Wang’s Happy Trading

The market started out with a jump today, following yesterday’s fantastic reversal. Before the market opened, I sent out a list of stocks that I felt good about (Time stamps are in PST, US West Coast Time):
HappyTrading
Posted January 24, 2008 at 6:22 am | Permalink (Edit)
Watching
GLD, GDX, AEM, ABX
MOO, POT, MON, MOS, CF, BG
GOOG, BIDU
GRMN (it’s alive!!)
SHLD
OIH’s RIG, DO

which all did really well, especially GOOG and BIDU. SHLD went above $110 today, but had some profit-taking to do. It’s still good to keep an eye on this. If it can go back above $110, it’s got room for $10 more to $120 before seeing resistance.

I also said, pre-market, on the member board,
HappyTrading
Posted January 24, 2008 at 6:27 am | Permalink (Edit)
market
the reversal was quite a run yesterday; may need to breath a bit late morning; I’m still pacing myself in terms of buying. Still looking for SPX to get above 1375; it’ll be a good indicator for establishing the bottom.

Sure enough, after 10:00am, the market started to waver a bit. Nasdaq reached above 2360 within the first half-hour from market open. Then, I said,

HappyTrading
Posted January 24, 2008 at 7:20 am | Permalink (Edit)
market
breathing… wait ’til after lunch, or, during lunch; there might still be spurts here and there until then.

The market proceeded to falter, and, Nasdaq hit a day low of 2326.37, a swing of about 35 points! After about 1:30 pm (after lunch), things started to pick up again. The market ended near its morning highs with the Dow gaining +108.44 points; SPX added +13.47 points; and the Nasdaq jumped +44.51 points, showing some strength back in the techs.

If you’d like to get market comments like these during the day, you’ll have to come by the member board. Not sure about how things work on the member site? We now have day passes for people that just want to check things out. See Subscribe for more details.

Here’s how the market looked at the close:

INX2 (Internet), SOX (semiconductors), and SWH (software) were all strong today, gaining +3.2%, +2.5%, and +2.37%, respectively. GDX (gold miners) jumped +4.48% while GLD (gold) added +2.49%. XME (metals and mining) wasn’t lagging, either, climbing up almost +5%! OIH (closing at $160 yesterday signaled a “buy”) garnered +2.75%. MOO felt some added fuel from POT’s earnings (more on this later) and hopped +5.53%.

SPX

SPX added +13.47 points to close at 1352.07. Its MACD is rising. I’m still looking for it to get above 1375 on this initial bounce.

Nasdaq

Nasdaq jumped +44.51 points to close at 2360.92, above the 2350 level. This is very encouraging. The next resistance is 2450. This is another 90 points away, which gives some more room to rise. Its MACD is also climbing.

This morning, POT announced strong earnings and a healthy forecast for 2008. Its shares jumped +7.45%. After the market, BRCM delivered a 4Q profit that doubled from the year before! The news sent BRCM shares flying up +13.26% in AH trading. JNPR recorded strong network equipment sales that gave its 4Q profit a +73% rise. Its shares trade up +4.22% in AH, on top of the +6.91% jump in the regular session. MSFT reported a +79% rise in its quarterly earnings and raised its full-year earnings outlook. Its shares traded up +4.51% after the market, on top of today’s +4.13% gain!

Good night and HappyTrading! ™