Markets fell sharply last week. On Monday, things started to slid. Then, stocks traded in a narrow range on Tuesday and Wednesday, mainly between 2070 and 2080 on the SPX. Stocks broke down on Thursday, with SPX closing below 2050. On Friday, the bleeding did not stop and the market closed at the day low with SPX closing barely above 2020.
The selling came quickly on Thursday and Friday. We jumped on puts and offset most of the losses on our long sides plays. PRGO puts was a big winner, gaining a profit of +86% overnight. We got out of GOOG puts too early. SPY puts helped us along the way making profits as high as +51%. Here are the closed trades for the week:
For the week, the Dow was down 665.09 points; SPX fell 76.16 points; Nasdaq tumbled 219.24 points. Gold slid down to around $1080/ounce, while oil (WTI) dropped to below $41/barrel. Here are where the US markets closed on Friday.
On Friday, SPX fell 22.93 points to close at 2023.04. It closed below its daily MAs. The MACD curved down.
Nasdaq tumbled 77.2 points to close at 4927.88. It also closed below its daily MAs.Stocks came down hard on Thursday and Friday. Nasdaq is closing the gap made, on 10/23, by a big jump from the day after GOOG, AMZN, and MSFT earnings. Things sold off in a hurry on Friday perhaps partially because of the terrorist attacks in Paris. For the new week...
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