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

Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, ITMN, VRTX, BIIB, GILD, MDVN, ILMN, BMRN, CLVS, MA, V, GS, JPM, WFC, APA, APC, SLB, OXY, NOV

|Includes:APA, APC, BIIB, BMRN, CLVS, GILD, GS, ILMN, InterMune, Inc. (ITMN), JPM, MA, MDVN, NOV, OXY, SLB, V, VRTX, WFC

Stocks continued to push higher this past week. Besides a slight pause on Friday, things looked strong throughout the week. In my Market Forecast last Sunday, I said,

"For the new week, markets are back in neutral gear, at least to start the week. Friday's late morning quick selloff turned a potential positive signal back to neutral. Markets will likely take cues from the present geo-political events around the world, especial in conflict in Ukraine. Financials will need to show strength for the broader market to stay afloat. SPX will need to stay above that 1940. Above 1960, SPX can turn bullish again. Nasdaq has resistance between 4485 and 4490, above which we could see a breakout."

Markets were strong right off the bat on Monday. SPX closed above 1970 and Nasdaq closed above 4500! Rest of the week was pretty smooth sailing as market indices glided higher. We made some really nice trades: IOC, KORS, CRM, and FAS calls and a quick overnight +77% gain on RGLD puts:

  • 08:19 | HappyTrading CRM ($60.40) Sold to Close 09C55.5 Sep 56 calls, at $5.30 +18%
  • 08:03 | HappyTrading FSLR ($70.10) Sold to Close 09C70 Sep 70 calls, at $2.90 -12%
  • 07:51 | Ecstatic Plays RGLD ($74.70) Sold to Close 09P77.5 Sep 78 put, at $3.80 +77%
  • 08:44 | Ecstatic Plays IOC ($61.90) Sold to Close 09C60 Sep 60 calls, at $3.05 +33%
  • 08:21 | Ecstatic Plays RGLD ($76.50) Sold to Close 09P77.5 Sep 78 put, at $2.80 +30%
  • 07:14 | Ecstatic Plays KORS ($82.00) Sold to Close 09C80 Sep 80 calls, at $3.50 +13%
  • 07:09 | HappyTrading FAS ($103.00) Sold to Close 09C100 Sep 100 calls, at $4.80 +33%
  • 07:50 | HappyTrading FAS ($102.00) Sold to Close 09C100 Sep 100 calls, at $4.30 +17%
  • 06:51 | Ecstatic Plays TSLA ($265.00) Sold to Close 0822P260 Aug 260 put, at $2.67 -52%

(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 added +338.31 points; SPX added +33.34 points; Nasdaq gained +73.62 points. Gold fell further to below $1280/ounce; oil also dropped, closing below $94/barrel. At the time of this writing, Asian markets were mixed. Let's take a look at how the US markets closed on Friday:

SPX

On Friday, SPX slid 3.97 points to close at 1988.4. Its daily MAs and MACD are little changed.

Nasdaq

Nasdaq added +6.45 points to close at 4538.55. Daily MAs and MACD went slightly higher.

Both SPX and Nasdaq pushed above recent highs. Nasdaq appears to be especially strong. 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 8/23/2014.

Stocks: ITMN, VRTX, BIIB, GILD, MDVN, ILMN, BMRN, CLVS, MA, V, GS, JPM, WFC, APA, APC, SLB, OXY, NOV