Hope you have all had a wonderful Thanksgiving! The shopping scene this weekend seemed to be robust as consumers spent more than $1 billion online. Apple’s iPad and iPhone accounted for nearly 19% of online shopping!
Last weekend, in my Market Forecast, I wrote:
"For the new week, if we continue to see progress being made by Congress on a budget deal, the market could experience a bounce. But, things are still very unstable. Resistance could be strong between 1380 and 1400 on SPX. For Nasdaq, 2900 to 2975 could be hard to break through. Industrials have been very weak. Financials just broke down last week. Since it’s Thanksgiving week, if things bounce, we should be watching the retails and techs."
The market did bounce, led by retails and techs. Monday was a strong day, as AAPL bounced more than +7%! We locked in our gains in AAPL calls including an overnight +113% win and a +117% intraday gain. Tuesday and Wednesday saw consolidations, and the market climbed higher in Friday’s shortened session.
We had a nice week with solid gains in AAPL and several other trades on the bounce. All of our closing trades were in the GR$$N:
For the week, the Dow added +421.37 points; SPX gained +49.27 points; Nasdaq garnered +113.54 points. Gold popped above $1750/ounce and oil glided higher to $88/barrel. At the time of this writing, Asian markets were mixed with bias to the upside. Let’s see where the US markets closed on Friday:
On Friday, SPX added +18.12 points to close at 1409.15. It pushed up against its 30-day MA. The MACD went higher.
Nasdaq gained +40.3 points to close at 2966.85. It closed just below its 30-day MA. Its 10-day MA turned up.
Both SPX and Nasdaq basically bounced to their respective 30-day MA. The Dow just topped 13,000; whether or not this has an significance we may soon find out this week. For the new week…
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