February 11, 2013 at 00:02 AM EST
Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, XLF, XLE, OIH, GLD, SLV, SLB, RIG, DO, IOC, EOG, APC, TSO, VLO, KORS, FOSL, VFC, CSCO, CLF
Happy Chinese New Year!! Last weekend, in my Market Forecast, I wrote: "For the new week, the market should look to extend its rally.  SPX’s next resistance is at 1520, at which point we should have to re-evaluate to see where things are at.  More earnings are coming in next week…  Biotech sectors looks interesting [...]

Happy Chinese New Year!!

Last weekend, in my Market Forecast, I wrote:

"For the new week, the market should look to extend its rally.  SPX’s next resistance is at 1520, at which point we should have to re-evaluate to see where things are at.  More earnings are coming in next week…  Biotech sectors looks interesting as it pushes for new highs.  Gold seems to be range-bound and might slip lower again.  Mining sector continues to lag."

Well, the market was still not able to break above SPX 1520.  Biotechs did indeed push higher.  BIIB was among the leaders, making a new all-time high at $167.35.  Gold was still range-bound, and mining stocks continued to be relatively weak.

We made some nice trades for the week, mostly on the plus side, once again:

  • 12:47 | Ecstatic Plays AAPL ($475.30) Sold to Close 02C475 Feb 475 calls, at $7.60 +4%
  • 06:54 | HappyTrading GS ($151.30) Sold to Close 02P150 Feb 150 put, at $1.25 -34%
  • 06:46 | Ecstatic Plays AMZN ($262.30) Sold to Close 02P260 Feb 260 put, at $3.00 -50%
  • 06:35 | Ecstatic Plays AAPL ($472.00) Sold to Close 02C470 Feb 470 calls, at $9.20 +23%
  • 12:57 | Ecstatic Plays AAPL ($470.00) Sold to Close 02C465 Feb 465 calls, at $10.80 +57%
  • 12:52 | Ecstatic Plays AAPL ($467.60) Sold to Close 02C465 Feb 465 calls, at $9.20 +33%
  • 09:29 | HappyTrading GS ($149.40) Sold to Close 02P150 Feb 150 put, at $2.20 +16%
  • 07:48 | Ecstatic Plays LIFE ($62.80) Sold to Close 02C65 Feb 65 calls, at $0.40 -81%
  • 07:45 | HappyTrading EBAY ($55.90) Sold to Close 02C55 Feb 55 calls, at $1.25 -42%
  • 07:34 | Ecstatic Plays NFLX ($180.00) Sold to Close 02C185 Feb 185 calls, at $4.70 -37%
  • 07:27 | HappyTrading AGU ($113.70) Sold to Close 02C115 Feb 115 calls, at $0.80 -20%
  • 12:05 | HappyTrading FSLR ($30.95) Sold to Close 02C30 Feb 30 calls, at $1.57 +16%
  • 10:44 | HappyTrading ALXN ($93.50) Sold to Close 02C95 Feb 95 calls, at $2.60 +18%
  • 08:42 | Ecstatic Plays AAPL ($463.00) Sold to Close 02C465 Feb 465 calls, at $6.60 -10%
  • 08:37 | Ecstatic Plays SODA ($51.35) Sold to Close 02C50 Feb 50 calls, at $2.30 +44%
  • 08:23 | Ecstatic Plays SODA ($50.90) Sold to Close 02C50 Feb 50 calls, at $2.05 +28%
  • 06:40 | Ecstatic Plays AAPL ($459.50) Sold to Close 02C455 Feb 455 calls, at $9.00 +43%
  • 11:51 | Ecstatic Plays AAPL ($459.00) Sold to Close 0208C455 Feb 455 calls, at $9.00 +43%
  • 08:49 | Ecstatic Plays AMZN ($265.20) Sold to Close 0208P260 Feb 260 put, at $1.70 +17%
  • 08:46 | Ecstatic Plays AAPL ($450.00) Sold to Close 02C460 Feb 460 calls, at $7.00 +21%
  • 08:31 | Ecstatic Plays AAPL ($449.30) Sold to Close 02C460 Feb 460 calls, at $6.60 +14%
  • 07:23 | Ecstatic Plays V ($158.90) Sold to Close 02C160 Feb 160 calls, at $2.09 -16%
  • 06:52 | HappyTrading APC ($82.50) Sold to Close 02C80 Feb 80 calls, at $3.25 +63%
  • 08:48 | Ecstatic Plays AAPL ($447.00) Sold to Close 0208P450 Feb 450 put, at $9.20 +23%
  • 08:48 | Ecstatic Plays AAPL ($447.00) Sold to Close 0208P450 Feb 450 put, at $9.20 +23%
  • 08:24 | HappyTrading CMI ($116.45) Sold to Close 02C115 Feb 115 calls, at $4.00 +5%
  • 07:54 | HappyTrading CLF ($38.00) Sold to Close 02C37 Feb 37 calls, at $1.80 +20%

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The market was volatile, experiencing big swings from day-to-day.  Some consolidation was definitely happening.

For the week, the Dow was down 16.82 points; SPX eked out a gain of +4.76 points; Nasdaq gained +14.77 points.  Both gold and oil were little changed.  Many of the Asian markets are closed tonight for the Lunar New Year.  Let’s take a look at how the US markets closed on Friday:

SPX

On Friday, SPX added +8.54 points to close at 1517.93.  Its MACD stayed flat.

Nasdaq

Nasdaq gained +28.74 points to close at 3193.87.  Its daily MAs and MACD went up.

Although the market took a quick drop to start the week, both Nasdaq and SPX managed to close higher for the week.  Thanks to a strong showing on Friday.  Interestingly, VIX closed slightly up.  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 2/10/13.

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