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, UNG, MOO, XLE, MOS, C, STT, GS, PNC, BAC, MA, V, AXP, INTC, ASML, XLNX, IBM, eBay, FFIV, GOOG 0 comments
    Jul 15, 2012 11:09 PM | about stocks: XLF, UNG, MOO, XLE, MOS, C, STT, GS, PNC, BAC, MA, V, AXP, INTC, ASML, XLNX, IBM, EBAY, FFIV, GOOG

    Last weekend, in my Market Forecast, I wrote:

    "For the new week, the market will likely have a slow start on Monday. Since Friday's pullback was sharp, the market may be mixed on Monday, waiting to hear from AA's earnings after market. The market will wrap up with WFC and JPM's earnings on Friday. We'll need to see how the market responds to AA's earnings on Tuesday. Things do still look bullish, though. Going above 1360 again, the market continue to rally to test 1380. Friday's earnings from the banks will need to give the market reasons to push higher. On the downside, 1340 is a support."

    Things pretty much went as forecasted. Monday was a slow market, not much movement. Tuesday morning brought a little buying, but it quickly fade into more selling, as more profit warnings hit the wire. Market continued to sink on Wednesday, but held 1340 at the close. A quick drop to 1330 invited buyers to return on Thursday morning, as the market waited for earnings from JPM and WFC. On Friday, both JPM and WFC reported better than expected, and the market was off and running, closing a few points under 1360.

    We wrapped up a pretty good week, trading on the downside.

    For the week, the Dow was up +4.62 points; SPX added +2.1 points; Nasdaq slipped 29.33 points. Gold was little changed and oil was a little higher at around $87/barrel. At the time of this writing, Asian markets were mixed and little changed. Here's how the US market looked after Friday's close:


    On Friday, SPX added +22.02 points to close at 1356.78. it closed above its daily MAs. The MACD went up.


    Nasdaq gained +42.28 points to close at 2908.47. Its daily MAs and MACD went higher.

    Both SPX and Nasdaq got a good jump on Friday, with SPX coming up to test 1360 again. VIX sank below 17. 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 7/15/12.

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.