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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, XLF, SOXX, XLE, UNG, USO, AAPL, HES, OXY, NOV, XOM, HERO, CVX, TXN, VLTR, INTC, WFC, JPM, GS     

It was another wild week!  In last weekend's Market Forecast, I said,

"For the new week, the market is at a good position to add to push higher.  On Monday, we'll have to see how C reports in the morning.  A good report can propel the market further; on the other hand, a disappointing one can induce the market to take some profits.  Above 1360, the market can easily test 1380.  Above 1380, the market can finally break out.  Financials could once again be the driving force, with C, STT, GS, PNC, BAC, and AXP reporting this week.  Tech earnings will also be in focus, including INTC, ASML, XLNX, IBM, EBAY, FFIV, and GOOG."

The market had a slow start.  But, Tuesday's morning weakness soon turned into a rally that drove SPX above 1360.  After the market, good news from VMW set up for more advances on Wednesday.  On Wednesday, although financials weren't particularly strong, techs led the market higher.  In the evening, IBM, QCOM, EBAY, and SWKS all popped on earnings news.  SPX went briefly above 1380 on Thursday, but, did not close above.  Friday saw a quick pullback as worries over Europe re-surfaced again.  SPX ended the week at 1362.66, just above 1360.

Here are the closed trades for the week:

08:03 | Ecstatic Plays AMZN ($228.00) Sold to Close 07C230 Jul 230 calls, at $0.45 -89%
09:34 | HappyTrading CRM ($139.56) Sold to Close 08C140 Aug 140 calls, at $7.30 +36%
06:50 | Ecstatic Plays POT ($45.80) Sold to Close 07C45 Jul 45 calls, at $0.90 +20%
06:48 | HappyTrading WYNN ($96.20) Sold to Close 07P100 Jul 100 put, at $4.00 +7%
06:40 | Ecstatic Plays QCOM ($58.60) Sold to Close 08C55 Aug 55 calls, at $4.20 +56%
07:55 | HappyTrading NAV ($24.80) Sold to Close 07P25 Jul 25 put, at $0.60 -83%
09:16 | HappyTrading NFLX ($81.50) Sold to Close 07C85 Jul 85 calls, at $0.60 -81%
12:05 | HappyTrading APC ($91.00) Sold to Close 07C67.5 Jul 68 calls, at $3.81 +165%
10:05 | HappyTrading GS ($97.06) Sold to Close 07C95 Jul 95 calls, at $3.25 +8%
08:03 | HappyTrading APC ($70.10) Sold to Close 07C67.5 Jul 68 calls, at $3.15 +119%

The Dow was up +45.48 points for the week; SPX added +5.88 points; Nasdaq gained +16.83 points.  Gold was flat once again, but, oil jumped to nearly $92/barrel.  At the time of this writing, Asian markets were down.  Let's see where the US market stood after Friday's close:

SPX

SPX slid 13.85 points to close at 1362.66.  It managed to stay above the daily MAs and MACD flattened.

Nasdaq

Nasdaq dropped 40.60 points to close at 2925.3.  It also stayed above its daily MAs and the MACD was flat.

Both SPX and Nasdaq managed to stay above their respective daily MAs.  VIX barely closed above 16.  But, Friday's sharp pullback took away some of the momentum from this rally.  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 7/22/12.


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Price: $
Up
  • GMCR/10C130
  • Sold to Close
  • at $7.60 by Happy Trading
  • NUE/10C55
  • Sold to Close
  • at $3.71 by Ecstatic Plays
  • PAY/09C36
  • Sold to Close
  • at $1.45 by Happy Trading
  • SCTY/10C72.5
  • Sold to Close
  • at $5.30 by Ecstatic Plays
  • SINA/10C47.5
  • Sold to Close
  • at $3.05 by Happy Trading
  • MNST/09C87.5
  • Sold to Close
  • at $4.10 by Ecstatic Plays
  • HLF/09P52.5
  • Sold to Close
  • at $4.85 by Happy Trading
  • RGLD/09P75
  • Sold to Close
  • at $3.90 by Happy Trading
  • GILD/09P103
  • Sold to Close
  • at $4.00 by Ecstatic Plays
  • AMZN/09C340
  • Sold to Close
  • at $12.50 by Ecstatic Plays
Down

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