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  • Market Forecast + Sector Watch: SPX, Nasdaq, GLD, MOO, INX2, XME 0 comments
    Aug 22, 2010 11:45 PM | about stocks: GLD, MOO, XME, POT, MOS, AGU, CF, PCLN, MFE, GOOG, NEM, ABX, GOLD

    Last weekend, in my Market Forecast, I forecasted,

    "For the new week, the latest development in the charts are certainly not bullish.  However, it may not necessarily dictate a breakdown.  If SPX 1080 does not hold, the next support is 1060, set back in mid-July.  The market could still be range-bound, and, is very mixed."

    As it turned out, the market was indeed still range-bound.  The market was flat on Monday.  On Tuesday, the market bounced, cheering better-than-expected industrial production report.  On Wednesday, stocks traded sideways again.  On Thursday, the market gave back all of the week's gain, spooked by the rise in the jobless claims.  Friday was a mixed day as industrial and commodity sectors were weak, but, techs were strong, helped by some strong earnings reports.

    We finished a nice week with trades mostly in the green and a very nice day on Tuesday.  Our play in gold, GLD, also helped, as the market was weak, but, still range-bound.

    For the week, the Dow was down 89.53 points; SPX slid 3.94 points; Nasdaq gained +6.28 points.  It is very interesting to note that the techs actually finished higher!  Last weekend, in the Sector Watch, I said that "Semiconductors can decide where the Nasdaq goes, and they usually do.  If this market were to hold, we'll need to see buyers in the semiconductors."  The semiconductor index (NASDAQ:SOXX) ended higher.  Gold went up above $1220/ounce and oil continued to sink.  At the time of this writing, Asian market were mixed.  Japan was still very weak, but Taiwan saw some strength.  Here's how the US market looks after Friday's close:

    SPX

    SPX slid 3.94 points to close at 1071.69.  The daily MAs and MACD turned lower.

    Nasdaq

    Nasdaq added +0.81 points to close at 2179.76.  Its chart shows similar developments as in that of the SPX.

    Both SPX and Nasdaq closed the week below their respective support levels (SPX 1080; Nasdaq 2200).  However, VIX finished down for the week, below 26.  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 8/23/10.

    (click to see our Facebook Page)

    Stocks: GLD, MOO, XME, POT, MOS, AGU, CF, PCLN, MFE, GOOG, NEM, ABX, GOLD
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