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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, FAS, GLD, IGV, FDN, V, GS, AAPL, NFLX, TXN, FB, AMZN, CTXS, MSFT, SWKS, TSLA, MA, CRUS

Markets were very volatile last week.  As expected, new heights were made!  However, things took a sharp drop when the Malaysia plane was shot down and Israel launched new attacks in Gaza.  But, on Friday, buyers came back in again and drove things right back up!

We had a very nice week, considering how volatile the markets were.  We traded on both sides, but, still calls seem render better results.  MA calls was an easy play, as V was very strong and MA was lagging.  SWKS gave us a quick intraday win, as the stock ramp up +14% after its earnings.  Here are the closed trades:

  • 07:34 | HappyTrading SWKS ($52.45) Sold to Close 08C48 Aug 48 calls, at $5.00 +67%
  • 06:48 | HappyTrading SWKS ($51.45) Sold to Close 08C48 Aug 48 calls, at $4.20 +40%
  • 06:36 | HappyTrading TLT ($114.85) Sold to Close 08C113 Aug 113 calls, at $2.28 +27%
  • 06:34 | Ecstatic Plays TSLA ($216.00) Sold to Close 07P220 Jul 220 put, at $4.20 +9%
  • 09:48 | Ecstatic Plays TSLA ($218.60) Sold to Close 07P220 Jul 220 put, at $4.05 +5%
  • 06:53 | Ecstatic Plays SCTY ($65.70) Sold to Close 07P66.5 Jul 67 put, at $1.67 -33%
  • 06:48 | Ecstatic Plays MA ($79.10) Sold to Close 08C75 Aug 75 calls, at $4.65 +55%
  • 06:45 | HappyTrading FAS ($103.80) Sold to Close 07C103 Jul 103 calls, at $1.80 -28%
  • 06:39 | Ecstatic Plays MA ($78.73) Sold to Close 08C75 Aug 75 calls, at $4.49 +50%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video.)

For the week, the Dow was up +156.37 points, closing above 17,000; SPX added +10.65 points; Nasdaq gained +16.66 points.  Gold pulled back to about $1310/ounce while oil bounced to $103/barrel.  Asian markets ended mixed on Monday.  Let’s take a look and see where the US markets closed on Friday:

SPX

On Friday, SPX added +20.1 points to close at 1978.22.  It closed above its daily MAs.  The MACD flattened.

Nasdaq

Nasdaq gained +68.7 points to close at 4432.15.  It closed above its daily MAs.  The MACD was flat.

Both SPX and Nasdaq came right back up to close above their respective MAs.  There certainly appears to be still buyers waiting on the sideline.  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 7/20/2014.

Markets Pull Back After Malaysia Plane Shot Down: SPX, Nasdaq, IBM, GOOG, SNDK, HUM, WLP, UNH, CF

Stocks opened lower on Thursday, but, buyers quickly came in.  However, in the afternoon, things took a quick turn to the downside, as a Malaysia plane was shot down over Ukraine, and Israel launched a ground offensive!  Both SPX and Nasdaq ended down more than 1%.

SNDK fell 13.56% after the company gave weak guidance for Q3.  On the upside, CF broke out higher, after a 3-day climb; it ended up $5.52 above $250/share.  Healthcare stocks HUM, WLP, and UNH popped higher UNH stated that it would expand private health plan products on government exchanges under the Affordable Care Act ("Obamacare").

After the market, IBM reported weaker-than-expected sales; its stock retreated 2% in after-hours trading.  GOOG delivered a solid quarter with rising revenue.  However, the trading in after-hours was muted, leaving its stock up just +1%.

The Dow was down 161.39 points; SPX fell 23.45 points; Nasdaq tumbled 62.52 points:

SOXX (semiconductor) fell 2.52%.  BTK (biotech) dropped 2.53%.  XLF (financial) lost 1.31%.

SPX

SPX sank 23.45 points to close at 1958.12.  It closed below the 30-day MA.  Its MACD fell.

Nasdaq

Nasdaq stumbled 62.52 points to close at 4363.45.  It also closed below its 30-day MA.

