Weekly Wrap-Up

What a wild week we had! Started the first two days taking back some of the losses from prior weeks, and while the market was dead on Wednesday, on Thursday, we got such strong-downside action, the likes of which we haven’t seen in quite some time. Then to cap it off, the market looks like it is going to repeat the huge sell-off on Thursday, only for the bulls to come rallying back in the last hour, to put the market in the green for the day. It has been quite a while since I have seen a market, in one week, act as crazy as it did these past five days.

What was interesting, if you watched the S&P, was that the index managed to touch the 200-day moving average which caused a flurry of buying activity, allowing the market to regain its intraday losses and finish in the green. If you use candlesticks on your charts, as I do, you also noticed the bullish hammer, that was formed on the daily charts. I personally, would like to see the market rally back up to the low 1100’s in order that I can get into my short positions that I already have staked out (see my previous post for more on that).

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On the week, the S&P finished down 0.72%, while on the year it is down 4.39%. The Nasdaq on the week was surprisingly only down 0.29%, while on the year it is down 5.64%. Finally the Dow finished down 0.55% while on the year it remains down 3.99%. As for me and my portfolio, I am still treading water just above 0.5%. My trading has been minimal this year, as I have had very little opportunity to jump in on any major price swings downward. Hopefully this week the opportunity for me to finally initiate some new short positions will come to pass.