Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, XLF, XLE, MOO, GLD, GS, MS, BAC, WFC, BLK, INTC, IBM, GOOG, POT, MOS, AGU, CF
Happy Martin Luther King Day! Last weekend, in my Makret Forecast, I wrote: "For the new week, the market may still need a couple of more days to consolidate.  But, the market does appear to be on the verge of break higher.  Above 1280, SPX could quickly run above 1300.  Nasdaq could see a burst [...]

Happy Martin Luther King Day!

Last weekend, in my Makret Forecast, I wrote:

"For the new week, the market may still need a couple of more days to consolidate.  But, the market does appear to be on the verge of break higher.  Above 1280, SPX could quickly run above 1300.  Nasdaq could see a burst to test 2750 on a breakout."

The market basically had a "repeat" performance as the first week of the year, meaning a day of gapping up; then, going nowhere for the rest of the week!  On Tuesday, the market had a sizable jump, with SPX closing above 1290.  As the market ran up, we captured some nice trades with intraday doubles!  The market treaded water on Wednesday and Thursday, mostly weak in the morning and stronger in the afternoon.  Friday morning brought on a quick selloff, dropping below 1280 on SPX.  But, the market managed to climb back up and close near 1290.

We had a pretty good week once again.  Here are the closed trades:

  • 12:31 | HappyTrading IBM ($178.80) Sold to Close 01P180 Jan 180 put, at $3.55 -19%
  • 07:07 | HappyTrading BIIB ($117.80) Sold to Close 01C110 Jan 110 calls, at $8.00 +70%
  • 09:32 | HappyTrading AMZN ($177.00) Sold to Close 01P175 Jan 175 put, at $2.05 -24%
  • 11:03 | HappyTrading CTSH ($70.30) Sold to Close 01C70 Jan 70 calls, at $1.60 +23%
  • 07:28 | Ecstatic Plays BIDU ($127.25) Sold to Close 0113C125 Jan 125 calls, at $3.45 +15%
  • 10:27 | Ecstatic Plays FAS ($73.50) Sold to Close 0113C70 Jan 70 calls, at $4.10 +88%
  • 10:13 | HappyTrading GS ($98.65) Sold to Close 01C95 Jan 95 calls, at $5.05 +84%
  • 07:08 | Ecstatic Plays FAS ($74.00) Sold to Close 0113C70 Jan 70 calls, at $4.50 +106%
  • 11:23 | HappyTrading NFLX ($97.30) Sold to Close 0113C95 Jan 95 calls, at $5.50 +31%
  • 08:14 | Ecstatic Plays FAS ($69.80) Sold to Close 0113C70 Jan 70 calls, at $2.00 -22%

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For the week, the Dow was up +62.14 points; SPX added +11.28 points; Nasdaq gained +36.45 points.  Oil fell back just below $100/barrel, while gold bounced up to trade closer to $1650/ounce.  Monday was a holiday to honor Martin Luther King, Jr.  This evening at the time of this writing, Asian markets were mostly higher.  Let’s see where the US market closed on Friday:

SPX

On Friday, SPX fell 6.41 points to close at 1289.09.  Its daily MAs and MACD were little changed.

Nasdaq

Nasdaq dropped 14.03 points to close at 2710.67.  Its daily MAs went up, but, the MACD was flat.

Well, the market did break higher, but was hesitant to continue the rally.  On Friday, after the market, S&P downgraded euro zone sovereign rating, which was already anticipated by the market.  Global markets slipped on Monday, as the US was on holiday.  For the new week…

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