Saturday, December 4, 2010

Weekly Digest - Week of 11/29/10

Market Performance
Sector Performance

Markets saw a lot of movement last week as the bulls finally claimed the 1200 price level.  Week started with some weakness losing approximately -1% between Monday and Tuesday.  Market moved a bit quicker than I expected, as I thought that weakness would happen during the whole week and not just the first two days.  Bears never broke the 1173 level and that is when the bulls took over.  Market action resembled the market on 9/1/10 as the bears were trying to break through 1043 level.  Bears couldn't break through the 1043 level and the market went up three days in a row then moved to a two month rally. 

Currency pairs found a lot of movement as they went down and hit support and quickly bounced back to resistance.  Their movement should be interesting in the upcoming week. 

Market has moved from undecided to back in the bulls favor as long as they hold the 1200 level.

This week I entered into LOW long position which I still currently hold. I also sold NFLX 180 puts which I closed out on Friday for an easy profit.  Will hold LOW until I can see some weakness come out of it. 

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