MyHappyTrading's  Instablog

Send Message
MyHappyTradingTM is a social network site with a focus on the global financial markets. It is an online community where you can share your thoughts and your investment/trade ideas with the community and the network that you build. Our Basic Membership is FREE. MyHappyTradingTM provides you the... More
My company:
My Happy
My blog:
My Happy Trading
  • Market Forecast + Sector Watch: SPX, Nasdaq, XME, XLE, GLD, MOO, CF, POT, MOS, AGU, BTU, WLT, ACI, PCX, MEE, FCX 0 comments
    Dec 27, 2010 12:24 AM | about stocks: XME, XLE, GLD, MOO, CF, POT, MOS, AGU, BTUUQ, WLT, ACIIQ, PCXCQ, MEE, FCX

     Subscribe via Email (FREE)

    Happy Holidays!

    Last weekend, in my Market Forecast, we discussed:

    "For the new week, the market looks range-bound, again; especially, with Friday being a holiday (Christmas Eve).  On the upside, 1250 is still the resistance.  On the downside, if the SPX goes below the 10-day MA, 1220 is the first support.  Gold and oil both still look range-bound as well.  Financials led the renewed December rally.  So, we'll watch the financials carefully.  Biotechs jumped last week and should deserve some attention."

    Financials managed to keep its strength and climbed higher.  Rest of the market followed through as well.  On Monday, the market was flat.  On Tuesday, coals rallied and pushed the market higher.  The market followed through on Wednesday, pushing the market to new 2010 highs.  On Thursday, we saw some slight profit-taking.  However, SPX finished the wee above 1250 (The market was closed on Friday for Christmas).   We didn't trade much last week, but, locked in some winners.

    For the week, the Dow was up +81.58 points; SPX added +12.86 points; Nasdaq gained +22.63 points.  Oil pushed above $91/barrel.  Gold was flat, but, kept above $1380/ounce.  This weekend, China raised its interest rates to fight inflation.  At the time of this writing, Asian markets were mixed, but, mostly higher.  Here's how the US market looked after Thursday's closed:


    On Thursday, SPX slid 2.07 points to close at 1256.77, above 1250.  The daily MAs went up.  The MACD flattened.


    Nasdaq fell 5.88 points to close at 2665.6.  Its daily MAs went up slightly and the MACD was flat.

    Both SPX and Nasdaq closed above their respective resistance levels (SPX 1250, Nasdaq 2650).  VIX closed below 17.  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 12/27/10.

    (click to see our Facebook Page)

Back To MyHappyTrading's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.