Wang’s Happy Trading

What a volatile day! The broader market was fighting the 30-day MA and was not able to close above it today. The Dow was down 57.15 points; SPX lost 8.72 points; Nasdaq gave up 2637.13 points.

Here’s how the market closed:

INX2 (Internet) and BTK (biotechs) were weak. SOX (semiconductors) and SWH (software) closed flat. GLD (gold) and GDX (gold miners) rebounded today. USO (oil) and OIH (oil services) were strong, gaining +1.13% and +1.47%, respectively. XLF (financials) was down a bit. FXI (Chinese ADRs) gave up 2.65%.

SPX

SPX closed at 1472.42, down 8.72 points. It tested the 30-day MA again, but, could not close above it today. The MACD continued to rise.

Nasdaq

Nasdaq gave up 23.83 points to close at 2637.13. It negotiated with its 20-day MA, but, closed just below it. Its MACD moved up.

The techs were weaker today, but, the broader market held up pretty well, with commodities helping to balance things out a bit. We’ll be watching these daily MAs carefully. But, a little breathing time after 4 days of rally may be healthy. We’ll see if the market can break some more barriers tomorrow.

On Sunday, ATVI announced that it has agreed to be acquired by Vivendi. ATVI traded as high as $26.72 and closed at $24.97, up +12.73%! This morning, RIMM was downgraded. It shares lost almost 8%. There are rumors that the Federal Trade Commission is close to approving GOOG’s acquisition of DoubleClick with no conditions. GOOG’s shares, however, were down 1.66% today! BIDU announced a new ad product today, helping its shares stay afloat, up $3.29.

Good night and HappyTrading! ™