Both SPX and Nasdaq closed below their respective 30-day MAs.  This drop is pretty sharp.  I expect stocks to rebound a bit on Friday.  There will be buyers on pullbacks.  But, the recent quick drops should start to raise warning flags.  Already, we have been seeing some selling on strength.  Just this morning, the Dow made a new all-time high at nearly 17,150!  But, the Dow closed below 17,000.  Things are quite volatile right now.  It demonstrates that stocks are not stable at these levels, at least not for now.  Both Nasdaq and SPX are testing lows from last week.  The Dow is holding up better.  SLB dropped 1%, as its profit fell.  Let’s see how oil services do tomorrow.

Good night and HappyTrading! ™

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Weekly Wrap-Up + Market Forecast (Ready For New Heights?) + Sector Watch: SPX, Nasdaq, GLD, FDN, SMH, IGV, YHOO, EBAY, TZOO, OSTK, GOOG, SAP, CRM, VMW, BRCM, CY, ASML

In my Market Forecast last weekend, I wrote:

"Both SPX and Nasdaq pushed higher again.  But, with both indices above their respective Bollinger Bands, it may be difficult for the markets to push higher without a pullback.  For the new week, earnings season will start with AA reporting in the morning.  WFC will report on Friday morning.  Since markets have been grinding higher and are at all-time highs, earnings will need to be better-than-expected to support these levels.  First support level will be between SPX 1970 and 1950."

Stocks slid on Monday and took a quick plunge on Tuesday.  But, buyers came right back in on Wednesday.  Even another quick drop on Thursday morning due to renewed euro zone banking jitters could not deter buyers from jumping in on dips.  Although down for the week, markets bounced a bit on Friday again.

We locked in profits on the downside and cut the losses on the upside trades.  VIX calls garnered a +104% profit.  LNKD and SCTY puts returned solid gains.

  • 07:53 | HappyTrading SNDK ($103.90) Sold to Close 07P105 Jul 105 put, at $4.00 -15%
  • 06:48 | Ecstatic Plays FDO ($62.80) Sold to Close 07C65 Jul 65 calls, at $0.45 -67%
  • 06:45 | HappyTrading VIX ($13.00) Sold to Close 0716C10.5 Jul 11 calls, at $2.75 +104%
  • 08:43 | HappyTrading JKS ($27.50) Sold to Close 07C29 Jul 29 calls, at $0.80 -68%
  • 08:41 | HappyTrading LVS ($75.10) Sold to Close 07C77.5 Jul 78 calls, at $0.50 -71%
  • 07:50 | HappyTrading VIX ($12.35) Sold to Close 0716C10.5 Jul 11 calls, at $2.10 +56%
  • 07:11 | HappyTrading LNKD ($164.40) Sold to Close 07P170 Jul 170 put, at $7.50 +79%
  • 07:00 | HappyTrading LNKD ($164.60) Sold to Close 07P170 Jul 170 put, at $7.00 +67%
  • 06:50 | Ecstatic Plays SCTY ($66.90) Sold to Close 07P70 Jul 70 put, at $4.30 +72%
  • 08:39 | HappyTrading MON ($125.30) Sold to Close 07C125 Jul 125 calls, at $1.67 -46%
  • 08:30 | Ecstatic Plays SCTY ($68.30) Sold to Close 07P70 Jul 70 put, at $3.65 +46%
  • 08:05 | Ecstatic Plays GMCR ($125.10) Sold to Close 07C126 Jul 126 calls, at $2.16 -12%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video.)

The recent pullbacks (if we can even call them pullbacks) didn’t last for more than a couple of days.  It seems there are still a lot of buyers on the sideline.  Earnings season will kick into high gear next week with heavyweights in both financials and techs due to report.  If the earnings are good, the markets will likely pop higher again.  It begs the question:  "Are we going to see the type of market rises as we did in late 1999 and earning 2000?"  If Nasdaq pushes above 4500 to 4600, I think we might just see Nasdaq 5000 again!

For the week, the Dow was down 124.45 points; SPX fell 17.87 points; Nasdaq dropped 70.44 points. Gold traded up to about $1340/ounce, while oil sank again to near $101/barrel.  At the time of this writing, Asian markets were mostly higher.  Let’s see where the US markets closed on Friday:

SPX

On Friday, SPX added +2.89 points to close at 1967.57.  It closed just below its 10-day MA.  The MACD was down.

