The bulls were back in victory lane last week as they managed to take the market higher despite the weakness in Financial stocks. The Dow ended Friday with a loss of 32 points and closed at 11,062 but finished the week 0.5% ahead. The S&P 500 added 2 points and settled at 1,176 while the Nasdaq was last seen at 2,468 after gaining 33 points, or 1.4%, on Friday. For the week, the S&P gained 0.9%, while Tech advanced a solid 2.8%.
Our short-term targets remain Dow 11,200; S&P 1,200; and Nasdaq 2,500 with a real shot at 2,600 if the bulls continue to run for the rest of the year.
We have busy week and here is what the landscape is looking like for us:
Today, we get industrial production numbers for September, while the National Association of Home Builders will issue its October Housing Market Index. As far as earnings, Apple (AAPL, $319.74, up $5.00) and VMware (VMW, $77.60, down $0.03) will report after the bell. Citigroup (C, $4.03, up $0.08), Halliburton (HAL, $35.84, up $0.76) and Hasbro (HAS, $45.10, down $0.87) are confessing this morning. (All quotes are from pre-market action and before the opening bell).
As a reminder, we will be releasing a trade at 10am this morning that hasn’t been on our Watch List. We have been following the company for a while but we are trying to get the best possible entry prices we can without tipping our hand.
We have updated all of the current trades and we are excited about our latest recommendation on a possible explosive situation. Subscribers, check the Members Area for the updates. We have also recorded a video for the trade that will be available to our course members who have purchased our option trading course, “How to Trade Options on Momentum Stocks”. Remember, if you order the course before the end of the month you will get a free 1-month membership (a $129 value) to our Members Area.