Last weekend, in my Market Forecast, I wrote:
"For the new week, the techs are in a position to lead the market higher. Financials may need a bit of rest. However, energy stocks could off set any weakness in financials. We could see the SPX glide higher. If the market does push up, techs have room to jump more."
Things seemed to be going along with the forecast on Monday. The market pushed higher and SPX briefly went above 1410. However, on Tuesday, the market took a pause as concerns over growth in China grew. Wednesday saw techs rally back up, helping the to even out the broader market. But, the market finally gave in to the selling pressure on Thursday. Surprisingly, the market climbed back a bit on Friday to close mixed for the week.
We had some mixed results for the week. We scored some big winners including +150% profit on GOOG, twice! Once on the 625 calls and just two days later on 635 calls! We also locked in +99% on CREE and +145% on FAS calls. Here are the closed trades for the week:
For the week, the Dow fell 151.89 points; SPX slid 7.06 points; Nasdaq actually added +12.66 points. Gold was flat and oil fell slightly. At the time of this writing, Asian markets were mixed. Let’s take a look at how the US market closed on Friday:
On Friday, SPX added +4.33 points to close at 1397.11. It closed at its 10-day MA. The MACD was slightly down.
Nasdaq gained +4.6 points to close at 3067.92. It closed above its daily MAs. The MACD was flat.
SPX closed right at its 10-day MA, while Nasdaq was a little stronger. However, the broader market’s weekly winning streak was stalled at 5. For the new week…
To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 3/25/12.