It was a volatile week, but, the markets managed to push higher. Monday and Tuesday were strong, continuing from the rally inspired by BIDU and LNKD's earnings. However, we saw profit-taking on Tuesday afternoon that spilled into Wednesday and Thursday's trading, ahead of Friday's jobs report. The latest jobs numbers turned out to be really good, which renewed fear towards a December rate hike. But, late Friday morning, buyers started to return again. Both the Dow and Nasdaq ended Friday in the green. SPX closed down by less than a point!
Here are the closed trades for the week. Some of the highlights include intraday winners on MLM and VMC calls; PANW calls also did well:
For the week, the Dow was up +246.79 points; SPX added +19.84 points; Nasdaq gained +93.37 points. Gold took a sharp fall, closing around $1090/ounce. Oil slid to trade just above $44/barrel. At the time of this writing, Asian markets were mostly higher. Here's how the US markets looked after Friday's close:
On Friday, SPX slipped to 2099.2, down less than 1 point. It stayed above its daily MAs, but, just below 2100. The MACD slid.
Nasdaq added +19.38 points to close at 5147.12. Its daily MAs went up, but, the MACD flattened.
Both indices stuttered after Tuesday's intraday high. We did see some profit-taking ahead of the jobs report. For the new week, with the holiday season fast-approaching, I think the markets will stay up, although some consolidation may continue to happen.
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