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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, FDN, IGV, TAN, FAS, WFC, JPM, GS, V, MA, GOOG, FB, TWTR, NFLX, FSLR, CSIQ, SCTY, TSL, ADBE, MSFT, CTXS, CRM, RHT

It was another choppy week, but buyers were still buying whenever SPX got close to 1980. In my Market Forecast last weekend, I wrote:

For the new week, I think consolidation will continue. The MACD is still flat. AAPL’s event on Tuesday may draw some speculations, but I wouldn’t rule out people selling on news. On the other hand, internet stocks should do well as we get closer to Alibaba’s IPO.”

Internet stocks and AAPL helped to Nasdaq to hold its levels, although Friday’s weakness was quite broadly based. Commodity sectors were weak and dragged down the overall market. Nevertheless, we did really well, scoring another week of strong trades with 100% winners! We traded on both sides and caught nice overnight gains in SCTY and SINA calls. HLF puts gave us an +78% profit. Here are the closing trades for the week:

  • 08:02 | Ecstatic Plays SCTY ($74.10) Sold to Close 10C72.5 Oct 73 calls, at $5.30 +26%
  • 06:54 | HappyTrading SINA ($48.80) Sold to Close 10C47.5 Oct 48 calls, at $3.05 +69%
  • 07:17 | HappyTrading RGLD ($71.70) Sold to Close 09P75 Sep 75 put, at $3.60 +26%
  • 07:11 | Ecstatic Plays NOV ($81.55) Sold to Close 09P82.5 Sep 83 put, at $1.50 +7%
  • 08:46 | Ecstatic Plays MNST ($91.00) Sold to Close 09C87.5 Sep 88 calls, at $4.10 +46%
  • 08:39 | Ecstatic Plays CMG ($665.00) Sold to Close 09P665 Sep 665 put, at $9.00 +14%
  • 07:41 | HappyTrading HLF ($45.50) Sold to Close 09P52.5 Sep 53 put, at $7.40 +78%
  • 06:46 | HappyTrading SPY ($199.10) Sold to Close 09P200 Sep 200 put, at $2.40 +26%
  • 07:22 | HappyTrading HLF ($47.80) Sold to Close 09P52.5 Sep 53 put, at $4.85 +17%
  • 06:56 | HappyTrading FEYE ($34.00) Sold to Close 09C33 Sep 33 calls, at $1.90 +32%
  • 08:02 | HappyTrading RGLD ($71.70) Sold to Close 09P75 Sep 75 put, at $3.90 +37%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video. Thank you!)

For the week, the Dow was down 149.85 points; SPX fell 22.71 points; Nasdaq barely slid 15.3 points. Gold fell sharply to close near $1230/ounce. Oil didn’t fare well either, dropping to below $92/barrel. At the time of this writing, Asian markets were trading lower as the latest batch of economic data from China showed possible slowdown in it economy. Here’s how the US markets closed on Friday:

SPX

SPX fell 11.91 points to close at 1985.54. Its 10-day MA and MACD went down.

Nasdaq

Nasdaq dropped 24.21 points to clsoe at 4567.6. It closed below its 10-day MA.

The broader market showed weakness on Friday. Both SPX and Nasdaq closed below their respective 10-day MAs. Nasdaq was, however, still stronger, held up by internet stocks and AAPL, as mentioned above. 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 9/14/2014.

Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, XME, FDN, FB, AMZN, GOOG, PCLN, TWTR, CTRP, YELP, X, NUE, STLD, EOG, OXY, NOV, SLB, APC, APA

Markets continued to trade in a tight range. Nevertheless, SPX managed to finish the week at a record close! Last weekend, in my Market Forecast, I wrote:

For the new week, I think the markets will continue to consolidate. Although stocks are staying strong, I think this rally needs to breathe a little more. I think it’ll be a stock-picking week.”

