT’s shares jumped almost +51%, while CREE’s shares gained over +15%!

Good night and HappyTrading! ™