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:
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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, ...