Wang’s Happy Trading

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The market took a little break yesterday and continued to push higher today.  Technology and mining stocks led the market higher.  GOOG traded above $340 before coming back down to close at $334.  RIMM jumped +7.65% and traded above $47.  RTP made a breakout move, adding more than +15%!  CNX advanced another +5% and has basically doubled since its November low of $18.5!

The Dow was up +62.21 points; SPX added just +7.25 points; Nasdaq jumped +24.35 points:

SOXX (semiconductors) led the market up with +5.05% (which I mentioned this weekend that it will be very crucial to the market’s recovery).  OIH (oil services) bounced another +4.81%, although USO (oil) was flat.  XME (metals and mining) also helped to pushed the market higher with a +3.57% gain. 

SPX

SPX added +7.25 points to close at 934.7.  Its daily MAs are abouve to establish a new bullish formation.  The MACD went up.

Nasdaq

Nasdaq gained +24.35 points to close at 1652.38.  It closed above its daily upper BB.  The MACD was higher.

The market has shown tremendous strength in the past week.  It is in the process of establishing a new bullish phase.  The daily MAs of the major market indices have curved up.  VIX has come down into the high 30s.  But, after 4 to 5 sessions of straight buying, many leaders are starting to look tired.  For instance, GOOG went above $340 today and dropped $6 in the last hour to close at $334.06; GS went as high as $92.2 but closed in the red, at $88.71!  The market does have room to go higher, but, it may need to rest for a bit.  The next couple of days may be volatile as things get sorted out.  Be patient and wait for clearer signals.

Good night and HappyTrading! ™