We came into last week sitting on mostly cash, expecting a pullback. On Tuesday and Wednesday, we got that pullback. But, buyers came in on Thursday, and Friday saw a strong rally after an encouraging jobs report!
Except for a couple of trades, we had a very nice week. TSLA and YELP calls gave us nice profits on the long side, and, GOOG puts earlier in the week did well for us on the down side. Here are the closed trades for the week:
For the week, the Dow did surprisingly well, and ended up +167.05 points. But, for SPX and Nasdaq, because the fall was so sharp earlier in the week, the two indices barely recovered. SPX added +7.81 points;Nasdaq still ended down 1.84 points. Gold and oil were basically flat. At the time of this writing, Asian markets were mostly higher, after China once again slashed its interest rates. Let’s see how the US markets closed on Friday:
SPX
On Friday, SPX added +28.1 points to close at 2116.1. Its daily MAs were flat. The MACD moved higher.
Nasdaq
Nasdaq gained +58 points to close at 5003.55. Its daily MAs and MACD flattened.
SPX closed the week in a healthy spot. However, Nasdaq looks much weaker, neutral at best.
