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  • Market Forecast + Sector Watch: SPX, Nasdaq, USO, GLD, XME, INX2 0 comments
    Jan 18, 2011 12:36 AM | about stocks: USO, GLD, XME, AAPL, GOOG, AMZN, RIG, DO, SLB, NOV, HES, OXY, DVN, APA, APC, FCX, X, AKS

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    Happy MLK Day!

    Last weekend, in my Market Forecast, I wrote:

    "For the new week, the market is looking a bit mixed.  Although the market broke higher last week, it stuttered after Monday's big jump.  All of the gains were basically made on Monday.  1280 is now a resistance for SPX.  Below the 10-day MA, SPX could test 1250 to 1240.  However, techs continue to look strong.  On Friday, there was much talks about VZ making an announcement on Tuesday to start carrying iPhones.  AAPL traded higher just befor the close on Friday and pushed up almost $2 on Friday evening.  If AAPL breaks out, we could see IBM, GOOG, and AMZN follow up as well.  On earnings front, AA will report after market on Monday.  INTC's earnings comes on Thursday evening and JPM's follows on Friday morning."

    I also added:

    "Overall, I would watch the financials for the broader market's performance.  But, strength seems to be in the techs and weakness could come into commodities."

    Indeed, on Monday, financials and metals started on the weak side, and the market opened down.  But, was able to recover most of the losses before the close.  On Tuesday, commodity sectors bounced and the financials strengthened, and the market rallied.  On Wednesday, the market broke above the resistance at 1280 with most sectors gaining.  Before INTC's earnings on Thursday, the market was cautious.  We cashed out on some nice gains.  After the market, INTC reported record earnings.  JPM also delivered a nice quarter on Friday morning, and the market rallied further, with techs leading the way.  Metals were once again on the weak side.  We finished a pretty nice week, booking more wins on Friday.

    For the week, the Dow added +112.62 points; SPX added +21.74 points; Nasdaq jumped +52.13 points!  On Monday, Asian markets were mostly down, with China (Shanghai Composite Index) falling more than 3%, as China further raised lenders' reserve requirements. Tonight, at the time of this writing, Asian markets were mostly up.  Oil was slightly down, while gold was slightly up.  Let's see how the US market looked Friday's close:


    On Friday, SPX added +9.48 points to close at 1293.24.  Its daily MAs and MACD went up.


    Nasdaq gained +20.01 points to close at 2755.30.  Its daily MAs and MACD also went higher.

    Both SPX and Nasdaq closed near the day high on Friday, rallying into the close.  VIX closed below 16, marking the first weekly "sub-16" close since summer of 2007!  However, AAPL announced on Monday that Steve Jobs will take another medical leave.  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 1/9/11.

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