Nasdaq

Nasdaq gained +19.29 points to close at 4415.49.  It closed below its 10-day MA.  The MACD went down.

Both SPX and Nasdaq bounced off of Thursday’s opening low.  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 7/13/2014.

Markets Bounce After a 2-Day Slide: SPX, Nasdaq, AA, GOOG, FFIV, CELG, WLP, LNKD

Markets bounced today, after a 2-day slide.  Things were volatile in the morning, but, buyers drove stocks higher after Fed minutes showed plans to ease the U.S. economy out of an era of loose monetary policy.  AA was up +5.66% after reporting a strong quarter.  GOOG added almost $5.  FFIV gained +2.37%.  Healthcare stocks were mostly positive, with CELG climbing +2.1% and WLP adding +1.29%.

On Tuesday, we closed some losers on the upside, and at the same time locked in profits on the downside:

  • 08:43 | HappyTrading JKS ($27.50) Sold to Close 07C29 Jul 29 calls, at $0.80 -68%
  • 08:41 | HappyTrading LVS ($75.10) Sold to Close 07C77.5 Jul 78 calls, at $0.50 -71%
  • 07:50 | HappyTrading VIX ($12.35) Sold to Close 0716C10.5 Jul 11 calls, at $2.10 +56%
  • 07:11 | HappyTrading LNKD ($164.40) Sold to Close 07P170 Jul 170 put, at $7.50 +79%
  • 07:00 | HappyTrading LNKD ($164.60) Sold to Close 07P170 Jul 170 put, at $7.00 +67%
  • 06:50 | Ecstatic Plays SCTY ($66.90) Sold to Close 07P70 Jul 70 put, at $4.30 +72%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video.)

The Dow was up +78.99 points; SPX added +9.12 points; Nasdaq gained +27.57 points:

SOXX (semiconductor) was up +0.61%.  FDN (internet) bounced +1%.  BTK (biotech) gained +1.4%.  GLD (gold) and GDX (gold miners) were both higher.

SPX

SPX added +9.12 points to close at 1972.83.  It closed above its 10-day MA.  Its MACD was slightly lower.

Nasdaq

Nasdaq gained +27.57 points to close at 4419.03.  It closed just below its 10-day MA.

Both SPX and Nasdaq closed near their respective 10-day MAs.  Buyers seemed to be still waiting to buy on weakness.  Tomorrow morning, FDO will report.  On Friday, WFC kicks of earnings for the big banks.  Financials still look strong.  We’ll see how things react to WFC’s earnings.  It seems like the market is holding up well.  On Tuesday, SPX briefly tested 1960.  But, buyers quickly came in.  So, for now, the market seems to be in a neutral gear.  Let’s be patient and wait for better signals.

Good night and HappyTrading! ™

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Market Forecast + Sector Watch: SPX, Nasdaq, FAS, MOO, GLD, XLE, GS, WFC, BLK, PNC, MA, V, CF, MON, AGU, POT, MOS, NOV, OXY, EOG, SLB

Markets continued to grind higher last week.  Things were pretty flat on Monday.  Tuesday brought a breakout, pushing SPX above 1970.  Wednesday was another flat day.  Thursday’s jobs report were favorable and stocks rallied again!  The Dow managed to close above 17,000 on Friday, while SPX topped 1985.

For the week, the Dow was up +216.42 points; SPX add +24.48 points; Nasdaq gained +88 points.  Gold gained a bit, closing around $1317/ounce.  Oil cooled off, falling down to $104/barrel.  At the time of this writing, Asian markets were down.  Here’s where the US markets closed on Thursday (Friday was the US Independence Day):

SPX

On Thursday, SPX added +10.82 points to close at 1985.44.  Its daily MAs and MACD went up.

Nasdaq

Nasdaq gained +28.19 points to close at 4485.93.  Its daily MAs and MACD also went higher.

Both SPX and Nasdaq pushed higher again.  But, with both indices above their respective Bollinger Bands, it may be difficult for the markets to push higher without a pullback.  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 7/6/2014.

