Wang’s Happy Trading

The market held its ground today, even though Bernanke was talking about the “R”-word. Solar stocks picked up the pace today as did metals. BIDU continued with its run and traded as high as $292 today! Oil jumped and oil services had another good day.

The Dow was down 48.53 points; SPX slid 2.65 points; Nasdaq lost just 1.35 points.

Here’s how the market looked at the close:

SOX (semiconductors) add +0.77%. Commodities rallied back today. Metals were particularly strong: GLD (gold) +2.77%, SLV (silver) +3.89%, XAU (gold/silver index) +4.3%, GDX (gold miners) +4.29%, and XME (metals and mining) +1.69%. USO (oil) added +3.36% while OIH (oil services) picked up +1.92%. UNG (natural gas) gained +2.15% and DBA (agricultural commodities) +3.38%. PBW (clean energy) jumped +4.07%!

SPX

SPX slid 2.65 points to close at 1367.53. Its daily MAs started to rise and the MACD went higher.

Nasdaq

Nasdaq lost just 1.35 points to close at 2361.4. Its daily MAs also started curve up. Its MACD was higher, likewise.

So, the market took a breather today. How the market closes this week will be very important. The last time the market rallied above the daily MAs, it traded flat the next day
also. The difference could be seen in the next couple of sessions. Now, the market has caught the daily upper BB, the important thing is to see if the market can ride along the upper BB higher. We’ll have to see if the market can either trade higher, or hold flat for the next couple of sessions to allow some venting to occur.

This morning, MON reported earnings with superb profits; but, perhaps the guidance was not as high as some might have hoped. MON shares was weak in the morning, but, managed to bounce back, down only 0.84% for the day. ICE continued to charge ahead and traded above $150 today. It was trading under $130 just this Monday. It closed up +6.25% at $147.81. CLF made a new all-time high at $133.5. I managed to catch a trade on the Apr 130 calls (CGJDF) for a quick and sweet +11.8% gain. X also reached a new all-time high, trading above $135 intraday. STP jumped +12.76%, as we cashed some of our May 40 calls (STPEH), bought last Thursday, for over +100% gain!

HappyTrading
Posted April 2, 2008 at 11:05 am | Permalink (Edit)
STP ($46.05)
STPEH, more out at $8.3 (another bagger+! YEEHAA!)

FSLR, SPWR, LDK, YGE, and JASO also did very well, with YGE gaining +16.6%! After the market, RIMM impressed the investors by reporting a quarter profit that more than doubled from the year before, and it guided higher than expected! RIMM shares went up +4.72% in AH trading.

Good night and HappyTrading! ™