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:
The daily MAs of both SPX and Nasdaq have turned up. VIX is still hanging around 22. For the new week...
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