The broader market treaded water all week, moving up-and-down in a tight range. But, on Friday, it reversed a weak open to close at a new record high! We had another nice week with 100% of the closing trades on the profit side, including an overnight +119% trade on AMZN calls:

  • 07:24 | Ecstatic Plays GILD ($101.80) Sold to Close 09P103 Sep 103 put, at $4.00 +25%
  • 07:40 | HappyTrading SCTY ($71.50) Sold to Close 09C70 Sep 70 calls, at $4.20 +40%
  • 07:36 | Ecstatic Plays AMZN ($349.00) Sold to Close 09C340 Sep 340 calls, at $12.50 +119%
  • 06:38 | Ecstatic Plays AMZN ($347.60) Sold to Close 09C340 Sep 340 calls, at $10.60 +86%
  • 09:39 | HappyTrading LNKD ($227.65) Sold to Close 09C225 Sep 225 calls, at $7.25 +5%
  • 07:54 | Ecstatic Plays MNST ($90.30) Sold to Close 09C87.5 Sep 88 calls, at $4.00 +43%
  • 07:51 | HappyTrading LNKD ($228.00) Sold to Close 09C225 Sep 225 calls, at $7.68 +11%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video. If you’d like to get a 2-week FREE trial of our services, please email us at: support@myhappytrading.com. Thank you!)

For the week, the Dow was up +38.91 points; SPX added +3.34 points; Nasdaq climbed +2.63 points. Gold took a big fall on Tuesday and closed the week around $1268/ounce. Oil also fell, ending below $93/barrel for the week. On Monday, Asian markets were mixed. China was on holiday. Let’s take a look at where the US markets closed after Friday:

SPX

SPX added +10.06 to close at 2007.71, a record close!

Nasdaq

Nasdaq gained +20.61 points to close at 4582.9. It closed above its daily MAs. Its MACD was flat.

Both SPX and Nasdaq traded in a tight range last week, but, managed to close the week on a good note. 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 9/8/2014.

Markets Reverse Early Gains to Close Lower: SPX, Nasdaq, AMZN, EOG, APA, APC, NOV, SLB, PCLN, VIPS, POT, AGU, CF, MON

Markets opened strongly on Thursday, buy, ended in the red. SPX made a new all-time high at 2011.17. In my Market Forecast this weekend, I said that the market will continue to consolidate. After 3 days of trading, SPX has been pretty flat.

Buyers came in early today. One of the big gainers today was AMZN. Yesterday, we picked up AMZN Sept 340 calls at $5.7. This morning we sold them as high as $12.5 for an overnight +119% gain:

  • 07:36 | Ecstatic Plays AMZN ($349.00) Sold to Close 09C340 Sep 340 calls, at $12.50 +119%
  • 06:38 | Ecstatic Plays AMZN ($347.60) Sold to Close 09C340 Sep 340 calls, at $10.60 +86%
  • September 03, 2014
  • 08:35 | Ecstatic Plays AMZN ($339.00) Bought to Open 09C340 Sep 340 calls, at $5.70

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video. If you’d like to get a 2-week FREE trial of our services, please email us at: support@myhappytrading.com. Thank you!)

Energy stocks were weak. EOG was down 2.91%; APA lost 1.59%; APC dropped 2.66%; SLB fell 2.34%; NOV slid 1.76%.

The Dow was down 8.7 points; SPX lost 3.07 points; Nasdaq fell 10.28 points:

OIH (oil services) dropped 2.25%. GDX (gold miners) tumbled 3.5%. BTK (biotech) fell 1.45%. XLE (energy) slid 1.35%.

SPX

SPX fell 3.07 points to close at 1997.65. It closed right at the 10-day MA. MACD was slightly down.

Nasdaq

Nasdaq fell 10.28 points to close at 4562.29. It also closed at the 10-day MA.

Both SPX and Nasdaq showed some weakness today, even though a new all-time high as made. There are definitely sellers, perhaps raising cash. SPX reversed an 11-point gain to a 3-point loss. Biotechs were being sold, as well. They have been so strong lately. It looks like people are locking in profits to raise cash. Agriculture sector also sold off. MON, CF, AGU, and POT all went lower. Among the internet stocks, PCLN caught my attention as it fell more than $30 in 2 days. It could come down to test $1200. VIPS fell 2.2% today. This stock has also been showing signs of weakness and can quickly come down to below $190.

We haven’t been trading much this week, and have been locking in profits. Things are getting more volatile. Let’s be patient and wait for clearer signs.

