Wang’s Happy Trading

XLF (financials)

XLF is looking better. It closed at $31, pretty much where the 30-day MA is. If it gets above the resistance at $31.5 and catch the daily upper BB, it would be very encouraging, not just for the financials, but, also for the broader market.

BTK (biotechs)

BTK closed at 828.69, basically catching the daily upper BB. This is a good sign. The popular names in this sector, such as DNA, IMCL, AMGN, CEPH, and BIIB are looking interesting again. OSIP has been going up and up all last week!

PBW (clean energy)

PBW jumped above its daily MAs this week, and, the solar plays were strong late in the week. If the broader market continues to show strength, the solar plays may be very interesting to watch next week.

FXI (Chinese ADRs)

FXI had dropped from nearly $220 to below $170. Now it has come back to close at $187.47, just below its 30-day MA. It’ll be very interesting if it can get above the 30-day MA and catch the daily upper BB. If our government shows that it has a plan to handle our subprime problem, it may also send confidence to the globle financial markets. Many Chinese ADRs have come down quite a bit from their highs. They’ve started to bounce with the market and we’ve seen how fast they can run. So, I’ll be keeping an eye on these.

Hope you’ve enjoyed your weekend.
HappyTrading! ™