Hope you've had a nice, long weekend! Here's what we discussed last weekend in my Market Forecast:
"For the new week, a lot of tech stocks are starting to look a bit toppy, although the market has just broken out. We could see a stock-picking environment where certain stocks are breaking higher while others see some profit-taking, and, the market can still glide up. Financials look ready to break out. Agriculture stocks also look strong. Mining and energy stocks have been lagging and are most vulnerable."
Indeed, we saw some profit-taking while many stocks still broken higher, and, the market glided up. On Monday, the market pushed up, and we started locking profits. On Tuesday, we took more profits on the long side off the table, in time for the market to slip back a bit. The market bounced again on Wednesday and we started to trade some fast expiration plays in the Trading Room. Thursday saw more individual breakouts as we locked in more winners. Friday was a volatile day, but, the market still ended up, and we finished a very nice week.
For the week, the Dow was up +117.99 points; SPX added +13.86 points; Nasdaq gained +24.51 points. Gold (and silver) jumped higher last week, while oil traded flat. The US market had Monday off, while global markets traded mostly lower as the political situation in Libya drived oil higher. At the time of this writing, Asian markets were sharply lower tonight. Let's take a look at where the US market closed on Friday:
On Friday, SPX added +2.58 points to close at 1343.01. The daily MAs and MACD went higher.
Nasdaq gained +2.37 points to close at 2833.95. Its daily MAs and MACD were also higher.
Major market indices pushed higher last week. However, for the week, VIX also went up! Gold and silver went higher as investors took some risk off. For the new week...
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