Good night and HappyTrading! ™

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Market Forecast + Sector Watch: SPX, Nasdaq, FAS, XME, IGV, SOXX, MSFT, ADBE, CRM, CTXS, MPWR, CAVM, AMBA, GS, WFC, JPM, MA, V

As mentioned in August’s Monthly Wrap-Up, US markets closed at new all-time highs. Last weekend, in my Market Forecast, I wrote:

For the new week, I think the market can use some time to consolidate. On the other hand, if the market pushes higher and above SPX 1990, this market can go on a bit of a run! But, for now SPX 1995 to 2000 is the resistance. On a quick pullback, we should see support at around SPX 1980 to 1970.”

Indeed, the market traded in a tight range. After Monday’s push to above SPX 2000, the broader market traded within a 13-point range all week, but did manage to close above 2000. For the week, the Dow was up +97.23 points; SPX added +14.97 points; Nasdaq gained +41.72 points. Gold bounced to around $1290/ounce, while oil climb to $95.5/barrel. On Monday, Asian markets were mostly up. Let’s see how the US markets looked after Friday’s close:

SPX

On Friday, SPX added +6.63 points to clsoe at 2003.37. Its daily MAs and MACD were slightly up.

Nasdaq

Nasdaq gained +22.58 points to close at 4580.27. Its daily MAs and MACD also climbed higher.

Both SPX and Nasdaq treaded water last week, but, still managed to close higher for the week. 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 9/1/2014.

August 2014 Monthly Wrap-Up: UTHR, AMZN, CLVS, JKS, RGLD, GOOG, CTRP

 

Happy Labor Day weekend!

Markets pushed higher again in August, with both the Dow and SPX closing at new all-time highs!  Nasdaq is also at a height not seen for more than a decade.  Last week, we had some really nice trades, including a +131% on CLVS calls and a +156% profit on UTHR (intraday, only 17 minutes!) calls.  Here are the closed trades in August:

