Contributor Since 2007
For the last week of 2011, I wrote:
"For the new week, the market looks like it could continue this rally. It is almost January, and earnings are about to kick in again. SPX closed above 1260 and just 10 to 15 points higher, this market can break out. Tech stocks have been weaker after ORCL's surprisingly bad earnings. Nasdaq will need to push above 2650 to gain strength. Financials are stablizing, and so are the agriculture stocks. Metals and mining are still weak, but, energy stocks are drawing investors back in."
Monday was a market holiday for Christmas. On Tuesday, the market tried to push higher, but to no avail. The market needed to consolidate, and we cashed out on our longside trades. On Wednesday, gold and silver went on a sharp drop, and we took advantage on the puts and turned some quick profits. The market bounced on Thursday and stayed flat on Friday, ending the week pretty much unchanged; and, ending the whole year 2011 pretty much unchanged!
For the week, the Dow was down 76.44 points; SPX fell 7.73 points; Nasdaq dropped 13.49 points. Gold dropped below $1540 intraday on Thursday, but, recovered a bit on Friday, back to about $1570. Oil fell as well. Tonight, at the time of this writing, Asian markets were up, cheering the better-than-expected manufactoring data from Europe. Here's where the US market closed on Friday:
On Friday, SPX slipped 5.42 points to close at 1257.6. The daily MAs and MACD were slightly up.
Nasdaq was down 8.69 points to close at 2605.15. The daily MAs and MACD were flat.
SPX struggled all week, but, finally closed just below 1260. Nasdaq was not able to push higher, but, stayed above 2600. VIX came back above 23. For the new week...
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