Markets bounced last week and we had a very good week locking in profits on upside trades, as discussed in my Weekly Wrap-Up post.
For the week, the Dow was up +161.03 points; SPX added +32.4 points; Nasdaq gained +123.5 points. Gold traded higher, closing above $1290/ounce. Oil slid again, trading at around $45/barrel (WTI). At the time of this writing, Asian markets were slightly down. Here's where the US markets closed on Friday:
On Friday, SPX fell 11.33 points to close at 2051.82. It managed to stay above its daily MAs. The MACD was higher.
Nasdaq gained +7.48 points to close at 4757.88. Its MACD also went up.
Both SPX and Nasdaq managed to close above their respective daily MAs. But, the Dow ended just below its 20-day MA (not shown above). The coming week is going to be a busy one. Not only are we getting a bulk of the earning reports coming in, we will also hear from the Fed on interest rates. The latest housing data will be reported as well. For the new week, we may see volatility pick up again. The market is in a precarious position. We also have tech bellwethers, such as MSFT, AAPL, GOOG, YHOO, AMZN, and FB all reporting. Financials will be in focus too, as smaller banks continue to report their earnings. V and MA's reports are due as well. In addition, a slew of biotech companies are slated to report, including BIIB, CELG, ALXN, and AMGN.
Here are some of the companies reporting in the coming week:
MON: (AM) STX; (PM) MSFT, MSTR, PKG, SANM, TXN
TUE: (AM) MMM, AKS, BMY, CAT, COH, GLW, FCX, NUE, PFE, PG, UTX;
(PM) AMGN, AAPL, ILMN, JNPR, EA, VMW, VRTS, YHOO, WDC
WED: (AM) BIIB, BA, EMC, HES; (PM) CAVM, CTXS, FB, LVS, MLNX, QCOM, STLD, TSCO, VRTX
THUR: (AM) ALXN, CELG, CHKP, PSX, POT, OSTK, RGLD, VLO, WHR, TWC
(PM) AMZN, BRCM, DECK, GOOG, V, WPRT, WYNN
FRI: (AM) MO, CVX, LLY, MA,
SPX is still within the wide trading range of 1990 to 2080. The Dow is looking a bit weak, which we will be watching.
FAS is displaying a weak chart. Its daily MAs are pointing down. The first couple of days next week will be important. Falling below $112 is very dangerous for FAS. We will look at puts on any weakness.
Here's some good news! BTK is still strong, and, the broader market is unlikely to have a correction if biotechs are strong.
FDN had a very strong week, going higher every day! This week, we have AMZN, GOOG, OSTK, FB, and YHOO reporting from this sector.
IGV is looking neutral here. MSFT will report on Monday.
I think energy stocks will also be active, as PSX, TSO, VLO, CVX are reporting. I'll discuss some potential earnings plays during the trading hours each day.
Good night and HappyTrading! ™