Stocks enjoyed another up week, pushing the Dow to new all-time highs. Last weekend, in my Market Forecast, I wrote:
"This market is just breaking out, which means big players are betting on good earnings numbers. I think SPX is heading to 1700 before any resistance. There maybe some light profit-taking, but, buyers will be standing by waiting for any pullbacks."
We didn’t trade much last week, as market was consolidating and options were very expensive on most of the stocks scheduled to report earnings. We did capture a few nice trades, including a +150% gain on IOC calls and +85% profit on VRTX calls:
- 08:35 | Ecstatic Plays SINA ($58.05) Sold to Close 07C57.5 Jul 58 calls, at $3.20 +31%
- 08:32 | Ecstatic Plays DDD ($47.50) Sold to Close 07C48 Jul 48 calls, at $0.55 -56%
- 08:39 | Ecstatic Plays HLF ($52.30) Sold to Close 07C50 Jul 50 calls, at $2.70 +64%
- 07:30 | Ecstatic Plays GMCR ($70.00) Sold to Close 07P70 Jul 70 calls, at $1.63 -32%
- 06:49 | Ecstatic Plays AAPL ($428.20) Sold to Close 07C430 Jul 430 calls, at $4.00 +29%
- 06:42 | HappyTrading VRTX ($87.20) Sold to Close 07C82.5 Jul 83 calls, at $5.36 +85%
- 06:40 | HappyTrading IOC ($76.30) Sold to Close 07C70 Jul 70 calls, at $7.00 +150%
Earnings were mostly good last week, but, MSFT and GOOG missed estimates, and IBM reversed its gains on Friday, giving an overall weak tone in the tech stocks. However, money seems to be rotating into financials and energies. The broader market held up quite well!
For the week, the Dow was up +79.44 points; SPX added +11.9 points; Nasdaq slid 12.47 points. Gold was basically flat, but, oil pushed higher to above $108/barrel. At the time of this writing, Asian markets were mixed at the time of this writing. Here’s how the US markets closed on Friday,
On Friday, SPX added +2.72 points to close at 1692.09. Its daily MAs and MACD were slightly up.
Nasdaq was down 23.66 points to close at 3587.61. It stayed above its daily MAs. The MACD flattened.
The market basically treaded water last week. VIX, however, took a sizable drop on Friday. For the new week…
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