It's been another wild week. Stocks were very volatile and sold off for most of the week before bouncing on Friday. Even though the bounce on Friday was a solid move, I'm starting to see imminent signs of potential, bigger sell-offs.
We picked up some puts on Monday, and by the end of the week, we went almost completely into cash. Here are the closed trades for the week:
For the week, the Dow was down 56.08 points; SPX fell 9.4 points; Nasdaq lost 86.69 points. Gold was basically flat, trading above $1180/ ounch. Oil got a jump, closing above $59/barrel. At the time of this writing, Asian markets were slightly up. Here's where the US markets closed on Friday:
On Friday, SPX added +22.78 points to close at 2108.29. It barely closed above its daily MAs. The MACD flattened.
Nasdaq gained +63.97 points to close at 5005.39. It closed below its 10-day MA. The MACD went down.
Both SPX and Nasdaq lost grounds last week. If it weren't for the bounce on Friday, things would look even shakier right now. For the new week...
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