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Wang's Happy Trading Daily Posts

Monday, April 9, 2007

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.

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