Wang’s Happy Trading

$100 oil seems to have been accepted by the market. Crude traded to almost $105/barrel today and there were no big headlines about it. Gold was above $993/ounce today, getting close to that 4-digit number, $1000! Silver also made a new multi-year high, nearing $21/ounce. The market was in part supported by commodity-related stocks, although Nasdaq was also strong.

The Dow was up +41.19 points; SPX added +6.95 points; and Nasdaq gained +12.53 points.

The market looked pretty good at the close:

Lots of GREENS, for a change! INX2 (Internet) and SOX (semiconductors) were solid, adding +1.51% and +1.02%, respectively. Commondities and related sectors were VERY strong! GLD (gold) was up +2.67%, while SLV (silver) hopped +5.1%!! XAU (gold/silver index) gained almost +4%; GDX (gold miners) was up +3.68%; and XME (metals and mining) leaped +3.64%. USO (oil) advanced almost +5%, as OIH (oil services) garnered +3.69%. UNG (natural gas) didn’t get left behind, up +4.36%! XLF (financials) was on the weak side as ABK’s solution was perhaps less than impressive. FXI (Chinese ADRs) gained $2.65.

SPX

SPX added +6.95 points to close at 1333.70. It managed to stay above the 1325 support level. The MACD slid a bit.

Nasdaq

Nasdaq gained +12.53 points to close at 2272.81. It stayed above its 2250 support level. The MACD was flat.

I have been talking about precious metals a lot lately. In my Market Forecast’s Sector Watch this weekend, I almost exclusively talked about trading/investing vehicles that are related to gold and silver. I’ve also recently added many more indices and ETFs that are tracking, or related to, gold and silver (GLD, SLV, GDX, XAU, GOX, XME). GLD still seems to have a lot of room to go. So, gold may not even get a stop at just $1000. SLV looks a bit toppy as I had mentioned this weekend. But, the momentum is carrying through. It appears to be even stronger than GLD!

This morning, CSIQ reported a great 4Q and gave a strong guidance for 1Q of 2008. Its shares jumped more than +17% today. FSLR and SPWR have been waiting for a reason to rally, and CSIQ seemed to have provided that. I’m looking especially at FSLR, which had also reported stellar earnings. FSLR advanced $10.59, or +5.23% today, while SPWR added $3.64, or +5.48%.

Good night and HappyTrading! ™