This market has been pretty crazy! Monday's drop was pretty unreal! The Dow was briefly down over 1,000 points. This was after falling three days in a row the week before. SPX fell down to 1867 before bouncing.
But, as expected, buyers came in on Tuesday, although the gains did not hold. Wednesday was a different story. Buyers drove stocks back higher and the buying continued into Thursday. Friday was a flat day and the major indices eked out a gain for the week.
We had a very profitable week finding winners on both sides. On Monday, we cashed out a big winner in GOOG puts, with +301% profit. We then jumped into the up side with calls in NFLX, SCTY, and MBLY. NFLX calls gave us an overnight +68.7% gain! Here are the closed trades for the week:
For the week, the Dow was up 183.26 points; SPX added +17.98 points; Nasdaq gained +122.28 points. Gold fell to around $1130/ounce. Oil (WTI) bounced strongly, to near $45/barrel. At the time of this writing, Asian markets were mostly lower. Here are how the US markets looked after Friday's close:
On Friday, SPX added +1.21 points to close at 1988.87. It closed just below its daily MAs. Its MACD went up.
Nasdaq gained +15.62 points to close at 4828.33. It closed just above its 10-day MA.Both SPX and Nasdaq came down sharply and bounced sharply. For the new week...
If you'd like to read the rest of the articles, please subscribe to my Ecstatic Plays product (Click Here). Ecstatic Plays portfolio also started trading stocks, in addition to options. Please Click Here to see more details.