Weekly Wrap-Up + June 2014 Monthly Wrap-Up: CREE, AMZN, YELP, SINA, WHR, FAS, GS, SCTY, NFLX

 

Happy Independence Day!

Market pushed higher again, up both for first week of the 2nd half, and for the month of June!  We traded on both sides.  Calls on CREE, AMZN, YELP, SINA, FAS, and GS all produced very good results.  WHR puts gave us a +106% profit.

Here are the trades for this week:

  • 09:31 | HappyTrading CREE ($53.10) Sold to Close 07C50 Jul 50 calls, at $3.35 +46%
  • 06:35 | HappyTrading CREE ($52.50) Sold to Close 07C50 Jul 50 calls, at $3.10 +35%
  • 08:12 | HappyTrading SFLY ($49.90) Sold to Close 07C47.5 Jul 48 calls, at $3.10 +41%
  • 08:09 | HappyTrading SINA ($52.50) Sold to Close 07C50 Jul 50 calls, at $3.30 +10%
  • 07:28 | Ecstatic Plays GOOG ($583.50) Sold to Close 0703C580 Jul 580 calls, at $4.30 -19%
  • 06:34 | Ecstatic Plays AMZN ($335.70) Sold to Close 07C330 Jul 330 calls, at $10.50 +56%
  • 06:33 | Ecstatic Plays AMZN ($334.80) Sold to Close 07C330 Jul 330 calls, at $10.00 +49%
  • 07:00 | HappyTrading YELP ($78.10) Sold to Close 07C75 Jul 75 calls, at $5.10 +35%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video.)

These are the trades for the month of June:

  • 12:39 | Ecstatic Plays LNKD ($171.25) Sold to Close 07C170 Jul 170 calls, at $5.85 +13%
  • 07:52 | Ecstatic Plays SINA ($50.10) Sold to Close 07C47.5 Jul 48 calls, at $4.05 +13%
  • 07:19 | Ecstatic Plays SINA ($49.60) Sold to Close 07C45 Jul 45 calls, at $5.00 +49%
  • 07:28 | Ecstatic Plays SPY ($195.33) Bought to Open 0703P196 Jul 196 put, at $1.24 EXPIRED
  • 10:17 | HappyTrading AMZN ($327.00) Sold to Close 07C330 Jul 330 calls, at $6.90 +10%
  • 09:58 | Ecstatic Plays SINA ($48.60) Sold to Close 07C45 Jul 45 calls, at $4.40 +31%
  • 07:39 | HappyTrading V ($209.80) Sold to Close 0621P210 Jun 210 put, at $0.62 -59%
  • 10:23 | HappyTrading SCTY ($67.00) Sold to Close 0627C65 Jun 65 calls, at $4.00 +25%
  • 10:22 | HappyTrading YELP ($75.70) Sold to Close 07C75 Jul 75 calls, at $5.20 +18%
  • 10:17 | Ecstatic Plays QIHU ($90.70) Sold to Close 0627C90 Jun 90 calls, at $3.00 +5%
  • 10:04 | HappyTrading SCTY ($67.70) Sold to Close 0627C65 Jun 65 calls, at $4.80 +50%
  • 08:12 | Ecstatic Plays QIHU ($92.00) Sold to Close 0627C90 Jun 90 calls, at $3.80 +33%
  • 09:36 | HappyTrading FAS ($98.25) Sold to Close 06P100 Jun 100 put, at $2.30 -30%
  • 09:14 | HappyTrading WYNN ($197.10) Sold to Close 06P200 Jun 200 put, at $4.10 -1%
  • 09:06 | HappyTrading WHR ($137.00) Sold to Close 06P140 Jun 140 put, at $3.40 +106%
  • 08:59 | HappyTrading FSLR ($68.70) Sold to Close 06C65 Jun 65 calls, at $3.89 +2%
  • 08:40 | HappyTrading FAS ($95.30) Sold to Close 06P100 Jun 100 put, at $4.90 +48%
  • 08:12 | HappyTrading GMCR ($118.70) Sold to Close 06C115 Jun 115 calls, at $4.75 +20%
  • 07:26 | HappyTrading CELG ($160.70) Sold to Close 06P160 Jun 160 calls, at $1.25 -52%
  • 10:46 | Ecstatic Plays YELP ($66.00) Sold to Close 06C65 Jun 65 calls, at $2.70 -25%
  • 10:34 | Ecstatic Plays NFLX ($423.50) Sold to Close 0613P425 Jun 425 put, at $4.10 +19%
  • 10:00 | HappyTrading GMCR ($121.50) Sold to Close 06C117 Jun 117 calls, at $6.10 +54%
  • 10:39 | Ecstatic Plays TSLA ($202.30) Sold to Close 06P205 Jun 205 put, at $6.60 +21%
  • 11:03 | HappyTrading FSLR ($62.70) Sold to Close 06C60 Jun 60 calls, at $3.50 -10%
  • 06:34 | HappyTrading GMCR ($120.00) Sold to Close 06C115 Jun 115 calls, at $7.30 +147%
  • 10:17 | Ecstatic Plays AAPL ($645.00) Sold to Close 0613P647.5 Jun 648 put, at $11.00 +10%
  • 07:59 | HappyTrading GS ($165.30) Sold to Close 06C160 Jun 160 calls, at $5.70 +78%
  • 11:46 | HappyTrading FSLR ($64.20) Sold to Close 06C65 Jun 65 calls, at $1.84 -37%
  • 11:40 | HappyTrading GS ($162.90) Sold to Close 06C160 Jun 160 calls, at $3.85 +20%
  • 08:14 | Ecstatic Plays NTES ($71.20) Sold to Close 06C70 Jun 70 calls, at $2.25 +13%
  • 08:41 | Ecstatic Plays AAPL ($644.50) Sold to Close 06C640 Jun 640 calls, at $15.20 +11%
  • 08:34 | HappyTrading IBM ($184.80) Sold to Close 06P185 Jun 185 put, at $2.20 -6%
  • 06:44 | HappyTrading FSLR ($64.60) Sold to Close 06C60 Jun 60 calls, at $5.37 +39%
  • 07:15 | Ecstatic Plays TSLA ($206.00) Sold to Close 06P210 Jun 210 put, at $9.50 -15%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video.)