  • 08:23 | HappyTrading UTHR ($117.48) Sold to Close 09C105 Sep 105 calls, at $12.80 +156%
  • 08:00 | HappyTrading SPY ($200.10) Sold to Close 0912P200 Sep 200 put, at $1.30 -10%
  • 07:31 | HappyTrading SCTY ($68.90) Sold to Close 09C70 Sep 70 calls, at $2.60 -52%
  • 07:03 | Ecstatic Plays AMZN ($341.50) Sold to Close 0905C340 Sep 340 calls, at $4.60 -28%
  • 12:34 | Ecstatic Plays CLVS ($50.00) Sold to Close 09C45 Sep 45 calls, at $6.00 +131%
  • 12:28 | HappyTrading AMZN ($343.70) Sold to Close 09C335 Sep 335 calls, at $12.90 +61%
  • 09:02 | Ecstatic Plays LULU ($41.87) Sold to Close 09C40 Sep 40 calls, at $3.15 +34%
  • 08:58 | Ecstatic Plays CLVS ($48.70) Sold to Close 09C45 Sep 45 calls, at $4.80 +85%
  • 08:48 | HappyTrading AMZN ($342.70) Sold to Close 09C335 Sep 335 calls, at $12.20 +53%
  • 07:58 | HappyTrading GS ($179.39) Sold to Close 09C175 Sep 175 calls, at $5.25 +42%
  • 07:53 | HappyTrading JKS ($29.75) Sold to Close 09C27 Sep 27 calls, at $3.50 +67%
  • 07:06 | HappyTrading GS ($178.70) Sold to Close 09C175 Sep 175 calls, at $4.80 +30%
  • 08:19 | HappyTrading CRM ($60.40) Sold to Close 09C55.5 Sep 56 calls, at $5.30 +18%
  • 08:03 | HappyTrading FSLR ($70.10) Sold to Close 09C70 Sep 70 calls, at $2.90 -12%
  • 07:51 | Ecstatic Plays RGLD ($74.70) Sold to Close 09P77.5 Sep 78 put, at $3.80 +77%
  • 08:44 | Ecstatic Plays IOC ($61.90) Sold to Close 09C60 Sep 60 calls, at $3.05 +33%
  • 08:21 | Ecstatic Plays RGLD ($76.50) Sold to Close 09P77.5 Sep 78 put, at $2.80 +30%
  • 07:14 | Ecstatic Plays KORS ($82.00) Sold to Close 09C80 Sep 80 calls, at $3.50 +13%
  • 07:09 | HappyTrading FAS ($103.00) Sold to Close 09C100 Sep 100 calls, at $4.80 +33%
  • 07:50 | HappyTrading FAS ($102.00) Sold to Close 09C100 Sep 100 calls, at $4.30 +17%
  • 06:51 | Ecstatic Plays TSLA ($265.00) Sold to Close 0822P260 Aug 260 put, at $2.67 -52%
  • 09:03 | Ecstatic Plays WYNN ($199.00) Sold to Close 0822P200 Aug 200 put, at $3.50 +26%
  • 08:05 | HappyTrading TLT ($118.00) Sold to Close 09C116 Sep 116 calls, at $2.70 +47%
  • 06:55 | HappyTrading TLT ($117.05) Sold to Close 09C116 Sep 116 calls, at $2.10 +14%
  • 08:26 | HappyTrading JKS ($27.70) Sold to Close 09C27 Sep 27 calls, at $2.60 +24%
  • 06:45 | HappyTrading GRMN ($55.65) Sold to Close 08C65 Aug 65 calls, at $0.80 -59%
  • 06:34 | Ecstatic Plays YELP ($73.80) Sold to Close 08C72.5 Aug 73 calls, at $2.10 -66%
  • 06:33 | Ecstatic Plays GOOG ($577.20) Sold to Close 08C570 Aug 570 calls, at $7.70 +88%
  • 08:39 | HappyTrading PSX ($82.50) Sold to Close 08C82.5 Aug 83 calls, at $0.50 -58%
  • 08:17 | Ecstatic Plays GLD ($126.57) Sold to Close 08C127 Aug 127 calls, at $0.51 -81%
  • 07:30 | Ecstatic Plays CTRP ($68.48) Sold to Close 08C65 Aug 65 calls, at $4.10 +60%
  • 07:18 | Ecstatic Plays TLT ($116.25) Sold to Close 08C114 Aug 114 calls, at $2.35 +15%
  • 06:48 | HappyTrading WYNN ($195.30) Sold to Close 08C197.5 Aug 198 calls, at $4.80 +12%
  • 09:20 | Ecstatic Plays VXX ($34.00) Bought to Open 08C33 Aug 33 calls, at $2.18 EXPIRED
  • 08:18 | HappyTrading SCTY ($75.70) Sold to Close 08C72.5 Aug 73 calls, at $6.60 +19%
  • 10:48 | Ecstatic Plays JAZZ ($146.00) Sold to Close 08C150 Aug 150 calls, at $2.60 +18%
  • 09:35 | HappyTrading WHR ($145.80) Sold to Close 08P145 Aug 145 put, at $1.85 -35%
  • 08:54 | Ecstatic Plays JAZZ ($149.30) Sold to Close 08C150 Aug 150 calls, at $3.70 +68%
  • 08:31 | Ecstatic Plays FDX ($145.65) Sold to Close 08P145 Aug 145 put, at $1.50 +1%
  • 07:53 | HappyTrading UNH ($81.50) Sold to Close 08P85 Aug 85 calls, at $4.09 +30%
  • 08:53 | Ecstatic Plays NFLX ($412.50) Sold to Close 0808P415 Aug 415 put, at $9.20 +31%
  • 08:22 | Ecstatic Plays WFM ($38.00) Sold to Close 08C37.5 Aug 38 calls, at $1.15 +15%
  • 08:00 | Ecstatic Plays NFLX ($417.60) Sold to Close 0808P420 Aug 420 put, at $8.60 +15%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video.  If you’d like to get a 2-week FREE trial of our services, please email us at: support@myhappytrading.com.  Thank you!)

It’s Labor Day today, so the US markets are closed.  We’ll take a detail look at where the markets are in preparation for the new week in my weekly Market Forecast.

Good night and HappyTrading! ™

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SPX 2000, BTK 3100, What About Nasdaq 5000? SPX, Nasdaq, AAPL, IBB, AMGN, ITMN, ILMN, MDVN, LLY, VRTX, CLVS, INCY, LNKD, NFLX, YELP, TWTR, FB, PCLN, GOOG

Today, SPX managed to close just above 2000!  Biotechs continue to attract investors as they speculate on what/when the next merger is!  Over the weekend, Roche announced a $8.3 billion deal to buy ITMN, or at $74/share a 38% over Friday’s closing price!  Biotech stocks have been really strong this week, pushing the biotech index to above 3100.  IBB, the Nasdaq biotech ETF, vaulted to a new all-time high!  AMGN and GILD have been on fire!!  BIIB has been kind of quiet and could see a new breakout soon!  I also like VRTX, MDVN, LLY, INCY, and ILMN.  VRTX looks especially good! 

