Markets were choppy last week and ultimately ended lower. Stocks started out the week falling. Wednesday morning had some irrational buying, which faded in the afternoon. The selling resumed on Thursday and Friday, although some buyers came in before the close.
We had a mixed week. Our LNKD calls on earnings didn't work out. But, most of our trades were good. We traded SPY puts more than a few times, but, we are out of those for now. Here are the closed trades for the week:
For the week, the Dow was down 316.48 points; SPX fell 26.27 points; Nasdaq dropped 84.74 points. Gold was little changed, still hanging above $1090/ounce. Oil fell further to around $44/barrel. At the time of this writing, Asian markets were mixed. Interestingly, China is up, even though its export numbers were down. Let's take a look at the US markets:
On Friday, SPX fell 5.99 points to close at 2077.57. It fell below its daily MAs and its MACD went lower.
Nasdaq fell 12.9 points to close at 5043.54. It also closed below its daily MAs. Its MACD dropped.Both SPX and Nasdaq closed below their respective daily MAs. For the new week.
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