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2 Sided Market Action Returns!

|Includes: AAPL, AMZN, CSCO, ELX, SPDR S&P 500 Trust ETF (SPY)
Broader Market Weekly Performance:
Dow          -2.10%
S&P           -1.72%
Nasdaq      -1.93%
Russell       -1.53%
VIX             +15.85%
 
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MARKET UPDATE:
Just when I thought a week WITHOUT a 2% gain had been outlawed, we get a little 4% pullback while recovering about half of those losses by the end of the week. I am glad to see some 2 sided action back in the market! 
 
Here is a quick rundown of the week’s events:
 
Pros:
-Jobless claims dip
-Markets bounce off support
 
Cons:
-Crude hits $100 a barrel
-Libyan tensions escalate
-GDP Revised downward
 
Markets pulled back from highs this shortened trading week in response to $100 oil and continued tensions in the Mid East. My favorite headline of the week was Gadhafi’s claim that the US is tainting milk with hallucinogens to spark the unrest in his country. Darn, he is on to us!
 
Here at home, 93% of S&P companies have reported earnings and 70% of those companies have beaten estimates. Jobless Claims dipped this week and the 4-week moving average fell to the lowest level since 2008.
 
This week’s pullback brought the S&P to 1300 where it bounced hard as anticipated in Thursday’s Market Update: Markets Mixed & Another Juicy Bite of AAPL. The Nasdaq also bounced once it reached its 50 Day Moving Average. 
 
I anticipate somewhat choppy trade over the next week or so with an upside bias. However, with the push/pull presence of Mid-East tensions, high oil, and decent economic data, I expect resistance at SPY 134/135 to hold near term. To the downside support at SPY 130 was defended successfully and should support any pullback in the short term. 
 
Areas of support remain at S&P 1300, and 1275. Resistance remains at S&P 1350.
 
What are your thoughts on the market? Place your comments below!
     
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BOOKINGALPHA UPDATE:
The SPY credit spread put on last week expired worthless for full profit on Friday yielding 8.11% in 7 days. 
 
A new AAPL Iron Condor was opened this week which is already reflecting a nice profit for 2 days into the trade. The trade was executed with weekly options that expire this coming Friday.   
 
As the market continues to float back up I will continue to sell credit spreads above resistance. Currently, I am analyzing positions in AMZN, XLE, SPY, and CSCO. Stay tuned for updates!
 
Happy trading!
 
What are your thoughts on the market? Place your comments below!
 
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