S&P 500 2,727.72 +4.65 (+0.17%) Dow 30 24,831.17 +470.97 (+0.37%) Nasdaq 7,402.88 -2.09 (-0.03%)
Last week was good. Our net-liq grew up again as the market went up. We did a few adjustments only of the existing trades. Last week we could close a few “long term” trades (trades which I was dragging along for some time), there fore last week was successful and I was happy about it.
The market was behaving well, we broke out of the triangle and rallied. This could be good for the market and we could rally further although as of Friday we were a bit overbought. On Monday, we may see a small retreat, which hopefully won’t turn into a new sell off. We are on the resistance level and it may not hold. Time will show.
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Markets were again struck by fear selling and media were coming up with tons of reasons why. At first, it was tech stocks such as AAPL driving the markets down, then semiconductors, later oil… all in one day. You could play the miney, miny… game to pick the reason. Granted, they do it all to entertain. However, the selling appeared to be purely technical, as I will present in this article, and quite predictable. Not that I predict the markets, I still have expectations but I do not trade to fulfill those predictions but use them to help me navigate the trade.
Investors and traders were afraid of what the stock market would do over the weekend due to an air strike in Syria. Myself included. I too was worried about the reaction on Monday. But there was no impact. The air strike ended on Saturday evening and as Trump said: “Mission accomplished” (we have heard this about Iraq once); the markets actually rallied. The S&P 500 futures opened more than 15 points up on Sunday and the market ended Monday trading 21 points up. Is there anything else coming on us we should be worried? I hope not. And if we are good now, no more Trump’s political escapades, no more wars, no other issues, then it will only be earnings season determining the next move. The banking earnings started lukewarm on Friday last week but today a few companies, reported good earnings. I hope this will continue and prop the market.
The second week of April was better and provided a good recovery from the lows. We brought in a nice income offsetting previous week loss. Our net liquidation value is still down due to open trades consuming it, although it recovered somewhat this week.
The stock market went down today on a fear of the US going into an air strike against Syria. Trump tweeted about nice, new, and smart missiles coming to Syria and Russians if they keep supporting Syria. Again, Trump opened his big mouth and the market reacted on his blabbing. Not facts, just his tweets. However, it was surprising to see that investors and traders didn’t over react on those “news” and the market remained relatively calm. The loss was only about 5 points. Then FOMC meeting notes were released and the market slid almost 15 points. Overall, it was still a quiet day.
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