Wang’s Happy Trading

The market was mixed today, with techs rallying higher. LEH reported a quarterly loss of nearly $3 billion, but, the news was already out last week. LEH shares rebounded +5.39% today, as there were no bad suprises. GS traded as high as $184.75 from Friday’s close of $178.29, and finished at $182.09.

Oil started higher, but, faded into the red. Techs rallied, led by RIMM, which received an upgrade today. RIMM shares were up more than +6% and traded above $142 today. The solar sector also got a boost as positive analyst comments were released this morning. ENER jumped +14.73% and traded as high as $77.71!! SPWR was also upgraded this morning, up +7.36% for the day. AMAT, a semiconductor company with high interest in solar technologies, also jumped +3.48%.

Let’s take a look at the overall market. The Dow finished down 38.27 points; SPX was flat, up +0.11 points; Nasdaq gained +20.28 points:

XLF (financials) added +0.94%, while HGX (housing) gained +1.24%. Techs were on the green side: SOX (semiconductors) +1.51%; BTK (biotechs) +0.78%; INX2 (Internet) +0.38%; SWH (software) +0.57%. GLD (gold) was up +1.37%. MOO (agriculture) advanced +2.46%. FXI (Chinese ADRs) gained +0.82%.

SPX

SPX was flat, finishing at 1360.14, up just 0.11 points. It closed just under its 10-day MA. The MACD was flat.

Nasdaq

Nasdaq added +20.28 points to close at 2474.78. It closed right at its 20-day MA. The MACD flattened.

The market looked a little better today, especially the Nasdaq. As mentioned in my Market Forecast, GS is reporting tomorrow morning. Investors seem to be quite confident ahead of this report, driving GS shares up nearly $20 in the past 2 trading sessions. It will certainly give the financial sector a boost if GS indeed reports well. We’ll see if the financial sector can start rebounding and help the overall market conditions to improve. We talked about VIX this weekend, and, it ended just below that 21 mark today, which is better for the market. The solar sector seems to have captured buying interest once again. If the overall market sees strength, the solar sector has a lot of room to go up.

Good night and HappyTrading! ™