Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, XLE, XRT, FDN, FAS, GOOG, PCLN, AMZN, TWTR, YELP, FB, GS, WFC, STI, PNC, SLB, RIG, DO, NOV, KORS, RL, ROST

Markets started out on the weak side last week. On Monday, stocks dropped lower. Tuesday saw a brief morning pop, which was followed by heavy selling into the close. SPX came down to test 1970. In my Market Forecast last weekend, I said,

"For the new week, both SPX and Nasdaq look vulnerable. SPX 2000-1970 is an important support."

On Wednesday, buyers started to come in. After the Fed gave more confidence in the US economy, buyers decided to stick around. Stocks rallied on through the rest of the week!

The Dow was up +523.97 points; SPX added +68.32 points: Nasdaq gained +111.78 points. We had a nice week of trading, sending our portfolio to a new all-time high, up +122.22% for the year (which is actually just 5 months, since I started trading with Marketfy in August this year). Here are the closed trades for the week:

STI Jan 17 2015 Call 40.0 $2.3 43.75% 12/19/2014
STI Jan 17 2015 Call 40.0 $2.33 45.62% 12/19/2014
VLO Jan 17 2015 Put 50.0 $2.83 -32.30% 12/19/2014
APA Jan 17 2015 Call 60.0 $4.25 28.79% 12/18/2014
TSLA Jan 17 2015 Call 215.0 $11.40 11.76% 12/18/2014
APA Jan 17 2015 Call 60.0 $4.17 26.36% 12/18/2014
TWTR Dec 26 2014 Put 36.0 $0.62 -58.67% 12/18/2014
GLD Dec 20 2014 Call 117.0 $0.40 -84.31% 12/17/2014
AMZN Dec 26 2014 Put 300.0 $8.80 9.32% 12/16/2014
APA Jan 17 2015 Call 57.5 $4.05 22.73% 12/16/2014
CMI Jan 17 2015 Put 140.0 $4.50 12.50% 12/16/2014
SNDK Dec 20 2014 Call 104.0 $0.20 -93.75% 12/15/2014
BIDU Jan 17 2015 Call 230.0 $8.28 -27.37% 12/15/2014
CMI Jan 17 2015 Put 140.0 $4.00 0.00% 12/15/2014
GOOG Dec 20 2014 Put 525.0 $11.00 10.00% 12/15/2014
JPM Dec 20 2014 Put 61.0 $1.32 24.53% 12/15/2014

Oil was range-bound and basically ended flat for the week closing just above $57/barrel. Gold fell back to close just below $1200/ounce. At the time of this writing, Asian markets were mostly up. Here's how the US markets looked after Friday's close:

SPX

SPX added +9.42 points to close at 2070.65. The daily MAs and MACD went higher.

Nasdaq

Nasdaq gained +16.98 points to close at 4765.38. Its daily MAs and MACD also went up.

Both SPX and Nasdaq closed above their respective daily MAs. However...

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Posted to Ecstatic Plays on Dec 21, 2014 — 11:12 PM
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