Wang’s Happy Trading

The market started out on the negative side and continued to slide to the close, and finally let off some steam. We cashed out on many positions early today. Again the remaining GOOG and BIDU positions were very profittable:
POT Jan 135 calls, PYPAG, at $15, +42.9% (all out)
AAPL Jan 200 calls, APVAT, at $11.5, +10.5% (partially out)
BIDU Jan 400 calls, BPJAT, at $29, +103.5% (all out)
AAPL Jan 200 calls, APVAT, at $11, +5.8% (all out)
GOOG Jan 720 calls, GOQAD, at $16, +113% (all out)
CHL Jan 90 calls, CHLAR, at $2.7, -37.2%
SNP Jan 150 calls, SNPAJ, at $8.7, +8.7% (all out)
The Dow closed down 192.08 points; SPX lost 21.29 points; and Nasdaq stumbled 47.62 points.

Here’s how the market looked at the close:

VIX jumped +8.57%. INX2 (Internet), SOX (semiconductors), BTK (biotechs), and SWH (software) were all weak. PBW (clean energy) finally saw a down day, losing 2.12%. USO (oil) was up +0.45%, while OIH (oil services) slid 1.69%. HGX (housing) and XLF (financials) were both down. GLD (gold) and GDX (gold miners) were flat; XME (metals and mining) slipped 2%. MOO (agriculture) kept things barely on the green side. FXI (Chinese ADRs) lost 3.63%.

SPX

SPX was down 21.29 points, at 1476.37. It closed below the 20-day MA. We’ll need to see it close above the 20-day MA tomorrow to feel more comfortable.

Nasdaq

Nasdaq lost 47.62 points to close at 2676.79. It closed above the daily MAs. The MACD slipped a bit. We’ll need to be a little more cautious tomorrow and see if the market can manage to stay above daily MAs.

Today, there were news about AAPL having possible plans for online film rentals. Its shares reached a new ATH of almost $203/share. However, AAPL closed down $0.38, or 0.19%. MELI, mentioned yesterday, charged all the way up to above $81/share. It closed up $2.45, or +3.36%, at $75.30. AMZN announced adding Warner Music Group to its digital music store. Also, the company said yesterday that the 2007 holiday season was its strongest ever. Its shares gained +1.51%, despite the down market day. CREE continued to rise after CNBC’s interview with the company’s CEO yesterday. Its shares jumped from just above $23/share yesterday to today’s high of $29/share. CREE closed at $27.27, up $1.26, or +4.84% for the day.

Good night and HappyTrading! ™