4/19/07 Review: Nasdaq, SOX, SPX, DOW, NSTK

The markets didn't do much today; perhaps nervous about GOOG's earnings? DOW made another new high. SP 500, or SPX, was pretty much flat. SOX added to yesterday's gain.

NasdaqNasdaq managed to close above the 2500 support level to close at 2505.35. It needs to catch...

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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...

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4/17/07 Review: Nasdaq, NYX, SP 500, DOW, INTC, IBM

Wow, that was another "exciting" day, huh?! Ok, it's healthy to rest a bit after days of continuous excitement. The markets were pretty much flat today. A little consolidation was perhaps what the markets needed to continue this rally. SP 500 stayed above its Feb. high. The DOW made a small gain of 52.58, while Nasdaq gave up just 1.38.

Nasdaq daily chart:
Nasdaq closed right above its daily upper BB. MAs are still going up nicely, and so is the MACD.

Nasdaq intraday chart:
Perhaps the intraday chart shows a more meaningful picture. The "little rest" today allowed Nasdaq to let off some steam in the MFI, while not losing any altitude. Now, it has more room to continue to up-trend. Perhaps we'll see it continue to climb its upper BB!

One interesting stock today was NYX. It gained 2.95 to close at 96.15, above the range that it had been trapped in for a week. It had a nice buying volume and looks like it might try testing 100, again, soon!

Both INTC and IBM reported solid earnings AH. So, let's see if the markets will continue to push upwards.

Markets Going Higher!

The markets are very strong today. And, SP 500 index, SPX, is already above the Feb. high, and has caught the upper BB on the daily chart. It is likely to go higher from here!
It's great to see the consecutive "up" days to catch the upper BB. This is the type of action that I was anticipating last week! Nasdaq and the DOW have both caught their daily upper BB also, but, still waiting to break through their Feb. highs.

4/12/07 Review: Nasdaq, SPX, SOX, BTK, OIH, FXI

Great day today for the markets! Pretty much non-stop buying! Nasdaq recovered all of its losses from yesterday, and then some! SP 500 and the DOW didn't do too badly, either. SOX, the semiconductors, joined in. And, the biotechs are on fire, as the AMEX biotech index, BTK, closed above 800 (all-time high, set in 2000, was about 811)!

With the biotechs and the semis running strong, Nasdaq had a great day!
Nasdaq managed to close above 2480! In the chart, we can see that all daily MAs are now rising up and the 10- is above the 20- is above the 30-day MA. These could be bullish signals to pick up more momentum. Maybe we'll start to see some consecutive "up" days to catch the upper BB and, perhaps, to test the Feb. highs!

The oil services, OIH, seemed strong, still.It gained almost 3 points to catch up with its daily upper BB on solid buying volume!

And, it seems like the chinese stocks are hot again, as the ETF tracking the chinese stocks, FXI, gave another good showing.
FXI, with a 2.48% gain, also caught up with its upper BB on rising volume!

LAM Research, LRCX, reported good earnings AH. This might give the SOX some more fuel tomorrow. It sure needs more momentum to push through its multi-year range. And, Nasdaq might be able to push higher with both biotechs and semiconductors leading the way!

4/4/07 Review: Nasdaq, SP 500, DOW, SOX

The markets enjoyed another nice day today. The major indices pretty much close just above their immediate resistances (the highs made after Bernanke's speech last week). The DOW closed at 12530.05; SP 500 at 1439.37; and, Nasdaq at 2458.69, the strongest percentage-wise. The semiconductor sector also rallied 4.42 points to close at 473.02.

Let's look at some charts:
The daily charts are pretty much the same story, besides that we continued to rise and closed just above the immediate resistances. Nasdaq closed above the 2457 resistance, but, still need to see that 30-day MA turn up! MACD and RSI continue to rise.

The intraday charts, however, are getting maxed out. So, are we breaking out of here to re-test the February highs? Let's take a look at the 15-minute chart: We see that on the 15-minute chart, the MACD is flattening. If we find enough strength tomorrow to make this MACD rise up again, we may find that the buyers are still in control. I think it'll be interesting to see how the Asian markets hold up overnight tonight.

SPX, or the SP 500 index: SPX pretty much shares the same story as Nasdaq, but, a little better. Notice that its 20-day MA (blue line) has just risen above the 30-day MA (black line). Maybe it's something that Nasdaq can look forward to in the next couple of sessions?

