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  • Market Forecast + Sector Watch: SPX, Nasdaq, GLD, FDN, XLE, XME, GOOG, PCLN, CRM, EQIX, TSO, HES, MPC, WLT, CLF, CMI, JOY 0 comments
    May 12, 2013 11:38 PM | about stocks: GLD, FDN, XLE, XME, GOOG, PCLN, CRM, EQIX, TSO, HES, MPC, WLT, CLF, CMI, JOY

    Last weekend, in my Market Forecast, I wrote:

    "For the new week, we should see the markets glide higher. I wonder if we could see the type of rise that Nasdaq had in 2000. Both SPX and the Dow are in uncharted territory. So, we'll have to watch the levels in the next couple of weeks to see where the resistances will appear. On the downside 1600 should now be the initial support."

    Well, indeed, the market did glide higher. There were some stutters on Thursday and Friday, but, buyers came in at every weakness. The market closed on a strong note on Friday. We also enjoyed a nice week with mostly winning trades.

    For the week, the Dow was up +144.53 points; SPX added +19.28 points; Nasdaq gained +57.95 points. As the dollar popped higher, Gold took a quick drop, trading below $1440/ounce. Oil was little changed, staying above $95/barrel. At the time of this writing, Asian markets were mixed. Japan's Nikkei was rising to a new all-time high as yen fell further against the dollar. Here's how the US markets looked after Friday's close:

    SPX

    On Friday, SPX added +7.03 points to close at 1633.7. It closed above 1630. Its daily MAs and MACD went up.

    Nasdaq

    Nasdaq gained +27.41 points to close at 3436.58. Its daily MAs and MACD also pushed higher.

    Buyers finally started to move into techs. VIX tried to rise, but, closed the week pretty much flat. 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 5/12/13.

    Stocks: GLD, FDN, XLE, XME, GOOG, PCLN, CRM, EQIX, TSO, HES, MPC, WLT, CLF, CMI, JOY
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