Wang’s Happy Trading

The market slid back down today, as Mr. Fed Chairman, Bernanke, spoke and discussed about the economic concerns. The market pretty much gave back what it gained, with the Dow down 175.26 points, SPX losing 18.35 points, and Nasdaq sliding 41.39 points.

Here’s how the market closed:

Techs were weak: INX2 (Internet) -1.78%; SOX (semiconductors) -2.81%; BTK (biotechs) -1.05%; and SWH (software) -1.79%. USO (oil) gained +2.23%, while UNG (natural gas) jumped +4.02%. FXI (Chinese ADRs) lost 2.29%. XLF dropped 2.73%. DBA (agriculture commodities) added +3.09%.

SPX

SPX lost 18.35 points to close at 1348.86. It still could not break through the 30-day MA. The 20-day MA barely held the support. The MACD flattened a bit.

Nasdaq

Nasdaq slid 41.39 points to close at 2332.54. Similar actions here as SPX. Nasdaq could not break above its 30-day MA today. It closed just below the 20-day MA.

The market is back to that confused and precarious place among the crossing and pinched daily MAs. Again, it’ll need to break above the 30-day MA to confirm the double-bottom. The longer it hangs under the daily MAs, the more likely that it’ll test the bottom again. Further, the bottom gets weaker the more time it is tested. However, the MAs are flattening out and getting closer together. We’ll have to be very careful and see what happens tomorrow.

This morning, EDU announced a share buyback program, up to 1 million shares! Its shares jumped +8.76%. CMCSA reported solid earnings and saw its shares gain over +8%. After the market, CMG shares tumbled more than 13%, as its earning missed estimates. On the other hand, PCLN went up almost +10% after beating expectations with its earnings.

Oh, by the way, Happy Valentine’s Day!

Good night and HappyTrading! ™