Skip navigation


Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, XLF, SOXX, XLE, MOO, CF, POT, AGU, MOS, MON, GS, C, PNC, BAC, ASML, INTC, XLNX, APC, NE, SLB

What a week for the markets!?!  After Fed Chairman Bernanke’s dovish comments on Wednesday, buyers rushed in and drove stocks back up to all-time highs!  I was a bit more cautious in my forecast last weekend, "For the new week, with Asian markets trading lower overnight, we might see things a bit shaky to start the week.  SPX has an immediate resistance at 1640, while Nasdaq has a resistance at 3500.  We might see things range-bound here for a bit."

The market did stay range-bound ahead of Fed’s comments, but, was already above SPX 1640 on Wednesday.  Thursday was a big jump above 1675 and a slight follow-through to 1680 on Friday.  We had another nice week with some of our big gains still in play.  Here are the closed trades:

  • 07:14 | Ecstatic Plays FSLR ($47.80) Sold to Close 07C45 Jul 45 calls, at $3.30 +22%
  • 09:47 | HappyTrading MPC ($70.00) Sold to Close 07P67.5 Jul 68 put, at $0.50 -47%
  • 09:08 | Ecstatic Plays AAPL ($426.00) Sold to Close 07C425 Jul 425 calls, at $6.40 +7%
  • 07:59 | HappyTrading GLD ($124.00) Sold to Close 07C120 Jul 120 calls, at $4.50 +45%
  • 07:58 | Ecstatic Plays FAS ($70.10) Sold to Close 07P68 Jul 68 put, at $1.35 -36%
  • 11:50 | HappyTrading DDD ($47.80) Sold to Close 07C48 Jul 48 calls, at $2.35 -2%
  • 07:18 | HappyTrading BIDU ($93.30) Sold to Close 07C92.5 Jul 93 calls, at $2.30 +5%
  • 11:39 | Ecstatic Plays AAPL ($422.10) Sold to Close 0712C415 Jul 415 calls, at $8.70 +74%
  • 09:43 | Ecstatic Plays AAPL ($420.00) Sold to Close 0712C415 Jul 415 calls, at $6.85 +37%
  • 07:17 | HappyTrading GLD ($121.15) Sold to Close 07C120 Jul 120 calls, at $2.66 +16%
  • 07:08 | HappyTrading UTX ($97.90) Sold to Close 07C95 Jul 95 calls, at $3.30 +83%

(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 +328.46 points; SPX popped +48.3 points; Nasdaq jumped +120.7 points.  Gold enjoyed an "up" week for a change, trading around $1285/ounce.  Oil broke out higher to trade near $106/barrel.  At the time of this writing, Asian markets were mostly higher.  Let’s see where the US markets stand after Friday’s close:


On Friday, SPX added +5.17 points to close at 1680.19.  the daily MAs turned up and the MACD went higher.


Nasdaq gained +21.78 points to close at 3600.08.  Its daily MAs also turned up!

Nasdaq broke out above its resistance at 3500, while SPX is testing its resistance at 1680.  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 7/14/13.

Get Wang's Happy Trading in your email for FREE!

Enter your email address:

Delivered by FeedBurner

FeedTheBull - Top Stock market and Finance Sites

Post a Comment

Your email is never published nor shared. Required fields are marked *