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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4/16/07 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!

4/12/07 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!

4/10/07 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!

4/6/07 Weekend Review: Nasdaq, SP 500, SOX, BTK, CMGI, ICGE, SFE

The 1st week of April turned out to be a great week! The major indices continued to rise and are looking like they might soon re-test the highs set in February. Both biotechs and semiconductors made solid moves up and certainly helped to push the major indices higher.

Let's take a look at the Nasdaq:
Nasdaq had a nice day on Thursday to close out the week (so did SP 500 and the DOW), showing that buyers are still in control. The 20-day MA has crossed above the 30-day MA, but, we still need to see that 30-day MA turn up. The Nasdaq needs to now catch up with the upper BB; this should enable the 30-day MA to turn up!

The semiconductor sector is getting more and more positive attention. The SOX made 3 nice, consequtive, days of advances to close above 475. Now, the MACD is almost positive and the RSI is rising nicely. Notice that the upper BB is not so far away!

The biotechs are picking up a lot of momentum in the past few weeks. Let's take a look at BTK, the AMEX Biotech Index. BTK closed on Thursday above the resistance at 790! It is now in the clear to go even higher. The MACD is also rising nicely and the strength is high, as shown by the RSI. If fact, BTK is very close to re-testing its all-time high set in 2000(see the 10-year chart)!!

Another sector that looks interesting to me is the internet incubators. A lot of people have probably forgotten these since 2001. But, they seem to have recently gotten some renewed buying interests. CMGI, ICGE, and SFE have all made some nice upward movements lately. There's even an interesting article from Forbes about them.

So, the mjoar indices are in striking distance to re-test the February highs; the biotechs have taken off; the semiconductors are starting to move up (and, they need to break out of their multi-year range; see my post on 3/31/07); the commodities are still strong. If we see the buyers continue to push the major indices up and allow them to catch the upper BB, we might have new highs to look forward to in the next couple of weeks!

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.

3/26/07 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!

New Home Sales Affecting Markets: GOOG, AAPL, SOX

New home sales data is holding the markets captive, at least for now. SOX really needs to come back up to inspire the markets. GOOG and AAPL are holding up well. Now that the intraday charts show a lot more room above, let's see if the bulls can get something going in the late afternoon.

For the major indices, the upper BBs are within reach, and are also acting as barriers. If the markets get going in the afternoon, they might just catch the upper BBs and start to push it up. We'll need to see some strong buying.

3/24/2007 Weekend Review: Nasdaq, SP 500, SOX, GOOG

What a week for the markets!! S&P 500 scores its best week since 2003! Let's take a look:

Nasdaq on Friday was very choppy. The ticker actually showed 4+ points in the green at the close. I even called Fidelity to make sure that was correct because seconds before the close, it was in the red. The Fidelity's representative confirmed that it "seemed" correct. But, an hour, or so, later, "after" the close, Nasdaq showed -2 points. That, was very strange! But, let's not fuss with it and call it a "flat" day.
In any case, Nasdaq did quite well for the week. The 10-day MA is above the 20-day MA, and, the 20-day MA is flattening. We still need to close above 2456. The upper BB is very close now; would like to see it start to curve up, or at least flattening. If Nasdaq catches the upper BB, it can go into breakout mode and push the upper BB wide open.

The S&P 500 shows a similar chart as the Nasdaq, but, the upper BB is much closer. Breaking 1438 would likely allow it to catch the upper BB and run!

The SOX is an essential part of the rally. It has to participate, if not lead. The BBs are narrowing in now and I would very much like to see the 20-day MA turn up. An interesting thing that I noticed is the period between around 10/16-11/10/2006. The situation is almost identical to the one it is in now:
First, it starts with reaching a high, going above the upper BB. Then, it is followed with a sharp downturn. Then, a bounce, but, fails, only to be followed by a sharp rise that creates a W. And, the tailend of the W catches the upper BB with enough momentum to create new highs! Both times, we see the BBs closing in before the tailend of the W makes a powerful jump and taks off! The history is likely to repeat itself. Next Monday and Tuesday will give us good clues.

GOOG finished a nice strong week. It did close between 460-465, which is quite "goog", or good! =) The lower volume on a flat day is a good thing. I would like to see that 20-day MA start to turn up! We'll need a strong day on Monday. Breaking 465, only some 3 points away, would basically allow GOOG to catch the upper BB and run. If that happens, the initial resistance is around 480.

Many analysts are looking for GOOG to go above 550, and perhaps even above 600; and, I "feel" that it will. But, it seems that every time GOOG hits 510, the sellers are there waiting. I think GOOG needs to finally get that split. Psychologically, 300 is a lot easier to handle than 600 for such a big company. April just might bring us the good news and people might already be gearing up for it!

So, the major indices are mostly in similar places:

1) They've all successfully tested the bottom twice.

2) They've all gone above the 10, 20, and 30-day MAs.

3) They all have the upper BB within reach.

If we get some strong follow-through rallies on Monday and Tuesday, we might just have enough momentum to hit new highs!

3/21/2007 Review: Nasdaq, SMH, SOX, GOOG, AKAM, WFR, FFIV, RIMM, LVS, UNH

It was a great day!! Thanks Feds! Let the bulls run!! I tried to stay positive since I started this blog on Sunday 3/18, hoping that the Feds will help spark a broad-based rally. Or, maybe the bulls are just looking for an excuse to rally. A few days before the selloff at the end of February, I read an article somewhere (forgot where), which said that we needed a sharp, quick correction before going even higher. So, when the selloff came, and it came sharp and fast, I was convinced that we are going to bounce off and head for even higher grounds. Let's hope that this is what's ahead of us.

Let's take a look at Nasdaq:

Nasdaq closed above all 10, 20, and 30-day MAs. I would very much like to see the 20-day MA start to turn up. Nasdaq's MACD got a big jump up today! Nice!

We talked about the semi-conductors for the past few days and looked at SMH. SMH did well today, but, SOX did even better!

SOX's chart looks really good. It closed above all MAs, and the MAs are curving up! MACD turned positive and the upper BB has already opened up. We really need this sector and the telecoms to continue to rally to help boost Nasdaq up!


Last night, I was looking for GOOG to make a big jump and go above the MAs. It "almost" did that today.

GOOG closed right at the 30-day MA. The MACD turned positive and we have a pretty good up volume. Hopefully, it'll try to break 465 this week. If GOOG catches the upper BB, it can fly!

AKAM has been taking things slowly, and, it finally woke up today.Like GOOG, it also closed right at the 30-day MA. It needs to break 55 and catch the upper BB. MACD, MFI, RSI are all good; the best thing is the "big" volume today!

UNH has been toying with the resistance at around 54.1 for a long time. It finally broke out today!

UNH also caught the upper BB today, so, I think it'll go up more in the days to come! The volume was also good today.


Last night, when I looked at POT, I thought POT would try for 166 today. It did well, but, didn't quite make it to 166. Its MACD just turned positive and the upper BB is not too far away. Its intraday charts are a bit toppy. Hopefully, it will be able to hold the present gains and try to break 166 next week.

WFR went crazy today, toppying 61!! That's over 6 points and a 12% gain in 2 days! RIMM also made a jump today. FFIV has made a nice advance.

So, after a big day like this, many of the intraday charts are getting toppy. We might have some choppiness tomorrow. But, I hope the bulls will be able to pull out some follow-throughs. I'm looking for Nasdaq to test 2500 sometime next week. If the SOX runs with strength, it could easily catch the upper BB around 490 and break out!