The broader market held its ground last week, still ending in record territory. We traded well and my Ecstatic Plays Portfolio's value continued to increase.
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We had a lot of nice plays last week. Our YOKU and NFLX calls were among the top gainers. Here are the closed trades for the week:
SPX
Nasdaq
Nasdaq slid 1.43 points to close at 5089.36. Its daily MAs and MACD were a little higher.
The broader market seems to be stuttering again, attempting to find a direction. But, still, there is no lack of nice movements as the market is teeming with mergers and acquisitions. Today, financial pages are filled with reports that CHTR is ready to close a $55 billion deal to buy TWC! For the new week, Greece/EU is still troubling European markets. However, the booming markets in Asia could balance out the sentiment globally. We will be watching financials to see how they react. Surprisingly GS broke out higher on Friday! Energy stocks will also be important. If they at least hold their grounds, the broader market should be fine. Tech stocks could continue to draw buyers as M&A activities heat up.
We might see some weakness in the broader market to start the week. We will have to see if sideline buyers are ready to jump in once again. SPX has support between 2120 and 2100. If SPX breaks above 2130 again, watch out bears!
Sector Watch
FAS (financial)
FAS started last week strongly, but, pulled back to end the week. Still, it closed above its daily MAs. As mentioned above, GS pushed higher on Friday. MA and V are neutral. WFC, JPM, and BAC all look healthy.
XLE (energy)
XLE is still quite weak, even though oil has bounced. XOM and CVX are both bearish. APC, OXY, and APA are attempting make a bounce. EOG is still on the weak side.
FDN (internet)
SOXX (semiconductor)
Good night and HappyTrading! ™