We locked in profits from some nice trades in the past 2 days, including a +131% gain from CLVS Sept calls (Our "Ecstatic Plays" have been doing exceptionally well lately!), and an overnight +61% win from AMZN Sept calls.  JKS Sept 27 calls was a patient play, even though JKS took a quick fall after earnings:

  • 12:34 | Ecstatic Plays CLVS ($50.00) Sold to Close 09C45 Sep 45 calls, at $6.00 +131%
  • 12:28 | HappyTrading AMZN ($343.70) Sold to Close 09C335 Sep 335 calls, at $12.90 +61%
  • 09:02 | Ecstatic Plays LULU ($41.87) Sold to Close 09C40 Sep 40 calls, at $3.15 +34%
  • 08:58 | Ecstatic Plays CLVS ($48.70) Sold to Close 09C45 Sep 45 calls, at $4.80 +85%
  • 08:48 | HappyTrading AMZN ($342.70) Sold to Close 09C335 Sep 335 calls, at $12.20 +53%
  • 07:58 | HappyTrading GS ($179.39) Sold to Close 09C175 Sep 175 calls, at $5.25 +42%
  • 07:53 | HappyTrading JKS ($29.75) Sold to Close 09C27 Sep 27 calls, at $3.50 +67%
  • 07:06 | HappyTrading GS ($178.70) Sold to Close 09C175 Sep 175 calls, at $4.80 +30%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video.  If you’d like to get a 2-week FREE trial of our services, please email us at: support@myhappytrading.com.  Thank you!)

The Dow was up +29.83 points; SPX added +2.1 points; Nasdaq gained +13.29 points:

BTK (biotech) continued to lead the sectors.  FDN (internet) was strong as well.  XME (metals and mining) was up +1.69%.

SPX

SPX gained +2.1 points to close at 2000.02, just above 2000.

Nasdaq

Nasdaq added +13.29 points to close at 4570.64.  Its daily MAs and MACD moved higher.

Stocks are really strong!  With SPX at 2000, things can probably use a pause.  With both SPX and the Dow at new all-time highs, it begs the question, "Will Nasdaq revisit 5000, the high set back in year 2000?"  I think it’s very likely.  Biotech stocks have been pushing higher and higher.  AAPL is at a new all-time high and is preparing to release new products.  Semiconductors are at their highest levels in more than a decade.  Internet stocks are still strong as social networking stocks attract more investors; and, these companies are really making money, unlike the ones during the internet boom back in 2000.  TWTR has made a new all-time high.  YELP is on the rise again, after the recent drop from false earnings reaction.  LNKD and NFLX both are looking to go higher.  GOOG and PCLN are lagging a bit this week, but, still strong.  FB is about to break out again!

We’ll certainly be watching these stocks as we had just scored a nice trade on AMZN!  With biotechs, it may be interesting to trade IBB, as options are moving quite well.  From the looks of it, biotechs could continue to go higher!

Good night and HappyTrading! ™

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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, ITMN, VRTX, BIIB, GILD, MDVN, ILMN, BMRN, CLVS, MA, V, GS, JPM, WFC, APA, APC, SLB, OXY, NOV

Stocks continued to push higher this past week.  Besides a slight pause on Friday, things looked strong throughout the week.  In my Market Forecast last Sunday, I said,

"For the new week, markets are back in neutral gear, at least to start the week.  Friday’s late morning quick selloff turned a potential positive signal back to neutral.  Markets will likely take cues from the present geo-political events around the world, especial in conflict in Ukraine.  Financials will need to show strength for the broader market to stay afloat.  SPX will need to stay above that 1940.  Above 1960, SPX can turn bullish again.  Nasdaq has resistance between 4485 and 4490, above which we could see a breakout."

