4/18/07 Review: Nasdaq, DOW, SPX, SOX, OIH, GLD, GOOG, EBAY, JPM

Hello! It’s “Wang’s World”, HappyTrading’s new home!! What an auspicous day it is to have my first post here on a day that the DOW makes a new, all-time, high!! Woohoo! Wang’s World, Wang’s World, money time, happy time!! =) Ok, had to do a little impersonation; I promise I will “tryyyyy” to “behaaaave”!

Thanks to Phil Davis for inviting me to blog with him on PSW! And, hello to Sage, Zman; and many thanks to Jared!

Ok, where do we start? Oh, yes, the DOW!
New all-time high, just climbing the upper BB! (Why do I keep on hearing Mike Myer’s voice saying what I’m typing?!) It is above 12800 boys and girls! SPX, the SP 500 index, shares the same qualities as DOW’s charts, “just climbing the upper BB”.

Nasdaq had a little more difficult time today, even though the SOX took off! IBM and YHOO may have something to do with it...

***If you want to read the rest of the post, please click here to go to Wang's World!

4/16/07 Review: Nasdaq, SP 500, SOX, Biotechs, OIH, GLD

The markets had some great performances today. As mentioned earlier, the SP 500 index, SPX, has already surpassed its Feb. high, while the Nasdaq and the DOW are in position to challenge theirs. SOX managed to eke out a gain. The biotechs are still hot! Both OIH and GLD made good advances. And, there are lots of mergers and acquisitions going on! It's an exciting time to be in the markets!

Nasdaq Nasdaq caught up with its daily upper BB today and it is within range to overtake its Feb. high! The daily MAs are curving up even more, gaining momentum!

SOX SOX managed to eke out a gain, but, need some big moves to catch up with other sectors. The good thing is that the daily MAs seem to start to curve up again! It needs good earnings news from some of the big industry names, such as INTC and TXN! If these big semiconductor stocks start to run, it should provide SOX with some needed momentum.

OIH Another nice advance for OIH. It's riding the upper BB up nicely. Buying volume increased again. Although the daily techinical indicators may be toppy, the month chart still shows room for more upwards action!

GLD GLD had a little breakout today. Closing above its 6-month high of 68 on high volume!

Markets are hot!! Let's hope that SOX, the semiconductors, will start catching up with the other sectors this week! Happy trading!

4/13/07 Weekend Review: Nasdaq, SP 500, OIH, GLD, biotechs, SOX

That was a fun week! The major indices are pretty much back to the levels before the February sell-off, with SP 500 closing just above its respective level. Biotechs are the darlings of the markets right now; they are hot!! SOX, the semiconductors, is still trying to sort out a direction. The oils and metals continue to charge upwards. Since it's the end of a week, we'll be looking at some weekly charts:

Nasdaq gave us another good day on Friday!
It is less than 9 points away from 2500, the level before the sell-off. The daily MAs are moving up nicely, and both the MACD and the RSI are going strong!

The week was a great week for Nasdaq! We can see higher highs and higher lows on Nasdaq's weekly chart, and the SAR has just turned up. Weekly MACD and RSI continue to rise!

SPX, SP 500, is still strong! It's weekly chart shows that it closed "above" the level before the sell-off (1450), and it's ready to test the February high at around 1461, less than 9 points away!

The oil service companies, represented by OIH, have gone higher, also! Its weekly chart shows a very bullish picture: has caught up with the weekly upper BB; MAs lined up with 10- above 20- above the 30-week MA; its MACD, MFI, RSI, and volume are all rising strongly!

GLD, or gold, is not doing bad either: GLD is almost touching the weekly upper BB; its SAR has turned up; MACD, MFI, and RSI are rising, also!

So, the markets seem to be ready to test the Feb. highs! Nasdaq is getting stronger with lots of help from the biotechs. We still need to see the semiconductors join the rally and break above its multi-year range. The oils and metals are still strong!

4/10/07 Review: Nasdaq, SP 500, SOX, GLD, OIH, AA

Markets had a good day today with the major indices all closed in the green. Even SOX, the semiconductors, had a good day!

Nasdaq, up 8.43, at 2477.61!
If we look closely, we can see that Nasdaq's 30-day MA is starting to flatten out. A few more consecutive up days should turn it up; but, we'll need to see some strong days, up 20-30 points, to catch up with the upper BB! The MACD and RSI are still rising nicely!

We can see the 30-day MA action more clearly from the SP 500, SPX: See the 30-day MA flattening?! SPX is almost back to the level before the sell-off. Breaking above this level, which is about 1450, should bring a test of the Feb high!

SOX had a strong day! It closed up 3.81, at 476.58. Its MACD just turned positive today. We should see some continued, upwards momentum tomorrow!

GLD, ETF tracking gold, also went up today. Looks like it's starting to move along the upper BB!