On Friday, buyers cheered again as the latest job data showed the unemployment rate fall down to 6.1%!  But, with the Dow closing above 17,000 and the SPX also at a new all-time high, floating above 1985, I think we’ll have to be a little more cautious.  Psychologically, we could see some investors wanting to lock in some profits.  Technically speaking, we just keep getting more toppy!  Meanwhile, the US markets are closed on Friday for the country’s Independence Day.  Have a wonderful long weekend!  I’ll be back this weekend to go over the charts in more detail. 

Happy July 4th and HappyTrading! ™

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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, FAS, FDN, MOO, POT, MOS, CF, AGU, GOOG, PCLN, LNKD, NFLX, PNC, GS, MA, V, SLV, AGQ

Markets pushed higher, yet again!  New all-time highs for the Dow and SPX.  Last weekend in my Market Forecast, I wrote:

"For the new week, it looks like things need some consolidation.  SPX 1950 is now the new resistance.  Nasdaq seems strong.  So, I think if we start to see weakness in techs, this market is going for a bigger pullback.  SPX has support between 1920 and 1900.  Gold has bounced, but, I think it would take longer for it to establish a base.  Energy sector keeps breaking higher as oil rises.  We’ll also keep an eye on the financials."

Nasdaq didn’t let up.  Tech stocks pushed higher, and, energy stocks also gave markets a good push!  SPX finished above 1960 and Nadsaq tested that 4370 level I mentioned 2 weeks ago.  Biotechs and healthcare were very strong on Friday.