Markets were strong right off the bat on Monday.  SPX closed above 1970 and Nasdaq closed above 4500!  Rest of the week was pretty smooth sailing as market indices glided higher.  We made some really nice trades:  IOC, KORS, CRM, and FAS calls and a quick overnight +77% gain on RGLD puts:

  • 08:19 | HappyTrading CRM ($60.40) Sold to Close 09C55.5 Sep 56 calls, at $5.30 +18%
  • 08:03 | HappyTrading FSLR ($70.10) Sold to Close 09C70 Sep 70 calls, at $2.90 -12%
  • 07:51 | Ecstatic Plays RGLD ($74.70) Sold to Close 09P77.5 Sep 78 put, at $3.80 +77%
  • 08:44 | Ecstatic Plays IOC ($61.90) Sold to Close 09C60 Sep 60 calls, at $3.05 +33%
  • 08:21 | Ecstatic Plays RGLD ($76.50) Sold to Close 09P77.5 Sep 78 put, at $2.80 +30%
  • 07:14 | Ecstatic Plays KORS ($82.00) Sold to Close 09C80 Sep 80 calls, at $3.50 +13%
  • 07:09 | HappyTrading FAS ($103.00) Sold to Close 09C100 Sep 100 calls, at $4.80 +33%
  • 07:50 | HappyTrading FAS ($102.00) Sold to Close 09C100 Sep 100 calls, at $4.30 +17%
  • 06:51 | Ecstatic Plays TSLA ($265.00) Sold to Close 0822P260 Aug 260 put, at $2.67 -52%

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For the week, the Dow added +338.31 points; SPX added +33.34 points; Nasdaq gained +73.62 points.  Gold fell further to below $1280/ounce; oil also dropped, closing below $94/barrel.  At the time of this writing, Asian markets were mixed.  Let’s take a look at how the US markets closed on Friday:

SPX

On Friday, SPX slid 3.97 points to close at 1988.4.  Its daily MAs and MACD are little changed.

Nasdaq

Nasdaq added +6.45 points to close at 4538.55.  Daily MAs and MACD went slightly higher.

Both SPX and Nasdaq pushed above recent highs.  Nasdaq appears to be especially strong.  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 8/23/2014.

Markets Take A Pause: SPX, Nasdaq, SODA, FFIV, NFLX, QCOM, RL

Stocks have been bouncing for about 2 weeks from the falloff that started at the end of July.  SPX is now back to 1986.5, just several points away from its new all-time high, which was set just a few days before the quick pullback in July.  The Dow is almost touching 17,000 again.  Nasdaq has risen above 4,500.  However, China’s latest manufacturing data showed some softness in August.  Overnight, Asian markets were under pressure, although Japan did end higher.

Nevertheless, buyers still found stocks to push higher.  SODA popped +4.79%.  FFIV broke out in a big way this week, reaching above $122/share.  NFLX looked to challenge its all-time high, closing above $472/share.  QCOM bounced strongly yesterday; it has now recovered about 50% from its steep drop after the recent earnings.  RL added another $2.33 (it has been a continuous run for more than 2 weeks), almost touching $170/share.

The Dow was up +59.54 points; SPX added +4.91 points; Nasdaq slipped 1.03 point:

Most sectors were flat.  FDN (internet) and XME (metals and mining) slid slightly.

SPX

SPX added +4.91 points to close at 1986.51.  Its daily MAs and MACD moved slightly up.

Nasdaq

Nasdaq was down 1.03 points to close at 4526.48.  Its daily MAs and MACD also went higher.

I think at best the markets need to traverse sideways and consolidate around here.  This bounce from the recent pullback has been very powerful.  Two weeks down, two weeks up, and now we’re back to visiting all-time highs.  We have to be a little more careful here.  Let’s see if the markets can hold the levels here while things consolidate.

Good night and HappyTrading! ™

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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, XME, FAS, GS, JPM, WFC, V, MA, X, STLD, NUE, CLF, WLT, BTU

Stocks had a good week last week.  Buyers were still buying on dips.  Last weekend, in my Market Forecast, I wrote:

"For the new week, if stocks continue to bounce, the first resistance is at 1940.  If SPX breaks above 1940 and still shows strength, we may need to test 1960.  Financials will need to participate.  Energies seem to be catching bids.  Internets have been strong; we’ll see if they can help push the markets higher."

Indeed, things happened pretty much as described in the forecast.  On Monday, SPX tested 1940 in the morning.  It hit resistance and started falling back.  But, buyers came in again on Wednesday, and this time, SPX closed above 1940.  Then, on Friday morning, SPX popped higher to tested 1960.  Soon after, some news came out of Ukraine and it sparked a quick selloff.  SPX fell quickly back down to 1940.  But, buyers drove it up again.  SPX ended at 1955.

