By Markus Heitkoetter
Going into Friday’s session stocks were headed for their worst week of the year. But stocks finished higher on Friday and snapped a 4 day losing streak.
The S&P closed 5 points higher and end the week at 2061.02. With Friday’s gain the S&P was able to creep back into positive territory for the year and is now up .1% YTD. In spite of Friday’s gain the S&P ended down 47 points or 2.2% for the week.
With a 34 point gain on Friday the DOW closed at 17712.66. But the DOW ended the week 415 points lower, down 2.3% with the worst weekly loss since January.
According to Bloomberg the S&P has gone 28 days since a 2 day rally. This is the longest the S&P has not seen back to back wins since 1994.
At the beginning of the week it looked like the NASDAQ was ready to make new all-time highs. But a 2.7% slide for the week brought the index lower with the worst weekly loss since October.
The upcoming week brings a close to March and the beginning of a new month of trading. Items on the economic calendar to watch are Wednesday’s ADP Non-Farm Employment change at 8:15am ET and ISM Manufacturing PMI at 10:00am. Trade Balance and Unemployment Claims will be released Thursday at 8:30am ET. But the biggie will be Friday’s Jobs Report at 8:30am ET.
Intel Corporation (INTC) made headlines last week after it was reported that they are in talks to acquire Altera (ALTR). The news sent both stocks soaring and INTC closed 6.38% higher.
A case for using profit targets…
INTC gave a PowerX Method Sell Signal on 9th Mar 2015. PowerX traders had an opportunity to take profits with an ADR Profit Target at $30.14 just 2 days before Friday’s rally.