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, OIH, XLE, XME, INX2 0 comments
    Sep 12, 2010 11:00 PM | about stocks: XLE, XME, OIH, RIG, DO, NOV, APC, BP, AMZN, PCLN, AAPL, GOOG, HPQ, MFE, ARST, FCX, APA, OXY, HES

    Last weekend, in my Market Forecast, I wrote,

    "For the new week, the market may need a bit of consolidation.  Both SPX and Nasdaq are showing bullish crossovers in their respective MACDs.  VIX closed below 22, a level which had been a solid support since May.  Wednesday has some economic data that may help to move the market, including consumer credit and crude inventories.  But, the market has come quite far in just 3 sessions and we should see some consolidation.  If the market can catch the daily upper BB, we could see SPX 1120 and Nasdaq 2300 tested."

    As forecasted, the market spend Tuesday and Wednesday consolidating.  After consolidating for a bit, the market resumed higher on Thursday and Friday.  SPX and Nasdaq did not quite catch the daily upper BB and only closed slightly higher for the week.  We were in the waiting mode in the beginning of the week and cashed out some gains on Friday.  Bagger Vance, especially, made some very nice trades, including 2 triple-digit-percentage winners on FCX and GMCR!

    For the week, the Dow added +14.84 points; SPX climbed +5.04 points; Nasdaq added +8.73 points.  Gold basically finished flat and oil traded higher.  This weekend, China reported continued industrial growth.  At the time of this writing, Asian markets were mostly higher this evening.  Here's how the US market closed on Friday:


    On Friday, SPX added +5.37 points to close at 1109.55.  Its daily MAs turned up and the MACD went higher.


    Nasdaq added +6.28 points to close at 2242.48.  Its 10-day MA went above the 20-day MA.

    The daily MAs of both SPX and Nasdaq have turned up.  VIX is still hanging around 22.  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 9/12/10.

    (click to see our Facebook Page)

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.