This week, we closed up some stragglers as August monthly options expired.  Our CTRP calls did pretty well.  GOOG calls got a nice +88% overnight return!  TLT September calls came back strongly.  WYNN puts gave us a nice quick scalp!

  • 09:03 | Ecstatic Plays WYNN ($199.00) Sold to Close 0822P200 Aug 200 put, at $3.50 +26%
  • 08:05 | HappyTrading TLT ($118.00) Sold to Close 09C116 Sep 116 calls, at $2.70 +47%
  • 06:55 | HappyTrading TLT ($117.05) Sold to Close 09C116 Sep 116 calls, at $2.10 +14%
  • 08:26 | HappyTrading JKS ($27.70) Sold to Close 09C27 Sep 27 calls, at $2.60 +24%
  • 06:45 | HappyTrading GRMN ($55.65) Sold to Close 08C65 Aug 65 calls, at $0.80 -59%
  • 06:34 | Ecstatic Plays YELP ($73.80) Sold to Close 08C72.5 Aug 73 calls, at $2.10 -66%
  • 06:33 | Ecstatic Plays GOOG ($577.20) Sold to Close 08C570 Aug 570 calls, at $7.70 +88%
  • 08:39 | HappyTrading PSX ($82.50) Sold to Close 08C82.5 Aug 83 calls, at $0.50 -58%
  • 08:17 | Ecstatic Plays GLD ($126.57) Sold to Close 08C127 Aug 127 calls, at $0.51 -81%
  • 07:30 | Ecstatic Plays CTRP ($68.48) Sold to Close 08C65 Aug 65 calls, at $4.10 +60%

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For the week, the Dow was up +108.98 points; SPX added +23.47 points; Nasdaq gained +94.03 points.  Gold traded slightly down, but kept above $1300/ounce.  Oil dropped again to close below $97/barrel.  Asian markets were mixed on Monday, with Shanghai in the lead.  Here’s where the US markets closed on Friday:

SPX

SPX slid 0.12 point to close at 1955.06.  It closed just below its 30-day MA.  MACD was slightly up.

Nasdaq

Nasdaq added +11.93 points to close at 4464.93.  Its 10-day MA and MACD moved higher.

SPX closed just below its 30-day MA, while Nasdaq was much stronger and still managed to close higher on Friday.  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the page. If you are already a subscriber, please click here: Market Forecast 8/18/2014.

Stocks Continue to Bounce From Recent Drop: SPX, Nasdaq, CSCO, TSLA, CSIQ, AMGN, AAP, CHL, PSX, MPC, TSO, VLO, NFLX, FB, TWTR, Z, TRLA

Besides a stutter on Tuesday, the broader market has been strong this week.  SPX closed above 1955 today, even though CSCO was down 2.26% after announcing plans to cut 6,000 jobs!  Oil refiners were strong and have been climbing for more than a couple of weeks!  PSX was up +1.1%; VLO +2.82%; MPC +1.69%; TSO +0.41%.

TSLA has been really strong and has risen about $20 since its earnings report a week ago.  CSIQ stock jumped about +30% in the past 2 days after the company reported a strong quarter, easily beating the estimates.  AMGN vaulted +3.55% and was looking strong!  AAP popped more than +7% after delivering a +19% rise in quarterly profit.  CHL was on a second-day rise after reporting a revenue rise in its quarterly earnings.

The Dow was up +61.78 points; SPX added +8.46 points; Nasdaq gained +18.88 points:

BTK (biotech) was strong again, adding +1.26%.  OIH (oil services) fell 1.85%.  USO (oil) dropped 2.53%.

SPX

SPX added +8.64 points to close at 1955.18.  It closed above its 20-day MA.  The MACD went up.

Nasdaq

Nasdaq gained +18.88 points to close at 4453.  It closed above its daily MAs.  The MACD turned higher.

Stocks have bounced strongly since last Friday.  Nasdaq is already back above its daily MAs.  Internet stocks continue to lead.  NFLX is testing resistance again.  Both FB and TWTR could be ready for a new leg up!  I think the broader market may need to take a pause tomorrow, especially with it being an "expiration" Friday.  TSLA may need to see a pullback after the recent run.  Z/TRLA are starting to look interesting again.

Good night and HappyTrading! ™

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