We traded on both sides and found winners on both sides.  As stocks push higher and higher, we have to start looking at some downside trades to hedge our risks.  SCTY calls were some nice quick trades.  WHR puts was a patient trade that yielded a +106% gain.  Here are the closed trades for the week:

  • 07:39 | HappyTrading V ($209.80) Sold to Close 0621P210 Jun 210 put, at $0.62 -59%
  • 10:23 | HappyTrading SCTY ($67.00) Sold to Close 0627C65 Jun 65 calls, at $4.00 +25%
  • 10:22 | HappyTrading YELP ($75.70) Sold to Close 07C75 Jul 75 calls, at $5.20 +18%
  • 10:17 | Ecstatic Plays QIHU ($90.70) Sold to Close 0627C90 Jun 90 calls, at $3.00 +5%
  • 10:04 | HappyTrading SCTY ($67.70) Sold to Close 0627C65 Jun 65 calls, at $4.80 +50%
  • 08:12 | Ecstatic Plays QIHU ($92.00) Sold to Close 0627C90 Jun 90 calls, at $3.80 +33%
  • 09:36 | HappyTrading FAS ($98.25) Sold to Close 06P100 Jun 100 put, at $2.30 -30%
  • 09:14 | HappyTrading WYNN ($197.10) Sold to Close 06P200 Jun 200 put, at $4.10 -1%
  • 09:06 | HappyTrading WHR ($137.00) Sold to Close 06P140 Jun 140 put, at $3.40 +106%
  • 08:59 | HappyTrading FSLR ($68.70) Sold to Close 06C65 Jun 65 calls, at $3.89 +2%
  • 08:40 | HappyTrading FAS ($95.30) Sold to Close 06P100 Jun 100 put, at $4.90 +48%
  • 08:12 | HappyTrading GMCR ($118.70) Sold to Close 06C115 Jun 115 calls, at $4.75 +20%
  • 07:26 | HappyTrading CELG ($160.70) Sold to Close 06P160 Jun 160 calls, at $1.25 -52%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video)

For the week, the Dow was up +171.34 points; SPX added +26.71 points; Nasdaq gained +57.39 points.  Gold shot up to $1316/ounce, while oil jumped above $106/barrel!  Asian markets were mixed, with Nikkei jumping and Shanghai slumping.  Here’s where the US markets closed on Friday:

SPX

SPX added +3.39 points to close at 1962.87.  Its daily MAs and MACD were little changed.

Nasdaq

Nasdaq gained +8.72 points to close at 4368.04.  It is re-testing the March highs.

Both SPX and Nasdaq pushed higher again!  But, the technicals are getting toppy.  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 6/21/2014.

Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, IGV, FAS, XLE, FDN, GOOG, OXY, GS, BAC, MA, PCLN, APA, JPM, V, CRM, SLB, MSFT, NFLX, APC, EOG, CTXS, RHT, CTSH, FB, YELP, VWM

Last weekend, in my Market Forecast, I said,

"For the new week, the Chinese PMI may prompt the markets to get a strong open.  But, I think this rally is a bit extended.  It may be a stock/sector-picking week.  SPX 1920 could be a nice level to consolidate around.  Above that, it’s brand-new territory.  Markets have gone quite far in the past 2 weeks.  We’ll have to how this market reacts to the strong Chinese PMI.  Financials are looking much stronger, which is good for the overall market.  Oil services is emerging as a new leading sector."

Markets did indeed consolidate to start the week.  But, on Thursday and Friday, stocks pushed higher on favorable economic news.  Oil services were strong once again!  Financials were also among the leaders.

We had trades on both sides, as markets consolidated.  GS yielded a nice +78% gain.  Here are the closed trades for the week:

  • 10:17 | Ecstatic Plays AAPL ($645.00) Sold to Close 0613P647.5 Jun 648 put, at $11.00 +10%
  • 07:59 | HappyTrading GS ($165.30) Sold to Close 06C160 Jun 160 calls, at $5.70 +78%
  • 11:46 | HappyTrading FSLR ($64.20) Sold to Close 06C65 Jun 65 calls, at $1.84 -37%
  • 11:40 | HappyTrading GS ($162.90) Sold to Close 06C160 Jun 160 calls, at $3.85 +20%
  • 08:14 | Ecstatic Plays NTES ($71.20) Sold to Close 06C70 Jun 70 calls, at $2.25 +13%
  • 08:41 | Ecstatic Plays AAPL ($644.50) Sold to Close 06C640 Jun 640 calls, at $15.20 +11%
  • 08:34 | HappyTrading IBM ($184.80) Sold to Close 06P185 Jun 185 put, at $2.20 -6%
  • 06:44 | HappyTrading FSLR ($64.60) Sold to Close 06C60 Jun 60 calls, at $5.37 +39%
  • 07:15 | Ecstatic Plays TSLA ($206.00) Sold to Close 06P210 Jun 210 put, at $9.50 -15%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video)

