Last weekend, in my Market Forecast, I wrote:
"For the new week, it looks like the market is still range-bound. A lot of earnings will be pouring in this week. Some notable ones are... The market may start out the week on the positive side, as IBM is anticipated to report strong earnings. However, mining and financial sectors are starting to look vulnerable. C, GS, and WFC are all reporting this week. On the mining side, we'll get STLD, FCX, and NUE. SPX 1340 is still the resistance to break. At 1320, SPX is now neutral. Again, there's support between 1300 and 1320."
Things once again progressed as forecasted. On Monday, the market sank lower right at open on S&P's downgrade of US debt. Chineses internet stocks bucked the trend and popped higher right at open. We locked in our gains in this group, including a +105% trade on DANG. SPX 1300 was tested, but, the market managed to close above that mark. Dip-buyers continued to come in on Tuesday, anticipating strong earnings from VMW and INTC, which both delivered after the market. On Wednesday, the market gapped higher and held its rise. After the market, AAPL and FFIV reported strong earnings. The market floated higher on Thursday ahead of the Easter long weekend, and closed shy of SPX 1340.
Besides earnings stories, gold and silver also captured the market's attention. Gold closed above $1500/ounce and silver stopped $46/ounce.
For the week, the Dow was up +164.16 points; SPX added +17.7 points; Nasdaq gained +55.51 points. Oil also went higher, above $112/barrel. At the time of this writing, Asian markets were mixed. Let's see how the US markets looked after Friday's close:
SPX
On Friday, SPX added +7.02 points to close at 1337.38. Its daily MAs and MACD turned up.
Nasdaq
Nasdaq gained +17.65 points to close at 2820.16, above the 2800 level. Its daily MAs and MACD also went up.
The market bounced on tech earnings. However, SPX could not close above 1400. Financials were still weak. For the new week...
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