October 20, 2012 at 01:47 AM EDT
Nice Week In A Volatile Market! LULU, CF, CLF, APOL, C, AIG, GOOG, AAPL, PCLN, CMG
Yesterday (Thursday), the market pushed above 1460, and looking to break higher.  Then, "someone" published GOOG’s earnings early and torpedoed the market.  Coincidence?  Hmmm…  Suspicious to say the least!  Well, GOOG dropped immediately from a $760 open to below $690 before bouncing a little.  By the end of the day, the tone on the market [...]

Yesterday (Thursday), the market pushed above 1460, and looking to break higher.  Then, "someone" published GOOG’s earnings early and torpedoed the market.  Coincidence?  Hmmm…  Suspicious to say the least!  Well, GOOG dropped immediately from a $760 open to below $690 before bouncing a little.  By the end of the day, the tone on the market had changed.  Momentum took care of GOOG today, falling as low as $672 before bouncing.  AAPL continued to sink closing just below $610 (that’s from a recent high of $705)!  Other high-flyers tumbled also, including PCLN (down $21.88) and CMG (down a whopping 15%)!

Techs led the decline, including biotechs!  Gold/silver also fell, as fund managers scrambled to raise cash.  Hopefully, most of our members already did on Wednesday and Thursday, as I made the call in the Trading Room:
October 18, 2012 7:30 AM
market
very volatile… keep lots of cash…

Well, we jumped on the downside trade today.  After 30-minutes into the trading, we were looking for the market to head lower.  We got some nice intraday trades on LULU and CF puts, both scoring over +60% profit in just a couple of hours.  Of course, we cashed out on some nice trades on the longside as well earlier in the week, in addition to an earnings "downside" play on APOL for a +195% overnight profit.  Here are the closed trades for the week:

  • 11:00 | HappyTrading CF ($206.80) Sold to Close 1026P210 Oct 210 put, at $4.85 +47%
  • 10:46 | Ecstatic Plays LULU ($69.00) Sold to Close 1020P72.5 Nov 73 put, at $3.85 +65%
  • 08:25 | HappyTrading CF ($206.00) Sold to Close 1026P210 Oct 210 put, at $5.30 +61%
  • 08:12 | HappyTrading NFLX ($66.00) Sold to Close 11C67.5 Nov 68 calls, at $5.80 -12%
  • 08:00 | Ecstatic Plays WLT ($39.00) Sold to Close 11C40 Nov 40 calls, at $2.22 -26%
  • 12:07 | Ecstatic Plays AAPL ($630.50) Sold to Close 10P635 Oct 635 put, at $6.30 +17%
  • 10:57 | HappyTrading NOV ($81.80) Sold to Close 11C80 Nov 80 calls, at $3.75 +17%
  • 09:32 | Ecstatic Plays FDO ($66.00) Sold to Close 10P67.5 Oct 68 put, at $1.50 +36%
  • 10:57 | HappyTrading AIG ($36.65) Sold to Close 11C35 Nov 35 calls, at $2.13 +27%
  • 08:53 | HappyTrading CLF ($45.15) Sold to Close 11C42 Nov 42 calls, at $4.50 +61%
  • 07:27 | Ecstatic Plays APOL ($22.80) Sold to Close 10P28 Oct 28 put, at $5.20 +195%
  • 12:54 | HappyTrading CLF ($44.00) Sold to Close 11C42 Nov 42 calls, at $3.80 +36%
  • 09:27 | Ecstatic Plays FSLR ($23.90) Sold to Close 10C23 Oct 23 calls, at $1.20 +25%
  • 09:02 | HappyTrading AIG ($36.85) Sold to Close 11C35 Nov 35 calls, at $2.28 +36%
  • 07:57 | Bagger Vance AAPL ($639.00) Sold to Close 10C630 Oct 630 calls, at $12.40 +32%
  • 07:13 | Ecstatic Plays C ($37.30) Sold to Close 10C35 Oct 35 calls, at $2.32 +78%
  • 07:09 | HappyTrading TSO ($38.30) Sold to Close 10P38 Oct 38 put, at $0.52 -59%

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For the market, today’s heavy selling basically erased the gains from earlier in the week.  More earnings reports will come in next week, including some big bellwethers, which we’ll take a closer look at on Sunday in my weekly Market Forecast and Sector Watch.

Have a wonderful weekend, everyone!

Good night and HappyTrading! ™

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