Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, FDN, SOXX, OIH

Last weekend, in my Market Forecast, we discussed:

"For the new week, Friday's afternoon selloff negated a breakout. It looks like markets are still consolidating. The support levels may need to be tested again: SPX 1980 and Nasdaq 4500."

Well, thing pretty much happened as discussed.  On Monday and Tuesday, the market slipped.  On Wednesday, as soon as SPX and Nasdaq tested their respective support levels, buyers came in.  The buying pushed SPX to almost 2000.  But, Thursday brought renewed selling pressure, and SPX closed below 1970!  Buyers came in again on Friday, driving SPX above 1908 and Nasdaq above 4500 for the close.

We took profits on the downside.  All of our closed trades were in the positive, although we closed some of the puts a bit early:

  • 11:50 | HappyTrading VIX ($16.00) Sold to Close 10C13 Oct 13 calls, at $2.85 +30%
  • 06:39 | HappyTrading GOOG ($585.00) Sold to Close 0926P590 Sep 590 put, at $7.00 +35%
  • 11:59 | HappyTrading CAT ($101.00) Sold to Close 10P105 Oct 105 put, at $5.00 +22%
  • 07:33 | HappyTrading GOOG ($588.00) Bought to Open 0926P590 Sep 590 put, at $5.20
  • 07:00 | Ecstatic Plays TSLA ($254.20) Sold to Close 0926P260 Sep 260 put, at $7.70 +24%
  • 06:39 | Ecstatic Plays SCTY ($63.00) Sold to Close 0926P65 Sep 65 put, at $2.70 +36%

For the week, the Dow was down 166.59 points; SPX lost 27.55 points; Nasdaq dropped 67.6 points.  Gold was basically flat, while oil bounced a bit to close near $93/barrel.  At the time of this writing, Asian markets were mixed, with Hong Kong down almost 2% on democracy protests against China's voting policy for Hong Kong's chief executive.  Let's see how the US markets looked after Friday's close:

SPX

On Friday, SPX added +16.86 points to close at 1982.85.  ...

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After A Day of Gains, Markets Slump! SPX, Nasdaq, AGN, VRX, VRTX, GPRO, GOOG, NFLX, PCLN

Yesterday, stocks popped higher a logged in the best day in weeks.  Today, in was a complete reversal, and more!  Stocks fell from the opening, and just kept falling.  There may be a million seemingly logical reasons that people may ...

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XOM, CVX, APC, APA, EOG, OXY, SLB, HAL, NOV, RIG, GS, WFC, JPM, BAC, MA, V, BIIB, CELG, ILMN, GILD

Last weekend, in my Market Forecast, I wrote:

"For the new week, I think the selling pressure is increasing, especially with the Fed meeting on Tuesday and Wednesday. SPX's initial support is between 1980 and 1970. 1950 should ...

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Stocks Mixed After Fed Keeps Rates Low: SPX, Nasdaq, NUE, GMCR, PAY, CMG, VIPS, BIDU, DD, NFLX, AMZN, LNKD, SSYS, DDD

It has been a very volatile week, especially for tech stocks. On Monday, Nasdaq experienced a sharp pullback as internet stocks led the selloff. We were quick to participate in some puts. We traded CMG twice with Sept 660 and ...

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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, XME, FDN, FB, AMZN, GOOG, PCLN, TWTR, CTRP, YELP, X, NUE, STLD, EOG, OXY, NOV, SLB, APC, APA

Markets continued to trade in a tight range. Nevertheless, SPX managed to finish the week at a record close! Last weekend, in my Market Forecast, I wrote:

"For the new week, I think the markets will continue to ...

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Markets Reverse Early Gains to Close Lower: SPX, Nasdaq, AMZN, EOG, APA, APC, NOV, SLB, PCLN, VIPS

Markets opened strongly on Thursday, buy, ended in the red. SPX made a new all-time high at 2011.17. In my Market Forecast this weekend, I said that the market will continue to consolidate. After 3 days of trading, SPX has ...

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Market Forecast + Sector Watch: SPX, Nasdaq, FAS, XME, IGV, SOXX, MSFT, ADBE, CRM, CTXS, MPWR, CAVM, AMBA, GS, WFC, JPM, MA, V

As mentioned in August's Monthly Wrap-Up, US markets closed at new all-time highs. Last weekend, in my Market Forecast, I wrote:

"For the new week, I think the market can use some time to consolidate. On the other ...

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August 2014 Monthly Wrap-Up: UTHR, AMZN, CLVS, JKS, RGLD, GOOG, CTRP

Happy Labor Day weekend!

Markets pushed higher again in August, with both the Dow and SPX closing at new all-time highs! Nasdaq is also at a height not seen for more than a decade. Last week, we had some really ...

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SPX 2000, BTK 3100, What About Nasdaq 5000? SPX, Nasdaq, AAPL, IBB, AMGN, ITMN, ILMN, MDVN, LLY, VRTX, CLVS, INCY, LNKD, NFLX, YELP, TWTR, FB, PCLN, GOOG

Today, SPX managed to close just above 2000! Biotechs continue to attract investors as they speculate on what/when the next merger is! Over the weekend, Roche announced a $8.3 billion deal to buy ITMN, or at $74/share a 38% over ...

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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, ITMN, VRTX, BIIB, GILD, MDVN, ILMN, BMRN, CLVS, MA, V, GS, JPM, WFC, APA, APC, SLB, OXY, NOV

Stocks continued to push higher this past week. Besides a slight pause on Friday, things looked strong throughout the week. In my Market Forecast last Sunday, I said,

"For the new week, markets are back in neutral gear, at ...

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Markets Take A Pause: SPX, Nasdaq, SODA, FFIV, NFLX, QCOM, RL

Stocks have been bouncing for about 2 weeks from the falloff that started at the end of July. SPX is now back to 1986.5, just several points away from its new all-time high, which was set just a few days ...

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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, XME, FAS, GS, JPM, WFC, V, MA, X, STLD, NUE, CLF, WLT, BTU

Stocks had a good week last week. Buyers were still buying on dips. Last weekend, in my Market Forecast, I wrote:

"For the new week, if stocsk continue to bounce, the first resistance is at 1940. If SPX breaks ...

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