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
  • Weekly Wrap + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XME, XLE, XLF, SLV, FCX, CLF, PCX, BTU, APA, SWN, HES, OXY, EOG, DVN 0 comments
    Jul 17, 2011 11:46 PM | about stocks: GLD, XME, XLE, XLF, SLV, FCX, CLF, PCXCQ, BTUUQ, APA, SWN, HES, OXY, EOG, DVN

    Last weekend, in my Market Forecast, I wrote:

    "For the new week, we may continue to see concolidation and a possible quick drop to start the week, until earnings start to kick in with AA after the market on Monday.  On Thursday, JPM (before market) and GOOG (after market) will report.  SPX has support between 1320 and 1340; and again, above 1350, the market can turn bullish.  Nasdaq is already back at yearly high and can breakout in a strong market environment.  We'll have to watch the financials on the downside, as the debt problems in Europe could still weigh on the world markets."

    The market did indeed take a quick drop on Monday and came down to test SPX 1320.  The market pretty much stayed ranged bound for the rest of the week.  Monday night brought some disappointing earnings from NVLS and MCHP, and techs were weak on Tuesday.  On Wednesday, the market bounced, but sank again on Thursday as debt worries weighed on the market; even JPM's solid quarter did not help.  After the market, GOOG delivered a blowout quarter, surpassing all estimates.  Friday's action was muted as July options expired.  Some techs did rally on GOOG earnings and energy stocks were strong with HK's buyout.

    We traded lightly as the market was very volatile.  Here are the closed trades:
    07:06 | HappyTrading MCP ($54.45) Sold to Close 07P55 Jul 55 calls, at $1.40 -26%
    11:30 | HappyTrading SODA ($69.00) Sold to Close 07P70 Jul 70 put, at $3.10 +35%
    07:48 | HappyTrading QIHU ($22.90) Sold to Close 07C22.5 Jul 23 calls, at $0.90 -14%
    12:58 | HappyTrading EOG ($98.90) Sold to Close 07P100 Jul 100 put, at $2.10 +33%
    12:49 | HappyTrading EOG ($98.70) Sold to Close 07P100 Jul 100 put, at $2.15 +36%

    For the week, the Dow was down 177.47 points; SPX lost 27.55 points; Nasdaq fell 70.01 points.  Oil went slightly higher and gold made a new record high, closing in on $1600.  At the time of this writing, Asian markets were mixed.  Here's how the US market looked after Friday's close:


    SPX added +7.27 points to close at 1316.14.  It stayed above its 20-day MA.  The MACD slid.


    Nasdaq gained +27.13 points to close at 2789.8.  Its daily MAs went up and the MACD was little changed.

    VIX popped last week, closing just under 20.  SPX closed below 1320 and Nasdaq closed below 2800.  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 7/18/11.

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.