Markets fell last week. Things were sluggish on Monday and Tuesday. But, Wednesday saw a steep drop, led by profit-taking in the biotechs. On Thursday, stocks struggled to bounce off of the lows. Buyers came in on Friday, and semiconductors popped in the last thirty minutes as INTC was rumored to be in talks to buy ALTR.
We had a pretty good week. Through the volatility, I kept lots of cash and traded on both sides and was able to come away with some nice trades, as mentioned in Thursday night's article. Here are the closed trades for the week:
For the week, the Dow was down 414.99 points; SPX fell 47.08 points; Nasdaq lost 135.2 points. Gold traded higher, closing above $1193/ounce. Oil also moved bit higher, closing just above $48/barrel (WIT). At the time of this writing, Asian markets were mostly up. Here's where the US markets stood after Friday:
On Friday, SPX added +4.87 points to close at 2061.02. It closed below its daily MAs. The MACD was down.
Nasdaq gained +27.86 points to close at 4891.22. Its daily MAs flattened.
Both SPX and Nasdaq closed below their respective daily MAs. For the new week...
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