Wang’s Happy Trading

So, oil is at $100. Now, gold is rallying to a new all-time high, getting close to $950/ounce! It looks like $1000 gold is not going to be too far away!

The market started sluggishly, but, picked up momentum in the afternoon and closed near the day’s high! For the Dow, it was more than a 200-point swing! The market “appeared” to be encouraged by the Fed minutes, regarding further rate cuts in the near future. Just before noon (EST), I said on the member board,

HappyTrading
Posted February 20, 2008 at 8:51 am | Permalink (Edit)
market
needs to see some strength from techs.

Since then, Nasdaq rallied from a 10-point deficit to close 20 points higher, a 30-point swing. The Dow closed up just over +90 points; SPX added +11.25 points; Nasdaq gained +20.90 points.

Here’s how the market looked at the close:

SOX (semiconductors) rallied up +2.74%. USO (oil) glided higher as OIH (oil services) garnered +2.3%. XME (metals and mining) continued to be strong, adding +1.84%. GLD (gold), as mentioned earlier, made a new all-time high, up +1.81%; while GDX (gold miners) jumped +2.72%. MOO (agriculture), up +1.4%, is still seeing new highs in the sector (MOS, POT, CF).

SPX

SPX added +11.25 points to close at 1360.03. It closed right at the 30-day MA. The 10-day and 20-day MAs have turned up! The MACD also went higher.

Nasdaq

Nadaq gained +20.90 points to close at 2327.10. It managed to close above the 10-day MA. Its MACD glided higher.

I think if this market is going to break above the 30-day MA and start pulling away from the recent bottom, it’ll need lots of help from the techs. The techs have been weak recently while commodities and related sector have been making new highs. SPX will, once again, test the 30-day MA tomorrow. Breaking above the 30-day MA will be a encouraging move, but, it will need to at least get above 1375-1380 to confirm the bottom.

This morning, RIG reported great earnings and saw its shares jumped +7%! OIS also announced solid earnings that beat the estimates. Its shares went up more than +14% today. After receiving an upgrade yesterday, X continued to rise today, gaining over +5%. It closed above $110, at $112.29. After the market, ITRI delivered earnings and forecast that are above expectations. Its shares traded +7.31% higher in AH.

Good night and HappyTrading! ™