OIH, ETF for the oil service industry, made a new 6-months high!
It closed above 150, a psychological barrier, at 152. 52-wk high is at 169.75. It's getting toppy, but, the upwards momentum is still strong, and the monthly chart says there's still room to go!

AA reported earnings above estimates in AH. Let's see if it can help bring some more positive energy to the markets tomorrow. We still need a few more up days to get those 30-day MAs turned!

4/9/07 Review: Nasdaq, OIH, GLD, AAPL, GOOG

The markets could not quite decide which way to go today. The SP 500 still managed to close green, but, the Nasdaq and the SOX had a little tougher time. So, what do the charts say?

The charts for the major indices still resemble each other, more or less. Let's take a look at the Nasdaq: Nasdaq was able to make a higher high, but, wasn't able to to hold it. We need very much to get that 30-day MA turned up. It would probably take more than a few consecutive strong up days to make that happen. Nasdaq needs to catch that upper BB and ride along it.

We should have taken a look at the weekly charts this weekend. Let's do it now: Nasdaq shows that it made a nice gain last week. Both MACD and RSI have started to turn up. So, the bias is still on the long side. Let's see if the trend can continue this week.

Gold also made a nice gain last week. GLD's weekly chart looks really nice, with higher highs and higher lows. The MACD has started to go up again! The uptrend is still intact, but, it is getting a bit toppy.

The oils also made good gains last week. Similar story as gold, but, even a little more toppy. OIH made it all the way to 151.41 today, which almost touched the upper BB on the weekly chart. It might make another attempt sometime this week.

In order for the major indices to keep on going and re-test the February highs, they need to make a few sessions with solid gains. They all need to catch up to their respective upper BBs and turn their 30-day MAs up! And, SOX needs to participate in the big rallies to break out of their multi-year range. Gold, and rest of the metals, still seem strong. The oils, represented by OIH, may be getting toppy, but, the monthly chart is still bullish.

4/4/07 Gold and Some Interesting Stocks: GLD, LMRA, CYMI, MVIS, RIO

Gold made a nice advance today. Let's take a look at GLD (an ETF that tracks gold): GLD has caught the upper BB with strong volume. It might start riding the upper BB up, as we discussed this past weekend in my March monthly review. This may signal the continuing strength in metals.

We were talking about some cheaper stocks in PSW. Let's take a look at a couple of them:
LMRA has made some nice advances for about a week. Its intraday charts (not shown here) are getting a bit toppy. But, it does have a nice rising MACD. So, perhaps after a little rest, it will resume the upward action.

MVIS made a huge jump today!

It not only broke the resistance at 4, it also jumped above the upper BB. A little too much too fast? Maybe. Its daily MAs are bullishly lined up with 10- above 20- above 30-day MA, though. MACD, MFI, and RSI are all strong. So, wait a couple of days; there might be some good buying opportunities.

CYMI got upgraded by Stifel Nicolaus today, along with some other chip equipment companies.

CYMI, among the strongest movers today, jumped $2.88 or 6.93%! It overshot the upper BB and broke resistance at 44. The buying volume was very high. This could mean that there were a lot of shorts in this stock, and sector. We might see some nice follow-throughs here!

RIO is still rising, and Cramer likes it!
It has already caught the upper BB and is riding it up! The nice rising volume is also a bullish sign!

3/31/07 Review (cont.): GLD, OIH

***This is a continuation from the previous post. You might want to start here.

We can't get balanced picture of the markets without looking at some commodities. So, let's take a look at gold and the oil companies.

GLD (an ETF that tracks gold):
It's not very clear from GLD's monthly chart to tell where it is heading next. It managed to close above the resistance at 65.3. The MFI looks like it might be bottoming out. If the MFI starts to go up, GLD could go much higher. The monthly MAs are still going up, although the 10-month MA looks like it may be flattening out. The BBs are narrowing in, so, it may be range-bound.

Let's take a look at the weekly chart and see if we can get a clearer picture.Looks like GLD is riding the 10-wk MA and going up. The MFI and RSI on the weekly chart are curving up, after taking a rest. So, GLD could be going up a bit, but, will probably meet some resistance around 70 or so (it's 52-wk high).

OIH (an ETF that tracks the oil service industry) After months of consolidation, oils might be looking to run again! The SAR just turned up, with a bullish engulfing candle. The MACD, MFI, and RSI all turned up, too!

So, after looking at the monthly charts of Nasdaq, SOX, SPX (SP 500), MDY (mid-caps), GLD (gold), and OIH (oils), the bigger picture doesn't seem all that bad. Looks like we have:

1) a neutral"ish" trend with a bullish bias in the broader markets

2) a neutral trend in the semiconductors that might try to break out, which would give some needed momentum to the Nasdaq

3) money is still in the mid-caps

4) the party in the commodities might be picking up some more hot sauce!