What a nice week we’ve had! We traded mostly on the upside as the market bounced. But, we also caught a couple nice trades on the downside as the market consolidate towards the end of the week. 100% of our closed trades were in the GR$$N:
- 11:15 | Ecstatic Plays AAPL ($415.70) Sold to Close 0503C415 May 415 calls, at $6.00 +22%
- 11:44 | HappyTrading SOHU ($50.50) Sold to Close 05C50 May 50 calls, at $2.60 +36%
- 06:53 | Ecstatic Plays PG ($77.85) Sold to Close 05P77.5 May 78 put, at $1.51 +28%
- 11:48 | HappyTrading CELG ($119.70) Sold to Close 05P120 May 120 put, at $4.10 +32%
- 09:52 | Ecstatic Plays PNC ($68.00) Sold to Close 05C67.5 May 68 calls, at $1.41 +57%
- 09:36 | HappyTrading CREE ($57.60) Sold to Close 05C55 May 55 calls, at $3.80 +9%
- 07:11 | Ecstatic Plays WYNN ($131.50) Sold to Close 05C130 May 130 calls, at $4.85 +43%
- 06:54 | HappyTrading HES ($70.10) Sold to Close 05C67.5 May 68 calls, at $3.45 +25%
- 06:44 | HappyTrading HES ($70.00) Sold to Close 05C67.5 May 68 calls, at $3.40 +23%
- 06:37 | HappyTrading BA ($92.40) Sold to Close 05C87.5 May 88 calls, at $5.10 +114%
- 09:50 | Ecstatic Plays WYNN ($129.00) Sold to Close 05C130 May 130 calls, at $3.50 +13%
- 09:34 | HappyTrading CREE ($57.87) Sold to Close 05C55 May 55 calls, at $4.90 +40%
- 07:46 | Ecstatic Plays GOOG ($814.20) Sold to Close 0426C810 Apr 719 calls, at $9.00 +34%
- 12:01 | Ecstatic Plays GOOG ($801.30) Sold to Close 0426C800 Apr 800 calls, at $8.10 +9%
BA provided us with a nice overnight +114% on its earnings. PNC and WYNN were solid trades. GOOG calls were a nice quick intraday play. We are making some good adjustments. We were not trading weekly options much any more. The high-speed programmed trading is making those trades very difficult. So, we are giving ourselves more time on the options, and the results have been very good. Much more patience is needed in the present market environment.
The bulls and bears are fighting it out here in this 50-SPX-point range (1540 to 1590). We have been zig-zagging up and down within this range all month. On Thursday, SPX tested 1590 again, but, still could not break through. More earnings are coming in next week. Friday’s stutter was not very encouraging. We take a closer look at the market on Sunday in my weekly Market Forecast.
Have a great weekend and HappyTrading! ™
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