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
  • Market Forecast + Sector Watch: SPX, Nasdaq, XLF, GLD, MOO, XLE, JPM, WFC, CF, AGU, POT, MOS, MON, OXY, APC, RIG, SLB, NOV, APA 0 comments
    Jul 8, 2012 11:45 PM | about stocks: XLF, GLD, MOO, XLE, JPM, WFC, CF, AGU, POT, MOS, MON, OXY, APC, RIG, SLB, NOV, APA

    First week of July quickly went by as Tuesday was a half day and Wednesday a holiday for 4th of July. Last weekend, in my Market Forecast, I said,

    "For the new week, the market starts at the breakout point. Above 1360, SPX should test 1380. Nasdaq could test 3000. We might see a slow start on Monday, as Friday's pop was quite dramatic."

    Things pretty much went as forecasted. The market had a slow start on Monday, but was able to continue to push higher on Tuesday. In my article on Wednesday, I said that the market may need a breather. The market started to falter on Thursday, although hiring from private sectors was pretty good. On Friday, the jobs data was not bad with unemployment rate sticking at 8.2%, but, the nonfarm payrolls was lower than expected. The market took the cue to take some profits, rather sharply, and erased the week's gain.

    We scored some nice early wins for the week, but, had mixed results as the market slipped.

    For the week, the Dow was down 107.62 points; SPX slipped 7.48 points; Nasdaq eked out a gain of +2.28 points. Gold slipped below $1600 and oil was basically flat. At the time of this writing, Asian markets were lower, following US market's pullback on Friday. Let's where the US market closed:


    SPX slipped 12.9 points to close at 1354.68, below 1360. The daily MAs glided up, but, the MACD flattened.


    Nasdaq fell 38.79 points to close at 2937.33. The daily MAs and MACD were slightly higher.

    SPX ended the week below 1360, and, Nasdaq barely hung on to a gain of 2.28 points. Interestingly, VIX ended low on Friday as well! 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 7/8/12.

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.