Stocks were really strong last week, as Greece reversed its position and agreed to more austerity demanded by its creditors. SPX popped higher to test 2100 on Monday. By Tuesday morning, SPX had already broken through. Solid earnings from financial companies kept buyers in the markets. On Wednesday and Thursday, tech stocks got charged up by strong results from NFLX and GOOG. Nasdaq closed at a new all-time high on Friday.
We had a tremendous week, hitting both NFLX and GOOG earnings jumps! The earnings trade on GOOG gave us an overnight +502% profit! Here are the closed trades for the week:
My Ecstatic Plays Portfolio now is up +233% in the past 365 days and up +46.83% for 2015, and it is the #1 performer on Marketfy.com.! To subscribe or to find out more about this product, please CLICK HERE. Come see what Ecstatic Plays offers and what we are trading next!
For the week, the Dow was up +326.04 points; SPX added +50.02 points; Nasdaq gained +212.44 points. Gold tumbled down to barely holding above 1100/ounce! Oil (WTI) also traded lower, closing just below $51/barrel. At the time of this writing, Asian markets mixed and little changed. Let's see where the US markets closed on Friday:
On Friday, SPX added +2.35 points to close at 2126.64. Its daily MAs and MACD were slightly up.
Nasdsaq gained +46.96 points to close at 5210.14, a new all-time high!
Both SPX and Nasdaq completed a V-shape recovery from the pullback that started in late June. Last week had the right catalysts (Greek deal and great earnings) to push stocks higher. For the new week, earnings reports will continue to come in:
MON: (AM) HAL, MS; (PM) IBM, STLD, CNI
TUE: (AM) ATI, CP, SAP, AMTD, UTX, LMT, HOG; (PM) AAPL, GPRO, MSFT, CMG, YHOO, ISRG, ILMN, VMW
WED: (AM) BA, EMC, KO, CHKP, PII; (PM) QCOM, SNDK, AXP, FFIV, CRUS, TXN, CAKE, XLNX, MLNX, TSCO, PLXS
THUR: (AM) UA, CELG, CAT, FCX, CY, ALK, UNP, BMY; (PM) AMZN, SWKS, SBUX, V, P, JNPR, TRIP
FRI: (AM) BIIB, SPG, ECA, VFC
Nasdaq is at a new all-time high. So, Tuesday will be very important, with AAPL and YHOO reporting. Railroad stocks will be interesting. KSU popped on Friday. We have CNI, CP, UNP all reporting this week. Aerospace will also be interesting as UTX, LMT, and BA are reporting. In addtion, LMT just agreed to buy Sikorsky from UTX for $8 billion.
SPX has resistance at 2130. I think the market is range-bound for now. We will have to see if AAPL can keep the investors happy. It will be pretty amazing if Nasdaq continues to push higher!
XRT took a drop on Friday. I'm looking at this ETF because AAPL has a lot to do with the retail sector, and so does AMZN. SBUX also reports on Thursday.Basically, the question that I'm asking is are the consumers shopping and buying. XRT is showing a neutral chart. Let's see how it trades on Monday and Tuesday, ahead of AAPL earnings.
XLE sank lower last week, while the broader market pushed higher. Tonight, gold is taking another tumble. Will oil continue to fall as well. HES, SLB, EOG, APA, APC are all weak.
Although SOXX make a gain last week, its charts is still very weak. I'm watching CRUS, NXPI, and SWKS to see how AAPL earnings will affect these.
BTK broke out last week, again! As I've said many times, as long as biotechs are strong, we won't see a pullback in the broader market. We have CELG reporting on Thursday, and BIIB reporting on Friday. I also like CLVS, KITE, and JAZZ.
Good night and HappyTrading! ™