Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, GLD, XLE, FAS, FDN, GS, VLO, GLD, MS, AXP, HAL, IBM, NFLX, FFIV, EBAY
Stocks recorded another losing week last week. In my Market Forecast, I wrote:
"We will definitely get a feel from the financials, which could drive the broader market one way or the other. We have support at SPX 2000 and resistance at 2080."
Indeed, financials were very weak and dragged down the broader market. Things fell on Monday. Tuesday was a volatile day with a "head-fake" pop in the morning, only to close lower. Wednesday and Thursday were a struggle to hold below SPX 2000. Finally, on Friday, some buyers trickled in and the market saw a little bounce.
We had a busy week. Gold calls and energy puts gave us some nice profits. Here are the closed trades:
| GLD Feb 20 2015 Call 120.0 | $4.775 | $1,300.00 | 37.41% | 01/16/2015 |
| EOG Feb 20 2015 Call 87.5 | $6.175 | $1,050.00 | 20.49% | 01/16/2015 |
| VXX Jan 23 2015 Call 35.0 | $2.625 | $275.00 | 11.70% | 01/16/2015 |
| GILD Feb 20 2015 Put 100.0 | $5.225 | $-450.00 | -7.93% | 01/16/2015 |
| AMZN Jan 23 2015 Put 292.5 | $7.675 | $325.00 | 9.25% | 01/15/2015 |
| AMZN Jan 23 2015 Put 292.5 | $7.35 | $162.50 | 4.63% | 01/15/2015 |
| Z Feb 20 2015 Put 100.0 | $7.85 | $525.00 | 15.44% | 01/15/2015 |
| HLF Jan 17 2015 Put 32.5 | $2.065 | $-185.00 | -8.22% | 01/14/2015 |
| AMZN Jan 17 2015 Put 292.5 | $4.875 | $287.50 | 13.37% | 01/14/2015 |
| GS Jan 17 2015 Put 185.0 | $4.75 | $927.50 | 64.08% | 01/14/2015 |
| VLO Feb 20 2015 Put 47.5 | $3.975 | $705.00 | 21.56% | 01/14/2015 |
| VLO Feb 20 2015 Put 47.5 | $3.75 | $480.00 | 14.68% | 01/14/2015 |
| SCTY Feb 20 2015 Call 50.0 | $3.65 | $-75.00 | -2.01% | 01/13/2015 |
| BA Feb 20 2015 Call 130.0 | $3.825 | $-2,587.50 | -31.08% | 01/13/2015 |
| AAPL Feb 20 2015 Call 110.0 | $4.875 | $-1,425.00 | -22.62% | 01/13/2015 |
| V Jan 17 2015 Put 260.0 | $0.85 | $-3,700.00 | -81.32% | 01/13/2015 |
| GLD Jan 17 2015 Call 117.0 | $2.02 | $70.00 | 3.59% | 01/13/2015 |
| OXY Jan 17 2015 Put 75.0 | $1.03 | $-5.00 | -0.48% | 01/13/2015 |
| OXY Jan 17 2015 Put 75.0 | $1.355 | $320.00 | 30.92% | 01/12/2015 |
| GLD Jan 17 2015 Call 116.0 | $2.77 | $955.00 | 52.62% | 01/12/2015 |
| TSLA Jan 17 2015 Put 205.0 | $7.525 | $1,150.00 | 44.02% | 01/12/2015 |
For the week, the Dow was down 225.8 points; SPX fell 25.39 points; Nasdaq lost 69.69 points. Gold, once again a "safe haven", got a nice pop, closing at around $1277/ounce. Oil traded down to below $45/barrel, but, clawed its way back to close just below $50/barrel. At the time of this writing, Asian markets were mostly higher, although on Monday, China was down nearly 7% on new margin regulation for stock brokerage accounts. Here's where the US markets stood after Friday's close:
SPX
On Friday, SPX added +26.75 points to close at 2019.42. It closed below its daily MAs. The MACD was flat.
Nasdaq
Nasdaq bounced +63.56 points to close at 4634.38. It also closed below its daily MAs and the MACD slid.
Both SPX and Nasdaq closed below their respective daily MAs. For the new week...
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