Wang’s Happy Trading

The market rallied today, cheering the good January retail sales numbers. In addition, Paulson, Secretary of Treasury, reiterated positive comments about the economy, as the fiscal stimulus package gets signed into effect. After retesting the bottom and quietly waiting for a few days, the market finally seems to be coming up for some air!

The Dow closed up +178.83 points; SPX added +18.35 points; and Nasdaq jumped +53.89 points!

Here’s how the market looked at the close:

The techs were very strong today: INX2 (Internet) +3.06%; SOX (semiconductors) +3.02%; BTK (biotechs) +1.22%; and SWH (software) +1.79%. OIH (oil services) jumped +4.08%. XME (metals and mining) stayed strong, adding another +3.5%. PBW (clean energy) hopped +6.56%, as FSLR reported blowout earnings (more on this later). FXI (Chinese ADRs) added +1.79%.

SPX

SPX gained +18.35 points to close at 1367.21. It closed above its 10-day and 20-day MAs, and just below the 30-day MA. The MACD continued to rise.

Nasdaq

Nasdaq jumped +53.89 points to close at 2373.93. It also managed to close above the 10-day and 20-day MAs. The 30-day MA is within reach. Its MACD went higher.

The market is looking much better, finally coming up for some air! Yesterday, I said, “It’ll need to make one big move up to get above the daily MAs soon.” Well, the market got above both the 10-day and the 20-day MAs today. Getting above the 30-day MA could allow the market to catch the daily upper BB, which may encourage more buyers to come in.

Today, as OptionDragon had mentioned this morning, FSLR made a big splash with its quarterly report! It announced blowout earnings and lifted the whole solar group, not to mention adding more than +30% itself!! SPWR added +12.37%; STP jumped +14.96%; CSIQ garnered +12.87%; and YGE flew +16.58%. After the market, BIDU reported earnings that beat the estimates. Its shares traded more than +7% higher in AH. GOOG also seems to be benefitting from this news, adding $8.38 after the market, on top of a regular-session gain of $16.53.

Good night and HappyTrading! ™