For the week, the Dow was up +207.11 points; SPX added +25.87 points; Nasdaq gained +78.78 points.  Gold finally bounced a bit, closing above $1250/ounce.  Oil was little changed.  Asian markets were up slightly to start the week.  Let’s where the US markets closed on Friday:

SPX

On Friday, SPX added +8.98 points to close at 1949.44.  Its daily MAs and MACD pushed higher.

Nasdaq

Nasdaq gained +25.17 points to close at 4321.4.  Its daily MAs and MACD also went up.

Well, this rally just keeps on getting more extended!  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 6/8/2014.

Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, PCLN, GOOG, NFLX, YELP, FB, GS, WFC, MA, V, CRM, RHT, CTXS, KORS, LULU, RL

Happy Memorial Day!

The market has been range-bound and volatile.  In times like these, I find that the best thing to do is to just sit back and hold cash.  A quick look at the charts, it is not difficult to see just how volatile the market has been:

SPX

Since March, SPX has been zig-zagging within a tight range.  For the month of May, the market changed directions every few trading days.  Nasdaq has been much weaker, and also went through similar ups-and-downs:

Nasdaq

Although we haven’t been trading much, we still managed to capture some nice trades.  NFLX had a huge week, with a close above $400!  We caught a piece of the action with a couple of trades.  AAPL calls also brought us a +109% profit:

  • 07:14 | HappyTrading FAS ($89.10) Sold to Close 0530P87.5 May 88 put, at $1.30 -48%
  • 07:11 | Ecstatic Plays CMG ($499.00) Sold to Close 0523P495 May 495 put, at $2.80 -44%
  • 11:00 | Ecstatic Plays AAPL ($601.30) Sold to Close 0530C600 May 600 calls, at $7.10 -30%
  • 09:33 | HappyTrading NFLX ($365.30) Sold to Close 0530C355 May 355 calls, at $17.25 +57%
  • 06:54 | HappyTrading AAPL ($604.00) Sold to Close 0523C590 May 590 calls, at $15.50 +109%
  • 06:53 | Ecstatic Plays NFLX ($355.00) Sold to Close 0523C345 May 345 calls, at $13.20 +33%

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For the week, the Dow was up +114.96 points; SPX added +22.67 points; Nasdaq gained +95.22 points.  Gold was flat and still below $1300/ounce.  Oil popped to over $104/barrel.  Asian markets were mostly higher for the week. 

SPX closed above 1900 for the week and Nasdaq got a strong finish.  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 5/25/2014.

A Quick Pullback After the Recent New Highs! SPX, Nasdaq, CSCO, CF, AGU, MON, GS, WFC, JPM

Stocks made new highs earlier this week, with SPX going above 1,900 and the Dow soaring to 16,735!  But, yesterday, the mood changed again!  SPX managed to close above 1870, while the Dow fell 167 points.  Even with CSCO reporting a strong quarter and adding over +6%, Nasdaq fell more than 31 points!

Things have been very volatile.  Agriculture stocks were on their way to breakouts, but, quickly pulled back:  CF lost almost $9; AGU was down 2.39%; MON fell $1.6.  Financials experienced similar developments in the past few days.  GS, WFC, and JPM were strong earlier this week, but, in one quick pullback, they are right back to where they started!

SPX

SPX fell 17.68 points to close at 1870.85.  It closed right at its 30-day MA.  The MACD turned down.

Nasdaq

Nasdaq lost 31.33 points to close at 4069.29.  It closed below its daily MAs.  The MACD was slightly lower.

SPX looks like it could still be consolidating.  Nasdaq, although look weak again, is not too far from the recent base, with support at around 4,000.  Things may be too volatile to trade right now.  Better to hold mostly cash and just trade lightly.  As noted in my Market Forecast this weekend, SPX has support between 1860 to 1850.  Let’s see how these support levels hold up!

Good night and HappyTrading! ™

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