Wang’s Happy Trading

Another choppy day, as the market tried to extend yesterday’s turn-around bounce. The market started out high, drifted lower, and finished nearly flat. The Dow slipped 25.20 points; SPX slid 1.98; Nasdaq was stronger for a change, a “change” of almost +5 points!

Let’s see how the market looked at the close:

INX2 (Internet), SOX (semiconductors), and BTK (biotechs) made small gains. USO (oil) and OIH (oil services) added +1.46% and 0.25%, respectively. HGX (housing) slipped a little, but, stayed above 140. XLF (financials) managed to keep on the green side. FXI (Chinese ADRs) was flat, while PBW (clean energy) continued to push upwards, advancing +1.54%.

SPX

SPX slipped 1.98 points to close at 1453.00. It tested its 30-day MA, but, couldn’t close above it. Its 20-day MA, however, has crossed above the 30-day MA. To get a more bullish picture, we still need to see some strong upwards movements to turn the 30-day MA up.

Nasdaq

Nasdaq added almost +5 points to close just above 2600, at 2601.01. Its 20-day MA is almost crossing the 30-day MA. Same thing here, though: we’ll need to see some stronger up days to turn that 30-day MA upwards to feel more bullish.

LEAP did some impressive “leap”ing today. Its shares jumped $6.52, or +18.36%, with no apparent news. After the market, ATVI raised its 3Q outlook, sending its shares up +3.54% in AH trading. ACN announced strong earnings and raised its 2008 profit guidance. Its shares traded up more than +4% in AH. ORCL reported a 2Q profit that soared +35%! Its shares jumped +6.65% after the market.

Good night and HappyTrading! ™