How about the semiconductors?
SOX made a nice advance to close above 470! The MACD has curved up and the RSI is rising. Even the 20-day MA turned up too! We need to see it break the resistance at 473.8 and go above 475!

We should be cautious tomorrow, especially because Friday is a holiday; so, tomorrow is the last trading day of the week. In the next couple of trading sessions, we should be able to sort out the near-term direction of the markets. Commodities, however, still seem to be strong.

3/31/07 Review: Nasdaq, SOXX, SPX, MDY

Next week is a new beginning, the beginning of a new week, new month, and a new quarter. We've had a crazy month! With all the back-and-forth (which favors some traders), if you came out with a gain, you should give yourself a pat on the back!

Since we're about to start a new month, I thought it's only fitting that we look at some monthly charts today. All of this "March Madness" has created a lot of nervousness and insecurity about which way the markets are going. So, I thought maybe if we pull our focus out a bit, get a bigger picture, we can proceed the new month with more confidence.

Nasdaq:
In Nasdaq's monthly chart, we actually see that it has behaved very well within the boundaries of an up-trend for years. There are areas where it tested the lower boundary, including this past week, but, it bounced back quickly. The monthly MAs are still going up strongly with the 10- above the 20-, above the 30-month MA. The uptrend is still intact!

In the daily chart, however, we still need to see that 30-day MA turn up! The 20-day MA is curving up nicely!

What about the SOX? The semiconductor sector, basically, have done a whole lot of nothing for years. But, notice that the monthly BBs have been narrowing, and they have gotten to a point where, I think, breakouts may be possible in the next few months. On Friday, we also heard that Stifel Nicolaus upgraded the semiconductor sector. Is this the first of many upgrades to come? We'll have to wait and see.

SPX (SP 500): SPX's month chart is still showing the MAs going up. Although it looks toppy, but, if the new month brings it right back to the upper BB, the whole picture becomes very bullish again!

MDY (mid-caps):
Now, this is where this money has been, is, and might still be going! We can see that since April of 2003, this thing has been climbing, and climbing, along the upper BB. Even with the recently sell-off, it still came out with a nice gain in March. Now, it is, again, hugging the upper BB, and, with the 10-month MA curving up even more! So, it might be a good idea to check out some of its top holding!

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3/26/07 Review: Nasdaq, SPX, SOX, GOOG, AAPL, RIMM

It was a nice day for the markets. We survived the new housing data and the bulls rallied Nasdaq all the way to finish green! This showed that there's a lot of money standing on the sideline, ready to come in.

The Nasdaq closed right at resistance. It needs to catch the upper BB and start turning it up. Similar charts exist for other major indices, for example, SPX.
I'd really like to see a strong rally in the techs tomorrow and push the upper BB up and open. This should also start to turn that 20-day MA.

The SOX basically had a flat day. Nice come back, though. Still waiting to see if the tailend of the "W" pattern would take off. The MACD is going up nicely, but, we really, really, need to see the MAs turn up! If the SOX rallies tomorrow, the markets should be pretty strong.

GOOG had another nice day. It closed right at the resistance and have caught the upper BB, which opened up the door for a big rally tomorrow. The MAs are behaving nicely: 10-day MA has has crossed above the 20-day MA; the 20-day MA is flattening; and, the 30-day MA has already turned up. All great signs!

AAPL had another strong day. It's been riding the upper BB for days. Today, it sailed right past the resistance at 95. Although it might be starting to look a bit toppy, the strong volume today and the fact that 52-wk high is not that far away, I think AAPL can still continue this run.

RIMM had a strong day today. I've been patiently waiting for RIMM to sort out this resistance at 137 (see post on 3/22/07). It dropped below 137 in the morning and created much more room on its intraday charts. When the market rallied, so did RIMM. When it went above 137 again, I thought it could be time for it to break out.
RIMM closed basically at 139, well above 137. The upper BB is very close. At about 140, it would have caught the upper BB and gone past the only major resistance left. The MACD has just turned positive. So, with a little more push, we might see RIMM at new highs very soon.

So, a very good day overall, and, if we get a strong rally tomorrow, the major indices would probably all catch the upper BB and be in the breakout mode. We certainly need the SOX to have a strong day. If the SOX starts to rally early, it would be a good sign!