Wang’s Happy Trading

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After a day of resting, the market continued to rally on the election day!  Most sectors were higher.  Biotechs were weak.  Gold miners and oil services led the rally:  AEM +19.74%; ABX +14.24%; DO +7.77%; NOV +10.8%; RIG +8.44%; FWLT +19.02%; FLR +13.76%.  FWLT is reporting earnings tomorrow morning and is trading up another +7.59% after the market on top of today’s gain, at $34/share.

On our member board, we had a very good day!  We cashed out on our trades on FSLR (+142%) and V (+26%) in the morning, and, got into MA on Bagger Vance’s cue.  There were also lots of other great trade ideas flowing around:
OptionDragon November 4, 2008 6:22 AM
Pre-Market Top 5 Gainers for November 4 2008
The following stocks were the top percentage gainers before the open on solid volume of at least 50K shares, trading at over $10. ADM +14.6%, CSIQ +8.7%, HIG +6.6%, FSLR +5.0%, CHK +4.5%

Bagger Vance November 4, 2008 6:31 AM
greetings all…gapping over 985 and holding here above is HUGE

Allan B November 4, 2008 6:41 AM
retail….SHLD, PCLN, JCP…xmas rally???

krazy4option November 4, 2008 6:56 AM
Wow…my yesterdays longs on QLD and SSO working very good…

OptionDragon November 4, 2008 7:01 AM
My PRU working, MOS and MOOs also working.
just bought some V calls here NOV 55 calls at 3.00 

HappyTrading November 4, 2008 7:18 AM 
FSLR
rest out on the Nov 190s, for now. +142%
Will be watching for possible re-entries.

HappyTrading November 4, 2008 7:22 AM
POT
looks so strong!

billbigD November 4, 2008 8:30 AM
Appl -great bounce off S2 on Thursday, Goog Yesterday= $$
VZ-Corp Bonds 10 years paying 8.75%

Bagger Vance November 4, 2008 8:30 AM
MA should rip end of day today….hope you all got in..

HappyTrading November 4, 2008 8:30 AM 
ICE
getting it going again.

angar November 4, 2008 10:26 AM
V - Dragon and Frosty - Thank you. Just sold half at 2.25. Bought those calls when V was beaten down yesterday at 0.50 cents. It was a 3 bagger for sure !!
Now, I will try to push it to 100 for Frosty and for myself lol

jbcj November 4, 2008 12:02 PM
Bagger,
Great call on MA and NOV paid for 3 years subscription in a couple of hours. Nice!

angar November 4, 2008 1:04 PM
V/MA - what a day. Thank you dragon and happy. I sold 75% and left 25% of the position for kicks

A lot of nice trading today!  We traded a little less during these past couple of weeks as the market tried to negotiate the turn.  Now that the market conditions are improving a bit, it looks our happy traders are back in action!  Still, we have to stay very cautious as people might start looking to lock in profits. 

Let’s see how the market closed:

Commodity-related sectors were very strong today: USO (oil) jumped +9.32%; GLD (gold) +6.16%; GDX (gold miners) +13.76%; OIH (oil services) +10%; XME (metals and mining) +5.88%; XLE (energy) +6.44%; UNG +5.95%.  XLF (financials) added +5.63%.  FXI (Chinese ADRs) gained +6.92%.

SPX

SPX added +39.45 points to close at 1005.75.  It closed at the 30-day MA and just above the 1000 level.  The MACD continued higher.

Nasdaq (QQQQ)

I’m using QQQQ for Nasdaq tonight as my data provider had some problems with Nasdaq’s quotes.  Nasdaq gained +53.79 points to close at 1780.12.  It closed just below its 30-day MA.  The 10-day MA turned up and the 20-day MA flattened.  The MACD was up.

The market charts continue to improve.  VIX closed below 50!!  The 20-day MAs are flattening and the 10-day MAs have turned up!  SPX and Nasdaq are both testing their 30-day MAs.  SPX closed above 1000.  These are the initial resistances that we look at this weekend in my Market Forecast.  So, we have to be careful here.  VIX intraday charts are nearing bottoms, but, have not bounced.  If the market can go above the 30-day MA, the daily upper BB is within reach.  If not, we’ll have to look for 10 and 20-day MAs for support.

Good night and HappyTrading! ™