Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, XME, FAS, GS, JPM, WFC, V, MA, X, STLD, NUE, CLF, WLT, BTU

|Includes:BTUUQ, CLF, FAS, SPDR Gold Trust ETF (GLD), GS, JPM, MA, NUE, STLD, V, WFC, WLT, X, XLE, XME

Stocks had a good week last week. Buyers were still buying on dips. Last weekend, in my Market Forecast, I wrote:

"For the new week, if stocks continue to bounce, the first resistance is at 1940. If SPX breaks above 1940 and still shows strength, we may need to test 1960. Financials will need to participate. Energies seem to be catching bids. Internets have been strong; we'll see if they can help push the markets higher."

Indeed, things happened pretty much as described in the forecast. On Monday, SPX tested 1940 in the morning. It hit resistance and started falling back. But, buyers came in again on Wednesday, and this time, SPX closed above 1940. Then, on Friday morning, SPX popped higher to tested 1960. Soon after, some news came out of Ukraine and it sparked a quick selloff. SPX fell quickly back down to 1940. But, buyers drove it up again. SPX ended at 1955.

This week, we closed up some stragglers as August monthly options expired. Our CTRP calls did pretty well. GOOG calls got a nice +88% overnight return! TLT September calls came back strongly. WYNN puts gave us a nice quick scalp!

  • 09:03 | Ecstatic Plays WYNN ($199.00) Sold to Close 0822P200 Aug 200 put, at $3.50 +26%
  • 08:05 | HappyTrading TLT ($118.00) Sold to Close 09C116 Sep 116 calls, at $2.70 +47%
  • 06:55 | HappyTrading TLT ($117.05) Sold to Close 09C116 Sep 116 calls, at $2.10 +14%
  • 08:26 | HappyTrading JKS ($27.70) Sold to Close 09C27 Sep 27 calls, at $2.60 +24%
  • 06:45 | HappyTrading GRMN ($55.65) Sold to Close 08C65 Aug 65 calls, at $0.80 -59%
  • 06:34 | Ecstatic Plays YELP ($73.80) Sold to Close 08C72.5 Aug 73 calls, at $2.10 -66%
  • 06:33 | Ecstatic Plays GOOG ($577.20) Sold to Close 08C570 Aug 570 calls, at $7.70 +88%
  • 08:39 | HappyTrading PSX ($82.50) Sold to Close 08C82.5 Aug 83 calls, at $0.50 -58%
  • 08:17 | Ecstatic Plays GLD ($126.57) Sold to Close 08C127 Aug 127 calls, at $0.51 -81%
  • 07:30 | Ecstatic Plays CTRP ($68.48) Sold to Close 08C65 Aug 65 calls, at $4.10 +60%

(to subscribe to our trade alerts, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video. Don't forget to check out the "Buy-one-get-one-FREE" deal! If you are trying to sign up for a FREE Membership, but, cannot; this means that we have placed our membership on an "invitation only" basis. Please email us at: help@myhappytrading.com and, we'll send you an invitation. Thank you!)

For the week, the Dow was up +108.98 points; SPX added +23.47 points; Nasdaq gained +94.03 points. Gold traded slightly down, but kept above $1300/ounce. Oil dropped again to close below $97/barrel. Asian markets were mixed on Monday, with Shanghai in the lead. Here's where the US markets closed on Friday:

SPX

SPX slid 0.12 point to close at 1955.06. It closed just below its 30-day MA. MACD was slightly up.

Nasdaq

Nasdaq added +11.93 points to close at 4464.93. Its 10-day MA and MACD moved higher.

SPX closed just below its 30-day MA, while Nasdaq was much stronger and still managed to close higher on Friday. For the new week...

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the page. If you are already a subscriber, please click here: Market Forecast 8/18/2014.

Stocks: GLD, XLE, XME, FAS, GS, JPM, WFC, V, MA, X, STLD, NUE, CLF, WLT, BTUUQ