Wang’s Happy Trading

After the HUGE jump yesterday, the market held together pretty well and finished slightly green. The Dow was up +22.28 points; SPX added just +0.7 points; and Nasdaq gained +5.22 points.

For me, it was a day to relax and watch, allowing the market to vent a little. The market was very strong, letting off some steam without losing any altitude:

INX2 (Internet), BTK (biotechs), and SWH (software) closed in the green. OIH (oil services) was strong today, adding +2.13%. XME (metas and mining), mentioned in my post yesterday, gained +1.05%. PBW (clean energy) jumped +4.6%, as FSLR flew up $22.30, or +10.33%!

SPX

SPX was flat, gaining just 0.7 points to close at 1469.72. The picture is definitely looking stronger. It closed above the 20-day MA and the 10-day MA is flattening, while the MACD is rising (note that the MACD “difference”, blue bars, is now positive).

Nasdaq

Nasdaq gained +5.22 points to close at 2668.13. It also close above its 20-day MA, with its 10-day MA turning up. The MACD continues to rise.

With the Fed signaling further rate cuts, the global financial markets seem to be in a good mood, as both Japan and Hong Kong markets are up right now. We are sitting on a lot of cash and will allow good, profittable, opportunities to present themselves.

This morning, SHLD’s quarterly report disappointed investors, as its shares closed down more than 10%! After the market, DELL reported higher-than-expected revenue, but, failed to inspire with future outlook. Its shares slumped almost 10% in AH trading. On the other hand, JCG not only reported great earnings, it raised its outlook. That prompted investors to drive up JCG shares more than +11% in AH. OVTI also had good things to say, as it saw its 2Q profit rise. Its shares were up +7.41% after the market.

Good night and HappyTrading! ™