Wang's Happy Trading

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The market continued to fall lower, although there were intraday attempts to bounce.  SPX and Nasdaq are visiting the support levels again (SPX 850; Nasdaq 1500).  The market actions today were discussed in my Market Forecast post from the weekend.  We’ll look at the charts tomorrow for new developments.  The main thing to watch is how the market handles the support levels.

Most sectors went lower.  BIDU was one of the biggest losers, falling 25%.  There was news that “Baidu may have let unlicensed health clinics buy popular medical ad keywords on its search engine.”  However, a 25% drop may have been an over-reaction, but, it’s perhaps nothing to be too surprised about in this environment.  Other big losers include: UTHR -35.24%; ISRG -16.98%; PRU -17.23%.  UTHR reported that an oral version of its hypertension drug Remodulin failed a late-stage study.  Financials were weak again, and SKF jumped +9.45%, which we looked at in the Market Forecast this weekend, to close just above $180.  Other ultrashorts also did well: EEV added +5.57%; DUG gained +3.91%.

Good night and HappyTrading! ™