Wow, time goes by fast! A new month and a new quarter! Last weekend, I said, “For the new week, I’m looking for the market to test the July highs, which for SPX is around 1550 and for Nasdaq is about 2720. Once the market gets back up to these levels, it might stutter around a bit as people take some profits. Breaking these levels, we may see the market rally into the earnings season.” Well, the market didn’t quite make it there, but, did “stutter” quite a bit. SPX got stuck around 1530 and the Nasdaq was about 4 points away, getting as high as 2716.75. But, the Qs already surpassed its July high!
For the week, the market did make gains. The Dow finished up about +75 points. SPX was pretty flat, gaining just +1 point. Nasdaq was the strongest, and went up +30.28 points.
Here’s Friday’s closing picture on various sectors:
Pretty flat across the board. INX2 (Internets) and SOX (semiconductors) managed to stay on the green side, but BTK (biotechs) were still weak. GLD (gold) and GDX (gold miners) jumped again. OIH (oil services) were strong in the morning, but, ended the day in the red. FXI (Chinese ADRs) finally took a breather.
SPX
SPX really had a hard time breaking above 1530 this week. But, since it closed above 1520, I feel better. The daily MAs are still strong.
Nasdaq
Nasdaq closed at 2701.50, above 2700. Its technicals are also strong.
I was looking for the market to test the July highs this week, and, “stutter” around before the earning season starts. The market, instead, just stuttered around and traded sideways, although many leaders, especially in the techs, already charged above their July highs, as the Qs made new 52-week highs this week. I cashed out a lot of gains this week and increased my cash position. The overall market situation is perhaps better than I had thought. The sideways-trading this week has allowed the market to vent without losing any altitude, and in fact, it gained a little.
For the new week, I think the market is in a good position to continue higher into the earnings. I will, however, be cautious, hold on to my cash, and wait to see if the market can catch up to its daily upper BB.
I’ll be back tomorrow to look at some individual sectors.
Happy Saturday and HappyTrading! ™
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_6.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_6.gif)
2 Comments
New to the site. Finally, a site without the BS for managing money.
Still learing the lingo of the options business. I will be a subscriber very soon. I Like the no hype method and style.
Very tasteful Yoga video.
Thanks,
Art
Thanks Art! Hope to see you on the members’ board soon!
3 Trackbacks/Pingbacks
[…] was a nice way to start the week, the month, and the new quarter!! In my Market Forecast this weekend, I said, “The overall market situation is perhaps better than I had thought. The […]
[…] big jump) without losing altitude. This is very encouraging. Again, as I said in my Market Forecast this weekend, “For the new week, I think the market is in a good position to continue higher […]
[…] Last weekend, I said, “For the new week, I think the market is in a good position to continue higher into the earnings.” The market did finish higher and RIMM may have set a good tone for the earnings season as it reported spectacular quarterly results and sent its stock flying up +12.76%! […]
Post a Comment