This market has been pretty crazy! Monday’s drop was pretty unreal! The Dow was briefly down over 1,000 points. This was after falling three days in a row the week before. SPX fell down to 1867 before bouncing.
But, as expected, buyers came in on Tuesday, although the gains did not hold. Wednesday was a different story. Buyers drove stocks back higher and the buying continued into Thursday. Friday was a flat day and the major indices eked out a gain for the week.
We had a very profitable week finding winners on both sides. On Monday, we cashed out a big winner in GOOG puts, with +301% profit. We then jumped into the up side with calls in NFLX, SCTY, and MBLY. NFLX calls gave us an overnight +68.7% gain! Here are the closed trades for the week:
For the week, the Dow was up 183.26 points; SPX added +17.98 points; Nasdaq gained +122.28 points. Gold fell to around $1130/ounce. Oil (WTI) bounced strongly, to near $45/barrel. At the time of this writing, Asian markets were mostly lower. Here are how the US markets looked after Friday’s close:
On Friday, SPX added +1.21 points to close at 1988.87. It closed just below its daily MAs. Its MACD went up.
Nasdaq gained +15.62 points to close at 4828.33. It closed just above its 10-day MA.Both SPX and Nasdaq came down sharply and bounced sharply. For the new week…
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