Wang’s Happy Trading

Yikes! Market may be getting some motion sickness. Maybe some Dramamine would help! SPX went from red to green 3 times today. Down and up, down and up, then, down and up! I saved myself the trouble by forcing myself to walk away mid-day and only returned for about the last hour-and-a-half. Sometimes, trading less can actually make you money! Our trade on AEM should be +100 gain tomorrow!

In any case, the market ended flat with the Dow down 7.49 points, SPX up 0.71 points, and Nasdaq losing 12.88 points.

Here’s how the market looked at the close:

Commodities and related sectors were once again on the strong side. GLD (gold), SLV (silver), XAU (gold/silver index), and GDX (gold miners) all made new all-time highs; and, were all mentioned this weekend. XME (metals and mining) was strong also, adding +2.75%. Techs were weak still. DBA (agricultural commodities) and MOO (agriculture) both saw some buying. FXI (Chinese ADRs) gained +0.84%.

SPY (SPX)

I’m still not able to get a valid SPX chart. So, I’m using SPY for today’s discussion again. SPY slid $0.32 to close at $133.50, while SPX added +0.71 points to close at 1331.34. SPY managed to close above the $132 support level (for SPX, the support is at 1325). The MACD went lower.

Nasdaq

Nasdaq lost 12.88 points to close at 2258.60. It tested 2250 today and bounced back to close above it. Its daily MAs extended their bearish formation while the MACD slid. Techs still appeared weak.

This market is lopsided right now. Perhaps a cause for the violent, swinging motions. The techs are weak while the commodities are rallying. The support levels mentioned this weekend, in my Market Forecast, SPX 1325 and Nasdaq 2250, barely held on today.

This is why I focused on gold and silver, plus a little Japanese Yen, in this weekend’s post. GLD made a new all-time high at $97.74 today, as gold traded above $990!! SLV also made a new all-time high at $204.43, as silver traded as high as $20.66. XAU, the Gold/Silver Index, gained +3.26%, and, it is looking to go higher. GDX recorded its new all-time high at $54.92 today, with AEM trading above $72 in AH and ABX adding more than +3% during today’s regular session!

Good night and HappyTrading! ™