Some Profit-Taking Ahead of Key Events: AAPL, GOOG, AMZN, PCLN, GS, NOV, V, MA, CRM, AGU, MNST, CSTR, LQDT
The market saw some profit-taking in the past couple of days.  Major indices were down on Monday.  But, they gained back some grounds on Tuesday.  Techs, however, was still weak and barely made into the green before Tuesday’s close.  AAPL has dropped about $20 during the past 2 days, ahead of its highly anticipated iPhone5 [...]

The market saw some profit-taking in the past couple of days.  Major indices were down on Monday.  But, they gained back some grounds on Tuesday.  Techs, however, was still weak and barely made into the green before Tuesday’s close.  AAPL has dropped about $20 during the past 2 days, ahead of its highly anticipated iPhone5 release on Wednesday.  GOOG, after reaching above $712 last week, retreated back to around $690.  AMZN also retreated from its new all-time high of $260.  PCLN was weak on Monday, but, bounced up $10 Tuesday. 

Financials were strong.  GS continued to glide up.  Both MA and V broke out.  V was testing its all-time high levels.  We raised more cash during the past few days.  NOV, which we held on to since mid-August, gave us a +110% profit.  V was a nice +128% gain in just a couple of days.  CRM scored an quick +119% overnight profit for us in the weekly 150 calls:

  • September 12, 2012
  • 08:34 | HappyTrading AGU ($103.80) Sold to Close 09C100 Sep 100 calls, at $4.25 +85%
  • 07:47 | Ecstatic Plays GMCR ($31.45) Sold to Close 09C30 Sep 30 calls, at $2.40 -11%
  • 07:12 | HappyTrading V ($132.80) Sold to Close 09C130 Sep 130 calls, at $3.60 +128%
  • 07:11 | HappyTrading CRM ($154.60) Sold to Close 0914C150 Sep 150 calls, at $5.15 +119%
  • 07:10 | Ecstatic Plays CRM ($154.60) Sold to Close 0914C150 Sep 150 calls, at $5.15 +119%
  • September 11, 2012
  • 12:44 | HappyTrading NOV ($82.90) Sold to Close 09C80 Sep 80 calls, at $3.40 +110%
  • 10:52 | HappyTrading NOV ($82.90) Sold to Close 09C80 Sep 80 calls, at $3.40 +110%
  • 07:54 | HappyTrading V ($131.85) Sold to Close 09C130 Sep 130 calls, at $2.99 +89%

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AAPL has been weak ahead of the iPhone5 release.  It was once again in the red for most of the day today, even after iPhone5 was released.  This was certainly highly manipulated!  Since the stock has gone up quite a bit, this time, AAPL sold off ahead of the news, which was expected.  But, the way that AAPL jumped more than $13 in the last 45 minutes of the trade was certainly manipulation.  The volumes on the weekly options (both calls and puts) were really high.  It was tempting to play these.  But, given the way that the stock was being manipulated today, it was safer to just sit back and watch.

While there were upside movers, there were also downside movers today.  MNST stumbled almost 10% today on news of senators looking to regulate energy drinks.  LQDT dropped 8.68% after the company said that its sales fell in August.  CSTR pulled back 4.23%.

The market overall has been very cautious so far this week.  Market indices have not moved much in the first 3 trading days.  We’ll look at the charts some other time.  This morning, Germany’s high court supported the latest euro-zone bailout plans.  AAPL’s iPhone5 has been released; although it is still difficult to say, AAPL did turn in a positive reaction (if you can count the pop in the last 45 minutes "positive").  Now, the market awaits for the Fed tomorrow, and so do we, as we are back into mostly cash.

Good night and HappyTrading! ™

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