It was another choppy week, but buyers were still buying whenever SPX got close to 1980. In my Market Forecast last weekend, I wrote:
“For the new week, I think consolidation will continue. The MACD is still flat. AAPL’s event on Tuesday may draw some speculations, but I wouldn’t rule out people selling on news. On the other hand, internet stocks should do well as we get closer to Alibaba’s IPO.”
Internet stocks and AAPL helped to Nasdaq to hold its levels, although Friday’s weakness was quite broadly based. Commodity sectors were weak and dragged down the overall market. Nevertheless, we did really well, scoring another week of strong trades with 100% winners! We traded on both sides and caught nice overnight gains in SCTY and SINA calls. HLF puts gave us an +78% profit. Here are the closing trades for the week:
- 08:02 | Ecstatic Plays SCTY ($74.10) Sold to Close 10C72.5 Oct 73 calls, at $5.30 +26%
- 06:54 | HappyTrading SINA ($48.80) Sold to Close 10C47.5 Oct 48 calls, at $3.05 +69%
- 07:17 | HappyTrading RGLD ($71.70) Sold to Close 09P75 Sep 75 put, at $3.60 +26%
- 07:11 | Ecstatic Plays NOV ($81.55) Sold to Close 09P82.5 Sep 83 put, at $1.50 +7%
- 08:46 | Ecstatic Plays MNST ($91.00) Sold to Close 09C87.5 Sep 88 calls, at $4.10 +46%
- 08:39 | Ecstatic Plays CMG ($665.00) Sold to Close 09P665 Sep 665 put, at $9.00 +14%
- 07:41 | HappyTrading HLF ($45.50) Sold to Close 09P52.5 Sep 53 put, at $7.40 +78%
- 06:46 | HappyTrading SPY ($199.10) Sold to Close 09P200 Sep 200 put, at $2.40 +26%
- 07:22 | HappyTrading HLF ($47.80) Sold to Close 09P52.5 Sep 53 put, at $4.85 +17%
- 06:56 | HappyTrading FEYE ($34.00) Sold to Close 09C33 Sep 33 calls, at $1.90 +32%
- 08:02 | HappyTrading RGLD ($71.70) Sold to Close 09P75 Sep 75 put, at $3.90 +37%
For the week, the Dow was down 149.85 points; SPX fell 22.71 points; Nasdaq barely slid 15.3 points. Gold fell sharply to close near $1230/ounce. Oil didn’t fare well either, dropping to below $92/barrel. At the time of this writing, Asian markets were trading lower as the latest batch of economic data from China showed possible slowdown in it economy. Here’s how the US markets closed on Friday:
SPX fell 11.91 points to close at 1985.54. Its 10-day MA and MACD went down.
Nasdaq dropped 24.21 points to clsoe at 4567.6. It closed below its 10-day MA.
The broader market showed weakness on Friday. Both SPX and Nasdaq closed below their respective 10-day MAs. Nasdaq was, however, still stronger, held up by internet stocks and AAPL, as mentioned above. For the new week…
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