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Weekly Wrap-Up + Market Forecast + Sector Watch: SPX, Nasdaq, SLV, USO, XLE, IGV, NOV, SLB, RIG, DO, RHT, ORCL, SLW, PAAS, MSFT, CRM, VMW, SLW, PAAS
Happy Oscar night! Last weekend, in my Market Forecast, I wrote: "For the new week, the market still looks healthy, although it might need a quick, little pullback.  The market has support at SPX 1340, although dip-buyers might not wait for 1340 to come in.  If the broader market can hold its altitude, we could [...]

Happy Oscar night!

Last weekend, in my Market Forecast, I wrote:

"For the new week, the market still looks healthy, although it might need a quick, little pullback.  The market has support at SPX 1340, although dip-buyers might not wait for 1340 to come in.  If the broader market can hold its altitude, we could see the Dow test 13,000 by the end of the week and Nasdaq may get close to 3000."

Well, the market did get a little pullback, but, it never dipped below 1350.  The Dow did get to test 13,000 by the end of the week.  It, however, was not able to close above the mark.  Monday was a market holiday.  The market struggled to find a direction all week after a strong start on Tuesday.  The pullback came on Tuesday afternoon, and continued until Thursday morning.  Buyers came in ahead of CRM’s earnings, and, CRM did deliver a strong quarter after the market.  On Friday, the market regained its strength, but, finished with some slight profit-taking before the weekend.

We had a blase week with all of the trades in the green, but, no big winners.  Here were the closed trades:
07:36 | HappyTrading DNDN ($14.80) Sold to Close 03C15 Mar 15 calls, at $1.35 +8%
07:32 | HappyTrading SNDK ($49.08) Sold to Close 03C48 Mar 48 calls, at $2.05 +8%
08:52 | HappyTrading SLV ($33.15) Sold to Close 03C33 Mar 33 calls, at $1.13 +5%
11:17 | HappyTrading CSTR ($58.50) Sold to Close 03C57.5 Mar 58 calls, at $2.58 +23%
10:45 | HappyTrading CSTR ($58.80) Sold to Close 03C57.5 Mar 58 calls, at $2.80 +33%

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For the week, the Dow was up +33.08 points; SPX added +4.51 points; Nasdaq gained +11.97 points.  Both gold and oil had a huge week, with gold trading near $1780/ounce and oil nearing $110/barrel.  This evening, at the time of this writing, Asian markets were slightly up.  Here’s where the US market closed on Friday:

SPX

SPX added +2.38 points to close at 1365.74.  Its daily MAs climbed up and the MACD began to flatten.

Nasdaq

Nasdaq gained +6.77 points to close at 2963.75.  Its daily MAs glided higher and the MACD flattened.

Both SPX and Nasdaq closed just slightly higher for the week.  They did, however, come down to test their respective 10-day MAs.  For the new week…

To read the rest of this article, please subscribe to HappyTrading "Premium Articles" by going to the Premium Services (click here) page. If you are already a subscriber, please click here: Market Forecast 2/24/12.

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