Happy Chinese New Year!!
Last weekend, in my Market Forecast, I wrote:
"For the new week, the market should look to extend its rally. SPX’s next resistance is at 1520, at which point we should have to re-evaluate to see where things are at. More earnings are coming in next week… Biotech sectors looks interesting as it pushes for new highs. Gold seems to be range-bound and might slip lower again. Mining sector continues to lag."
Well, the market was still not able to break above SPX 1520. Biotechs did indeed push higher. BIIB was among the leaders, making a new all-time high at $167.35. Gold was still range-bound, and mining stocks continued to be relatively weak.
We made some nice trades for the week, mostly on the plus side, once again:
The market was volatile, experiencing big swings from day-to-day. Some consolidation was definitely happening.
For the week, the Dow was down 16.82 points; SPX eked out a gain of +4.76 points; Nasdaq gained +14.77 points. Both gold and oil were little changed. Many of the Asian markets are closed tonight for the Lunar New Year. Let’s take a look at how the US markets closed on Friday:
On Friday, SPX added +8.54 points to close at 1517.93. Its MACD stayed flat.
Nasdaq gained +28.74 points to close at 3193.87. Its daily MAs and MACD went up.
Although the market took a quick drop to start the week, both Nasdaq and SPX managed to close higher for the week. Thanks to a strong showing on Friday. Interestingly, VIX closed slightly up. 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 2/10/13.