Happy 4th of July! Happy birthday, America!
This year, we get a mid-week 4th of July. A nice break after the recent 3-day rally. The market was strong on a shortened Wednesday. High-flyers were flying during the past 3 days. AAPL touched $600 on Wednesday, up from last Thursday’s close of $569.05, a $31 rise. PCLN traded as high as $695 on Wednesday, up from last Thursday’s close of $643.51, a $52 rise. ISRG almost touched $570, up from $536, a $34 rise. GOOG traded just above $588, from about $564, up $24.
We locked in our profits, including a +180% trade on AAPL:
- 09:59 | HappyTrading NFLX ($72.50) Sold to Close 07C70 Jul 70 calls, at $4.30 +51%
- 06:56 | Ecstatic Plays GOOG ($582.30) Sold to Close 0706C580 Jul 580 calls, at $6.00 +50%
- 06:42 | Ecstatic Plays AAPL ($589.30) Sold to Close 0706C580 Jul 580 calls, at $11.50 +180%
Commodity sectors were strong on Wednesday, pushing the market higher. Both oil and gold (and silver) popped higher. Energy stocks continued with their rally: APA +3.32%; OXY +2.24%; APC +5.1%; NOV +5.05%; RIG +4.72%. We still have some energy picks that are still in play. This sector has a long way to rise.
Gold/silver plays also turned bullish on Wednesday, partially from anticipating more monetary easy from global central banks. Gold went up to $1620/ounce on Wednesday and could test $1700 soon.
SPX added +8.51 points to close at 1374.02. Its daily MAs and MACD went up.
Nasdaq gained +28.84 points to close at 2976.08. Its daily MAs and MACD also went higher.
This rally has just started, although we might see a breather, waiting for the latest jobs data on Thursday and Friday. SPX is closing in on 1380, which could present some resistance. Global markets also have their eyes on the ECB, which will announce its rate decisions on Thursday.
Biotechs are breaking out again, which were discussed in this week’s Sector Watch. ALXN and MDVN have broken out. REGN is rebounding. BMRN is shooting higher. GILD should break out soon.
Have a great 4th of July!
Good night and HappyTrading! ™