The market had a pretty good week. But, all of the gains were pretty much made on the first trading day of the year when good economic news from Europe and Asia boosted markets globally. Nevertheless, there some good trading to be picked throughout the week. We had a great week with all of the closed trades, except one minor loss, in the GR$$N:
We continue to do really well in our new service, Ecstatic Plays, getting intraday doubles, +108% on GS weeklies and +114% on NFLX (this would have been a +1000% trade if we had held on to it until Friday!) Our original Happy Trading trades are strong as well, scoring leasurely with +83% on UPS and +45%, intraday, with GS.
If you have been itching to get back into the market, this may be the time. The market has been gliding up: "the water is warm", so to speak.
On Thursday and Friday, I cautioned our members that the market may be a bit toppy:
January 5, 2012 12:15 PM
still can’t quite break 1280
January 6, 2012 7:25 AM
technicals a bit toppy…
Even though we had much-improved jobs data this week, with unemployment rate falling to 8.5%, the market was not ready to rally above SPX 1280. Some consolidation was needed, which we’ll take a closer look at on Sunday in my weekly Market Forecast.
If you want to look at some interesting stocks before then, take a look at the biotech sector. Some big movers included DNDN, MDVN, REGN, and BIIB.
Have a great weekend!
Good night and HappyTrading! ™