I have a feeling now that the Fed rate hike madness seems to have faded slightly the fear-mongers will begin with the Brexit issue. In addition, we have the labor report on Friday to contend with as well. Last week was a pretty good week in tech land.
The Nasdaq finished up 164 points or 3.7%, the Dow was higher by 372 points or 2.1% and the S&P climbed 47 points or 2.3%. Despite the stellar performance on the week, the Nasdaq is still slightly in the red for the week. Our portfolio had a great week as most of the holdings in our jaysomaney.com model account ended the week much higher.
Google was higher by $26, Apple gained just under $5, Alibaba was up $2 and change, Baidu was up $15 and Netflix tacked on almost $11. Our 500 share of Netflix were called away at $100 per share as a result of my selling the weekly calls short the prior week, however I made 2 separate intra-week additions to July Netflix calls. Pretty much the same strategy I followed with Apple in anticipation of the shares being called away. Our put sale on AMZN expired with us just walking away with the cash however, the shares were not put on us since they ended higher than the strike. Cest la vie. We are extremely cash rich in the jaysomaney.com account (not the best use of the money given the current interest rate environment) at the moment and I am looking hard to find a home or homes for that money. Next week on the earnings front, we will have Workday and Tivo on Tuesday, BOX on Wednesday, CIEN, AMBA and AVGO on Thursday. I am long the last two in my hedge fund and most of the individually managed accounts.
Let's see if we get an opportunity to take a swing at a couple next week, good guy side or dark. Check the jaysomaney.com model to see exactly how outstanding our week was. I hope each and every one of you had an equally profitable week as the jaysomaney.com account did.
If you did, congrats, if not, don't fret it because there will always be plenty of opportunities going forward. Enjoy the rest of the Holiday weekend.