Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, FAS, FDN, CSX, UNP, CP, KSU, WFC, JPM, GS, BAC, C, BLK, PPG, TSM, SLB, INTC

Last weekend, in my Market Forecast, I was very cautious about the market. On Monday and Tuesday, stocks took a nosedive, sending SPX down to test the 2000 mark. But, on Wednesday and Thursday, things bounced back up. On Wednesday night, I wrote another article, cautioning that the selling may not be over. Indeed, on Friday, market was weak again and SPX fell back to just below 2045, the resistance area that I discussed in last week's Market Forecast.

We traded last week's volatility pretty well. Here are the closed trades:

RL Jan 17 2015 Put 175.0 10.0 $2.45 $325.00 15.29% 01/09/2015
CLVS Jan 17 2015 Call 55.0 5.0 $4.35 $175.00 8.75% 01/09/2015
BIDU Jan 17 2015 Call 225.0 5.0 $7.375 $1,175.00 46.77% 01/08/2015
TSLA Jan 17 2015 Put 205.0 5.0 $3.275 $-1,912.50 -53.87% 01/08/2015
BIDU Jan 17 2015 Call 225.0 5.0 $6.625 $800.00 31.84% 01/08/2015
CLVS Jan 17 2015 Call 55.0 5.0 $4.35 $175.00 8.75% 01/07/2015
TSLA Jan 17 2015 Put 205.0 5.0 $4.125 $-1,487.50 -41.90% 01/06/2015
FSLR Jan 17 2015 Call 45.0 10.0 $0.335 $-1,325.00 -79.82% 01/06/2015
GMCR Jan 17 2015 Put 130.0 10.0 $4.60 $1,425.00 44.88% 01/06/2015
GOOG Jan 17 2015 Put 520.0 5.0 $11.20 $350.00 6.67% 01/05/2015
AMGN Jan 17 2015 Put 160.0 10.0 $5.40 $1,950.00 56.52% 01/05/2015
BITA Jan 17 2015 Call 75.0 10.0 $5.25 $950.00 22.09% 01/05/2015

We got out of BITA calls a few days early. AMGN puts gave us a nice +56.5% return. GMCR puts rendered a solid gain. BIDU calls also worked well.

For the week, the Dow was down 95.62 points; SPX lost 13.39 points; Nasdaq fell 22.74 points. Gold had a good week, rising to about $1220/ounce. Oil fell again, with WTI trading just above $48/barrel. At the time of this writing, Asian markets were mixed. Let's take a closer look at the US markets:

SPX

SPX fell 17.33 points to close at 244.81. Its daily MAs bunched up. The MACD was slightly higher.

Nasdaq

Nasdaq fell 32.12 points to close at 4704.06. Its daily MAs also closed in on one another.

Both SPX and Nasdaq closed at where their respective daily MAs seemed to be converging. Their respective MACDs were still in the bearish area, although they were flattening. For the new week...

If you'd like to read the rest of the articles, please subscribe to my Ecstatic Plays product (Click Here).

Posted to Ecstatic Plays on Jan 11, 2015 — 11:01 PM
Comments ({[comments.length]})
Sort By:
Loading Comments
No comments. Break the ice and be the first!
Error loading comments Click here to retry
No comments found matching this filter
Want to add a comment? Take me to the new comment box!