Last weekend, in my Market Forecast, I wrote:
"For the new week, the market starts from a "neutral" position. You might be thinking, "How can it be ‘neutral’? Especially after Friday’s nasty open!" Well, the Nasdaq is definitely weaker. But, the Dow still closed above its daily MAs. SPX is barely below its 20-day MA."
Well, things had a slow start on Monday. But, in the afternoon, buyers came in. Stocks then went on a 4-day rally, sending SPX to a new all-time high, just above 1597! We scored some nice trades on both sides, including a +183% gain on JOY puts and a +63% profit on SODA calls.
For the week, the Dow was up +299.81 points; SPX added +35.57 points; Nasdaq jumped +91.09 points. Gold took a sharp drop to $1480/ounce and oil dropped to below $90/barrel. At the time of this writing, Asian markets were mostly lower. Gold also fell lower by another $40! Here’s how the US markets looked after Friday’s close:
On Friday, SPX slid 4.52 points to close at 1588.85. Its daily MAs and MACD went up slightly.
Nasdaq went down 5.21 points to close at 3294.95. Its daily MAs and AMCD also went up.
Both SPX and Nasdaq made new highs for 2013. VIX closed just above 12. 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 4/14/13.