Wang’s Happy Trading

Market was strong out of the gate; and, it got stronger as the day went!! Investors cheered the favorable retailer and jobs data that came out this morning. The rally was broad-based, lead by coals, steels, and agriculture. Solar plays also rebounded nicely.

We’ve been patiently waiting on the sideline with cash this week. The opportunity came today! Among the published trades, we jumped into BIDU and some coal plays, and already cashed out some good profits:
BIDU ($358.85)
BPJFJ, June 350 calls, at $19, +21% (partially out)

BIDU ($361.6)
BPJFJ, June 350 calls, at $21, +33.7% (more out)

OptionDragon’s ANR and ACOR are still rising, with ANR jumping +6.77% and ACOR trading to almost $$33 intraday:
2020
Posted June 5, 2008 at 9:24 am | Permalink (Edit)
OD - do you have an upside target on ACOR? Almost a bagger now - I have Jan 09 calls on it. Thanks for the great trade!!

HappyTrading
Posted June 5, 2008 at 12:41 pm | Permalink (Edit)
ANR
looks like it can breakout again!

angar
Posted June 5, 2008 at 12:44 pm | Permalink (Edit)
ANR - is it 11th leg happy

PCX, brought to us by member BillBigD, jumped another $10.36!
HappyTrading
Posted June 5, 2008 at 11:13 am | Permalink (Edit)
PCX
new leg up!

OptionDragon also played MON and NUE, both returned handsome profits.
optiondragon
Posted June 5, 2008 at 10:01 am | Permalink (Edit)
MON bagger from my call…..

optiondragon
Posted June 5, 2008 at 10:10 am | Permalink (Edit)
NUE should’ve been a bagger too from the morning but bought late.

Luck -o- the Irish also cashed in on nice profits on CME:
Luck -o- the Irish
Posted June 5, 2008 at 9:21 am | Permalink (Edit)
taking some profits on CME from yesterday (377) area

Nice trading everyone!! You can see comments and trade ideas like these on our member site as they are being made. Our membership will once again be closed in a week or two to new members, as we are, once again, scheduling to make some changes to the site. So, if you’re still thinking about joining us this month, you might want to do it soon.

The market closed near the day high, with the Dow up +213.97 points, SPX adding +26.85 points, and Nasdaq gaining +46.80 points:

VIX closed below 19, very good for the market. Most sectors were green today. USO (oil) jumped +5.02%, while OIH (oil services) added +4.77%. XME (metals and mining) gained +4.74%. PBW bounced nearly +3%. MOO finally broke out, advancing +2.44%. XLF (financials) closed above $24.5, up +2%. BTK (biotechs) rose +2.43%. FXI (Chinese ADRs) hopped +3.28%.

SPX

SPX added +26.85 points to close at 1404.05. It closed above the daily MAs. The MACD went higher.

Nasdaq

Nasdaq gained +46.8 points to close at 2549.94. It caught up with the daily upper BB and the daily MAs curved up into a new bullish formation!! Its MACD rose.

This is a very strong move to the upside by the market today. Nasdaq seems to be ready to break out of its recent trading range: 2450-2550. The broader market has been lagging, but, is looking better as SPX closed above its daily MAs. VIX dropped back to below 19, which is very good for the market. We have some more economic data tomorrow, including the unemployment rate. If the data come in favorably, the market has more room to go, especially with how strongly it closed today. Nasdaq could be looking to start a new leg up!

Good night and HappyTrading! ™