Stocks had another amazing week. A non-stop rally that started on Monday took SPX to its new, all-time, record high, hitting 1597.35! Biotechs continued to soar. BIIB, AMGN, GILD, and REGN were just a few that made new all-time highs in the biotech sector!
We had some good trades on both sides. SODA calls gave us an overnight +63% gain. HLF puts was a crazy, fast trade that lasted only 2 minutes and rendered +59% profit. JOY puts was an overnight triple!
FSLR had a tremendous week, gaining over +40%! PCLN staged a big rally, adding almost $50 for the week. Gold was the biggest news on Friday, falling $80/pound, taking it down to below $1480/pound! GLD, the gold ETF, fell almost 5%! JPM and WFC reported less-than-inspiring quarterly results on Friday, but, their stocks were resilient and came back up after a gap-down open. In fact, the broader market opened lower on Friday, but, dip-buyers came in again.
Stocks were strong last week. Even with more problems in Europe, things held up on Friday. Perhaps there is just no other better place for money to go right now? However, SPX did almost hit 1600. Dow is now over 600 points above its old record high set back in 2007. Buyers may start to take a pause here. But, are there any sellers? From up here (close to SPX 1600), even if the broader market pulls back 40 to 50 SPX points, the market will still be healthily bullish!
Earnings will start to kick in next week. Financials may dominate the scene, but, some heavy-weights in techs are also reporting, including INTC, MSFT, IBM, and GOOG. Lots of new opportunities! We’ll take at some of these in next weeks Market Forecast and Sector Watch tomorrow!
Good night and HappyTrading! ™