Wang's Happy Trading Daily Posts

Technical Analysis and Happy Trading (tm)

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S&P Potential Head & Shoulders Formation

Tags: Uncategorized
2 Jul 6:18pm
Posted by wangshappytrading
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Today’s worsening unemployment numbers have caused traders to begin doubting the assumptions underlying the entire recovery scenario. The sharp selloff accompanying this new doubt would appear to be a direct result of the change in fundamentals but there are technical indicators at work as well. The chart shows that we have spent the past two months building a potential head-and-shoulders pattern. Though the H&S pattern is fairly easy to recognize with its central peak, and two more...
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Market Treads Water As 2Q Comes To An End: SPX, Nasdaq, ESI, APOL, EDU, GOLD, AEM, ABX

Tags: gold, EDU, ABX, APOL, AEM, ESI
1 Jul 12:11am
Posted by wangshappytrading
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The market showed some promise on Monday with SPX rising almost to 930 and Nasdaq nearing 1850.  But, today’s unexpected drop in consumer confidence prompted investors to put on the brakes again.  Commodity sectors were all weak.  Financials retreated as well.  After better-than-expected earnings last night, APOL led the education stocks with a +7.77% rise.  ESI gained +5.86% and EDU added +3.11%.  Gold miners were especially weak:  GOLD -3.69%; AEM -3....
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Market Forecast + Sector Watch: SPX, Nasdaq, XLF, XME, PBW, BTK

Tags: GS, FCX, BTK, XLF, XME, ZOLT, X, TSL, STP, PBW, YGE, BAC, BLK
29 Jun 4:59am
Posted by wangshappytrading
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Last weekend, in the Market Forecast, I wrote: "For the new week, we have the Fed meeting on Wednesday.  The market still seems undecided and is showing mixed signals.  VIX, closing below 28, could start a new leg down.  On the other hand, energy sectors are showing weakness.  Financials are in neutral gear and could go either way.  Techs are stronger, but, have not been able to break higher.  SPX barely hung on to its 30-day MA last week.  Nasdaq d...
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June Wrap-Up

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28 Jun 4:35pm
Posted by wangshappytrading
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Although there are still a couple of more trading days left in June.  But, since this is the last June weekend, I thought it’d make more sense to do a wrap-up now.  The market has been stuck in a tight range, so, the we only did some light trading these past 2 weeks.  Overall, the month was still a good one, especially during the first 2 weeks.  Notable trades are BLK and DO: 07:20 | HappyTrading ESRX ($67.99) Sold to Close XTQGM Jul 65 calls, at $4.00 +29% 07:47 | H...
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Broad-Based Rally Pushes Market Higher: SPX, Nasdaq, CELG, OSIP, AMGN, AMAG, LLY, POT, MOS, CF, PALM

Tags: POT, AMAG, MOS, CELG, AMGN, OSIP, CF, LLY, PALM
26 Jun 12:58am
Posted by wangshappytrading
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The market was strong right from the start, and continued the upward momentum until the close.  Strength was present across the board.  The biotech sector broke out of its recent range today (mentioned in the Sector Watch this weekend):  CELG +2%, OSIP +5.32%, AMGN +1.78%, AMAG +3.58%, LLY +5.12%. After the market, PALM reported better-than-expected earnings and saw its shares rise +13.41% in after-hours trading.  On the other hand, POT did not have very good things to...
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