Wang’s Happy Trading

Biotech Index At New All-Time Closing High! GS, HIG, PRU, AIG, CNX, BTU, ACI, MEE, DNDN, SPPI, HGSI, PDLI, INCY

The market opened lower today, but, closed in the green, again! As I mentioned in my Market Forecast on Sunday, "[T]he market needs to let off some more steam." It did so in the morning. We continued to discussed the importance of the commodity sectors, which were mostly in the red on Monday morning. But, as the came back into the green, so did the market. Coal stocks broke out higher today: CNX +5%, BTU +6.17%, ACI +7.88%, MEE +3.01%. In the Trading Room today, I commented on the coal stocks:

September 14, 2009 7:28 AM
ACI
leading the coals higher… (buyout target?)

September 14, 2009 7:54 AM
coals
are running! BTU waking up!

September 14, 2009 10:35 AM
BTU
new break out!

September 14, 2009 12:19 PM
coals
really running; still lots of room!

Needless to say, we got long on the coal stocks!

Financials also got stronger as the day went: GS +1.72%, HIG +4.59%, PRU +4.5%, AIG +9.48%. Techs also held their grounds. The Dow ended up +21.39 points; SPX added +6.61 points; Nasdaq gained +10.88 points:

BTK (biotechs) led the market with a +2.43% gain. OIH (oil services) and XLE (energy) both added +0.75%. XME (metals and mining) rose +1.31%. USO (oil) finished slightly lower (see the discussion in Sunday’s Sector Watch). UNG (natural gas), however, closed higher. FXI (Chinese ADRs) was flat.

SPX

SPX added +6.61 points to close at 1049.34. Its daily MAs and MACD curved up.

Nasdaq

Nasdaq gained +10.88 points to close at 2091.78. Its daily MAs and MACD went higher.

The market just keeps going higher. VIX tested 25 this morning, but, kept dropping all day. It finished below 24. This is good for the market. Both SPX and Nasdaq continued to rise along their respective daily upper BBs. The daily MAs and MACDs are also rising. After being muted for a week, the biotechs pushed higher today. BTK recorded its all-time closing high today! Buyout chatters are circulating again! Here are some interesting names to watch: DNDN popped +15.06%; HGSI is drawing buyers back in, hopping +6.45%; PDLI seems to be ready to break higher, +3.27%; INCY +3.51%; and SPPI +6.22%.

Good night and HappyTrading! ™

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This entry was written by HappyTrading and posted on September 14, 2009 at 8:21 pm and filed under GS, PDLI, BTU, ACI, CNX, MEE, PRU, AIG, DNDN, HIG, INCY, HGSI, SPPI. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.