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Last weekend, in my Market Forecast, I wrote:
"For the new week, the market will be looking at a slew of earnings from the financial sector. BK, SCHW, CTBI, FRC, GS, JPM, MTB, USB all report on Wednesday morning. BAC, BLK, C, PNC will report on Thursday morning. In addition, INTC and XLNX report on Thursday afternoon. Friday will wrap up the week with reports from MS, STI, STT, and SLB. There’s still resistance between SPX 1475 and 1480; above this resistance, we could see the broader market challenge 1500."
Overall, earnings so far have been pretty positive. GS reported a strong quarter, sending its shares up to almost $145. BLK, MS, PNC, and STT all jumped higher after their respective earnings reports. Even with INTC falling more than 6% on Friday, the broader market held its level. SPX ended up more than 5 points, above 1485 on Friday!
We had a pretty good week with most trades on the plus side. Here are the closed trades for the week:
For the week, the Dow was up +161.27 points; SPX added +13.93 points; Nasdaq gained +9.08 points. At the time of this writing, Asian markets were mixed. Gold was higher, while oil was flat. Let’s take a look at where the US markets closed on Friday:
SPX added +5.04 points to close at 1485.98. Its daily MAs and MACD crept up.
Nasdaq slid 1.5 points to close at 3134.71. Its daily MAs and MACD were little changed.
Both SPX and Nasdaq pushed higher last week. VIX fell below 13 for the week! For the new week, more earnings are piling in…
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