Last week was an interesting week. On Monday and Tuesday, stocks dropped and SPX tested 1870, not quite as low as the August low. So things got a bit tricky, as the bulls and bears fought it out. But, by Tuesday’s close, buyers were already getting in. Wednesday was a nice pop. Thursday continued upwards with a quick mid-day pullback. Friday morning, markets gapped lower on disappointing jobs report. But, the weakness lasted only thirty minutes. Buyers couldn’t wait to get back in, it seemed. In the early afternoon, markets had turned positive, and rallied until the close!
Our trades did very well last week, and, it took a lot of patience. Our AGN puts scored a +105.34% profit on Monday, and, our calls worked out really well later in the week. Here are the closed trades for the week:
My Happy Trades portfolio also did very well last week. We played more puts than calls in this portfolio, and were mostly profitable. UA, TSLA, and BWLD puts all played out well. SNDK had a tremendous rise last week. We caught it partially with some calls:
For the week, the Dow was up +157.7 points ; SPX gained +20.02 points; Nasdaq climbed +21.5 points. Both gold and oil were little changed last week. At the time of this writing, Asian markets were mostly up. Let’s take a look at the US markets after Friday’s close:
On Friday, SPX gained +27.54 points to close at 1951.36. It closed above its daily MAs and the MACD turned bullish.
Nasdaq popped +80.69 points to close at 4707.78. It closed above its 10-day MA. The MACD went up.SPX closed above its daily MAs, while Nasdaq just pierced above its 10-day MA. Energy stocks certainly helped the broader market. On the other hand, Nasdaq has been held back by the biotechs. For the new week…
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