Wang’s Happy Trading

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Lithium Rocketbottle
Posted December 6, 2007 at 1:07 pm | Permalink (Edit)

Another big money day on the market! The Dow was up +174.93 points; SPX added +22.33 points; Nasdaq gained +42.67 points! Our members are happy to cash in some profits! Here are some published trades:
POT Dec 120 calls, PYPLD, at $12, +30.4%
POT Dec 120 calls, PYPLD, at $12.5, +35.9%
CMED Jan 45 calls, QCIAY, at $3.5, +12.9%
WFR Jan 70 calls, WFRAN, at $12.2, +31.1%
PTR Jan 200 calls, PTRAW, at $17, +16.4% (all out)
FWLT Jan 160 calls, UFGAL, at $10, +11% (partially out)
(see Happy Trades!! for more details)

But, there is just so much more happening on the members’ board. Many trades, ideas, and information are only available to active members! To sign up, just click on the “member site” link!

Here’s how the market looked at the close:

It’s pretty much green across the board, and, VIX (volatility index) dropped, which is a good thing. HGX (housing) jumped +8.08% (more on this later)! INX2 (Internet), SOX (semiconductors), BTK (biotechs), and SWH (software) were all solid. USO (oil) and OIH (oil services) made big gains, +3.39% and +3.92%, respectively. XME (metals and mining) added +3.16%. XLF gained +3.23%. FXI (Chinese ADRs) went up just +0.89%.

SPX

SPX gained +22.33 points to close at 1507.34. It has caught up with its daily upper BB and has pushed it open, allowing room for more upwards movements. The 10-day MA has risen above the 20-day MA, which has turned up. The MACD continues to rise. SPX is now within the “resistance range” that I talked about this weekend and yesterday. Going above this range, I’d consider the broader market completely out of the correction phase.

Nasdaq

Nasdaq jumped +42.67 points to close at 2709.03. It closed above its 30-day MA. Its 10-day MA has risen above its 20-day MA, which is starting to turn up. The MACD also continues to rise. These are all bullish signs. But, the techs have been lagging just a bit behind the broader market. It’ll be good to see Nasdaq catch up with its daily upper BB and push it open to get into its resistance range of 2725-2775.

This morning, AAPL received raised price target and earnings estimates. Its shares were up +2.4%. ISRG made a new all-time high today, trading as high as $347.58, but, closed at $344.79, up $11.86, or +3.56%. DO also made a new all-time high today, on a raised rating to “Strong Buy”! Its shares flew up +6.25%! HGX (housing index) jumped +8.08% today, perhaps in anticipation of Bush’s speech today on a five-year mortgage-rate freeze plan. If HGX manages to stay above 150, it could start to establish a bottom! We’ll be watching this level closely.

Good night and HappyTrading! ™