Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, FAS, GLD, FDN, XME

Markets had a strong week last week.  Stocks rallied higher on Monday, but, faltered and traded in a tight range until Thursday afternoon.  Surprisingly, they pushed higher on Friday for a strong weekly close.

We made some nice trades this week and my Ecstatic Plays portfolio value made a new all-time high!  

Our CHL calls made a +127% profit and TSLA calls garnered +112.6% gain.  Here are the closed trades for the week:

For the week, the Dow was up +294.41 points; SPX added +35.1 points; Nasdaq gained +109.04 points.  Gold got a good pop on Monday and ended the week up, trading above $1200/ounce.  Oil (WTI) also bounced, closing above $51/barrel.  Let's at a look at the US markets:


On Friday, SPX added +10.88 points to close at 2102.06.  It closed above its daily MAs.  Its MACD went up.


Nasdaq gained +21.41 points to close at 4995.98.  Its daily MAs and MACD turned up.

Both indices made advances for the week.  They are now, once again, at the top end of the trading range since February.  For the new week, earnings seasons kicks into full gear.  Many of the financials are reporting.  INTC will report on Tuesday after the market.  NFLX on Wednesday should be interesting.  Gold has turned bullish, but, may be too volatile to trade.  Metals and mining, interestingly enough, are setting up a bottom.

GLD (gold)

GLD closed at near $116 for the week.  It has now turned bullish.  Breakout point is above $117-$118.

FAS (financial)

FAS is looking neutral.  JPM and WFC are reporting on Tuesday morning.  These could set the tone for the earnings season.  BAC and PNC follow on Wednesday morning.  BLK, GS, and C report on Thursday morning (Why do the banks report in the morning??).  

XME (metals and mining)

XME looks like its about to bounce off of the bottom.  STLD report on Wednesday afternoon.  X and NUE are setting up for breakouts.

FDN (internet)

FDN was strong last week.  But, it remains to be seem whether this group can break out.  NFLX earnings will be highly anticipated on Wednesday.  But, options are expensive.  GOOG has been lagging.  AMZN is re-testing its all-time high.  LNKD just broke out last week.  TWTR and FB are breathing.

Let's be patient and see how JPM and WFC report on Tuesday.  This market has been flirting with the top of this trading range for a while now.  It's difficult to say if it's got enough fuel to escape from the gravity of this trading range.

Good night and HappyTrading! ™

Posted to Ecstatic Plays on Apr 13, 2015 — 12:04 AM
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