Last weekend, in my Market Forecast, I said,
"For the new week, it looks like Nasdaq's daily MAs are just about to
enter into a new bullish phase. The Dow (not shown here) is actually
the furthest along, technically. SPX is also showing a new bullish
phase. Technically speaking, Nasdaq is lagging. Financials have been
leading the broader market on this new breakout. Internets, led by
GOOG, have also been among the leaders. Energy and mining sectors have
lagged, but, were pulled higher last week as the the broader market
rallied. We may see some consolidation sometime next week. But,
momentum is strong and buyers may chase the markets higher."
Things started strongly on Monday, with the financials leading once
again. On Tuesday and Wednesday, we started to see some consolidation.
Although the broader market pushed higher on Thursday, we saw more
consolidation on Friday. Nevertheless, all 3 major market indices made
gains for the week.
We didn't trade much last week, as we were expecting some
consolidation to happen. However, we did catch some nice trades on AAPL
- 11:14 | HappyTrading MNST ($48.20) Sold to Close 04C47.5 Apr 48 calls, at $2.30 +7%
- 10:18 | Ecstatic Plays AAPL ($443.90) Sold to Close 0322C450 Mar 450 calls, at $5.00 +100%
- 07:13 | Ecstatic Plays AAPL ($440.40) Sold to Close 0322C450 Mar 450 calls, at $3.80 +52%
- 07:40 | HappyTrading VHC ($35.50) Sold to Close 03C35 Mar 35 calls, at $1.55 -48%
- 07:25 | HappyTrading BBRY ($15.65) Sold to Close 0322C14.5 Mar 15 calls, at $1.55 +25%
- 08:29 | Ecstatic Plays AAPL ($430.50) Sold to Close 0322C455 Mar 455 calls, at $2.00 -43%
- 08:23 | Ecstatic Plays FB ($27.80) Sold to Close 03C27 Mar 27 calls, at $0.85 -45%
- 08:10 | Ecstatic Plays MA ($525.50) Sold to Close 03P525 Mar 525 put, at $2.85 +46%
- 12:18 | Ecstatic Plays AAPL ($436.80) Sold to Close 03C435 Mar 435 calls, at $6.75 +30%
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For the week, the Dow was up +117.04 points; SPX added +9.52 points; Nasdaq
climbed +4.7 points. Both oil and gold crept up a bit. At the time of
this writing, Asian markets were mostly down. Let's see where the US
markets stood after Friday's close:
On Friday, SPX slid 2.53 points to close at 1560.7. Its daily MAs and MACD were slightly up.
Nasdaq fell 9.86 points to close at 3249.07. Its MACD flattened.
We finally saw some consolidation last week, but, the indices still ended higher for the week. For the new week...
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