It was another volatile week. Stocks tumbled during the first 3 days of trading, hitting an intraday low of 1820.66 on Wednesday before bouncing back. But, by Friday's close, SPX was back up to test 1890!

Things once again went according to my weekly Market Forecast. Last weekend, I wrote,

" Financials will be very important, especially their earnings. Biotechs could see more selling to catch up to the broader market. Below 1900, SPX has support at 1880. Nasdaq has support at 4240."

On Monday, the market fought to keep above 1880, but, failed. On Tuesday, buyers tried again to keep that support. But, earnings from WFC and JPM were not good enough. On Wednesday, stocks experienced a bit of "free falling", dropping nearly 50 points to 1820 before bouncing! On Friday, MS's report was better and stocks rebounded, with both SPX and Nasdaq closing above their respective support levels.

We did very well in my Happy Stocks Portfolio, still with 100% of our trades being profitable. Last week, our GILD puts fetched us profits as high as +47.83%:

This portfolio is now up +11.31%!

For the week, the Dow was down 163.69 points; SPX fell 19.73 points; Nasdaq lost 17.8 points. Gold bounced again to around $1237/ounce, while oil fell again to just above $83/barrel. At the time of this writing, Asian markets were mostly higher. Let's see where the US markets stood after Friday's close:

SPX

On Friday, SPX added +24 points to close at 1886.76. Its daily MAs slid, but, its MACD flattened.

Nasdaq

Nasdaq gained +41.05 points to close at 4258.44. It closed below its daily MAs.

Although both SPX and Nasdaq were able to bounce back above their respective support levels, all three major indices (including the Dow) closed below their respective daily MAs. For the new week...

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