"For the new week, it will be a very busy week for earnings… NFLX is expected to do well. So is AAPL. If AAPL doesn’t come down, I can’t see the market coming down. So, I think we can see more consolidation. Again, if SPX breaks that 1985, it can set up for a new leg up."
Things pretty much went as how I said it would in the forecast. On Tuesday, SPX went above 1985. On Thursday, SPX set a new all-time high at 1991.39! But, on Friday, markets took a breather, leaving the SPX essentially unchanged for the week.
We had a really nice week with a couple of triple-digit gainers, LNKD calls +152% and FB calls +160%. We trade FB really well by holding Aug calls for a couple of weeks ahead of earnings. We cashed the Aug calls out the day before the earnings and used the profit to buy July weekly calls, which reduced our risk down to "0". We hit an overnight profit of +160%. Here are the closed trades for the week:
For the week, the Dow was down 140.24 points; SPX was up +0.12 point; Nasdaq gained +17.41 points. Gold finished slightly down, but, managed to stay above $1300/ounce. Oil was essentially unchanged. Asian markets were mostly higher on Monday, led by China with a +2.41% pop! Here’s where the US markets stood after Friday’s close:
On Friday, SPX dropped 9.64 points to close at 1978.34. It closed just above its daily MAs. The MACD fell.
Nasdaq slipped 22.54 points to close at 4449.56. Its daily MAs were little changed.
Both SPX and Nasdaq closed above their respective daily MAs. For the new week…
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