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  • Markets Take A Pause: SPX, Nasdaq, SODA, FFIV, NFLX, QCOM, RL

    Stocks have been bouncing for about 2 weeks from the falloff that started at the end of July. SPX is now back to 1986.5, just several points away from its new all-time high, which was set just a few days before the quick pullback in July. The Dow is almost touching 17,000 again. Nasdaq has risen above 4,500. However, China's latest manufacturing data showed some softness in August. Overnight, Asian markets were under pressure, although Japan did end higher.

    Nevertheless, buyers still found stocks to push higher. SODA popped +4.79%. FFIV broke out in a big way this week, reaching above $122/share. NFLX looked to challenge its all-time high, closing above $472/share. QCOM bounced strongly yesterday; it has now recovered about 50% from its steep drop after the recent earnings. RL added another $2.33 (it has been a continuous run for more than 2 weeks), almost touching $170/share.

    The Dow was up +59.54 points; SPX added +4.91 points; Nasdaq slipped 1.03 point:

    Most sectors were flat. FDN (internet) and XME (metals and mining) slid slightly.

    SPX

    SPX added +4.91 points to close at 1986.51. Its daily MAs and MACD moved slightly up.

    Nasdaq

    Nasdaq was down 1.03 points to close at 4526.48. Its daily MAs and MACD also went higher.

    I think at best the markets need to traverse sideways and consolidate around here. This bounce from the recent pullback has been very powerful. Two weeks down, two weeks up, and now we're back to visiting all-time highs. We have to be a little more careful here. Let's see if the markets can hold the levels here while things consolidate.

    Good night and HappyTrading! ™

    Sign up for FREE membership!

    Tags: SODA, FFIV, NFLX, QCOM, RL
    Aug 21 7:13 AM | Link | Comment!
  • Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, XME, FAS, GS, JPM, WFC, V, MA, X, STLD, NUE, CLF, WLT, BTU

    Stocks had a good week last week. Buyers were still buying on dips. Last weekend, in my Market Forecast, I wrote:

    "For the new week, if stocks continue to bounce, the first resistance is at 1940. If SPX breaks above 1940 and still shows strength, we may need to test 1960. Financials will need to participate. Energies seem to be catching bids. Internets have been strong; we'll see if they can help push the markets higher."

    Indeed, things happened pretty much as described in the forecast. On Monday, SPX tested 1940 in the morning. It hit resistance and started falling back. But, buyers came in again on Wednesday, and this time, SPX closed above 1940. Then, on Friday morning, SPX popped higher to tested 1960. Soon after, some news came out of Ukraine and it sparked a quick selloff. SPX fell quickly back down to 1940. But, buyers drove it up again. SPX ended at 1955.

    This week, we closed up some stragglers as August monthly options expired. Our CTRP calls did pretty well. GOOG calls got a nice +88% overnight return! TLT September calls came back strongly. WYNN puts gave us a nice quick scalp!

    • 09:03 | Ecstatic Plays WYNN ($199.00) Sold to Close 0822P200 Aug 200 put, at $3.50 +26%
    • 08:05 | HappyTrading TLT ($118.00) Sold to Close 09C116 Sep 116 calls, at $2.70 +47%
    • 06:55 | HappyTrading TLT ($117.05) Sold to Close 09C116 Sep 116 calls, at $2.10 +14%
    • 08:26 | HappyTrading JKS ($27.70) Sold to Close 09C27 Sep 27 calls, at $2.60 +24%
    • 06:45 | HappyTrading GRMN ($55.65) Sold to Close 08C65 Aug 65 calls, at $0.80 -59%
    • 06:34 | Ecstatic Plays YELP ($73.80) Sold to Close 08C72.5 Aug 73 calls, at $2.10 -66%
    • 06:33 | Ecstatic Plays GOOG ($577.20) Sold to Close 08C570 Aug 570 calls, at $7.70 +88%
    • 08:39 | HappyTrading PSX ($82.50) Sold to Close 08C82.5 Aug 83 calls, at $0.50 -58%
    • 08:17 | Ecstatic Plays GLD ($126.57) Sold to Close 08C127 Aug 127 calls, at $0.51 -81%
    • 07:30 | Ecstatic Plays CTRP ($68.48) Sold to Close 08C65 Aug 65 calls, at $4.10 +60%

    (to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video. Don't forget to check out the "Buy-one-get-one-FREE" deal! If you are trying to sign up for a FREE Membership, but, cannot; this means that we have placed our membership on an "invitation only" basis. Please email us at: help@myhappytrading.com and, we'll send you an invitation. Thank you!)

    For the week, the Dow was up +108.98 points; SPX added +23.47 points; Nasdaq gained +94.03 points. Gold traded slightly down, but kept above $1300/ounce. Oil dropped again to close below $97/barrel. Asian markets were mixed on Monday, with Shanghai in the lead. Here's where the US markets closed on Friday:

    SPX

    SPX slid 0.12 point to close at 1955.06. It closed just below its 30-day MA. MACD was slightly up.

    Nasdaq

    Nasdaq added +11.93 points to close at 4464.93. Its 10-day MA and MACD moved higher.

    SPX closed just below its 30-day MA, while Nasdaq was much stronger and still managed to close higher on Friday. For the new week...

    To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the page. If you are already a subscriber, please click here: Market Forecast 8/18/2014.

    Tags: GLD, XLE, XME, FAS, GS, JPM, WFC, V, MA, X, STLD, NUE, CLF, WLT, BTU
    Aug 18 3:50 AM | Link | Comment!
  • Stocks Continue To Bounce From Recent Drop: SPX, Nasdaq, CSCO, TSLA, CSIQ, AMGN, AAP, CHL, PSX, MPC, TSO, VLO, NFLX, FB, TWTR, Z, TRLA

    Besides a stutter on Tuesday, the broader market has been strong this week. SPX closed above 1955 today, even though CSCO was down 2.26% after announcing plans to cut 6,000 jobs! Oil refiners were strong and have been climbing for more than a couple of weeks! PSX was up +1.1%; VLO +2.82%; MPC +1.69%; TSO +0.41%.

    TSLA has been really strong and has risen about $20 since its earnings report a week ago. CSIQ stock jumped about +30% in the past 2 days after the company reported a strong quarter, easily beating the estimates. AMGN vaulted +3.55% and was looking strong! AAP popped more than +7% after delivering a +19% rise in quarterly profit. CHL was on a second-day rise after reporting a revenue rise in its quarterly earnings.

    The Dow was up +61.78 points; SPX added +8.46 points; Nasdaq gained +18.88 points:

    BTK (biotech) was strong again, adding +1.26%. OIH (oil services) fell 1.85%. USO (oil) dropped 2.53%.

    SPX

    SPX added +8.64 points to close at 1955.18. It closed above its 20-day MA. The MACD went up.

    Nasdaq

    Nasdaq gained +18.88 points to close at 4453. It closed above its daily MAs. The MACD turned higher.

    Stocks have bounced strongly since last Friday. Nasdaq is already back above its daily MAs. Internet stocks continue to lead. NFLX is testing resistance again. Both FB and TWTR could be ready for a new leg up! I think the broader market may need to take a pause tomorrow, especially with it being an "expiration" Friday. TSLA may need to see a pullback after the recent run. Z/TRLA are starting to look interesting again.

    Good night and HappyTrading! ™

    Sign up for FREE membership!

    Tags: CSCO, TSLA, CSIQ, AMGN, AAP, CHL, PSX, MPC, TSO, VLO, NFLX, FB, TWTR, Z, TRLA
    Aug 15 2:21 AM | Link | Comment!
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