A fascinating week but challenging performance. This was a fabulous week for all those who were looking for bulls to set the tone, and bulls granted their wish. It was the largest weekly percentage gain for the Dow in nearly five years. Dow crossed 12,750 level, a level that I have been mentioning for long time and therefore I am bullish short term now. And in order for markets to turn bearish, it will take a lot of efforts. Gold slipped badly, but still above 900 mark. I think markets have discounted all the bad news and are now looking past beyond 6-9 months.
For the week the Dow, S&P, Russell and Nasdaq finished higher 4.3%, 4.3%, 4.8%, and 4.9% respectively but in such a massive rally, OPN, an income trader, suffered it’s rare weekly loss. Overall OPN is down nearly 2.75% but when I factor commissions, OPN is down nearly -4.0% for the month. 3 out of 4 portfolios are positive, but it’s one portfolio that has dragged everyone else with it. Interesting stuff.
As usually happens, markets may take a breather after expiration, but the weeks ahead are packed with earnings, so still expect turbulent times.
Profitable trading, OP
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