While the market slumped this week, we had a week full of profits. We have been bearish on the market for the past 2 weeks and have been long on gold plays. This "long gold, short the market" trading theme paid off for us this week. In the beginning of the week, we closed off some lingering long plays and waited for the market to roll. Of course, as you probably already know, the market rolled over in a precipitous manner. We scored handsome profits on EOG, NFLX, and GLD, doubling on the original investments. NFLX, in particular, was a quick double in just 30 minutes with the sharp and quick market drop on Thursday. In our Trading Room, I told our "happy"traders:
May 6, 2010 12:39 PM
NFLX
sometimes, things just go your way. not surprised that it hit $7, surprised that it did so in 30 minutes! it should get there again soon.
As the market bounced back on Thursday, those NFLX May 95 puts came back down to around $3. But, our traders stayed patiently in with me. Sure enough, we were able to get that $7 again the next day; and, it was the day high! Here are the closed trades for the week (profits above +50% are highlighted):
May 07, 2010
12:42 | HappyTrading NFLX ($92.00) Sold to Close 05P95 May 95 puts, at $6.30 +80%
12:17 | HappyTrading NFLX ($90.50) Sold to Close 05P95 May 95 puts, at $7.00 +100%
May 06, 2010
11:54 | HappyTrading GS ($140.25) Sold to Close 05P140 May 140 puts, at $6.00 +8%
11:50 | HappyTrading GS ($140.25) Sold to Close 05P140 May 140 puts, at $6.25 +14%
11:48 | HappyTrading NFLX ($90.00) Sold to Close 05P95 May 95 puts, at $7.00 +100%
11:32 | HappyTrading GLD ($116.60) Sold to Close 05C113 May 113 calls, at $4.55 +133%
09:14 | HappyTrading MA ($234.00) Sold to Close 05P230 May 230 puts, at $5.30 +51%
08:29 | HappyTrading GLD ($116.20) Sold to Close 05C113 May 113 calls, at $4.00 +105%
08:10 | HappyTrading EOG ($101.00) Sold to Close 05C110 May 110 puts, at $9.70 +98%
08:00 | HappyTrading EOG ($101.55) Sold to Close 05P110 May 110 puts, at $9.10 +86%
06:51 | HappyTrading MA ($235.30) Sold to Close 05P230 May 230 puts, at $5.00 +43%
May 05, 2010
07:19 | HappyTrading FCX ($69.90) Sold to Close 05P70 May 70 puts, at $3.00 +11%
06:57 | HappyTrading FCX ($69.00) Sold to Close 05P70 May 70 puts, at $3.50 +30%
06:47 | HappyTrading GOLD ($81.70) Sold to Close 05C80 May 80 calls, at $4.10 +14%
May 04, 2010
09:28 | HappyTrading TSL ($24.70) Sold to Close 05C25 May 25 calls, at $1.30 -46%
May 03, 2010
09:29 | HappyTrading BP ($48.65) Sold to Close 05P50 May 50 puts, at $3.60 -8%
07:16 | HappyTrading ANR ($45.40) Sold to Close 05C55 May 55 calls, at $0.35 -78%
Hope you're enjoying your weekend! I'm watching Lakers vs Jazz in their 3rd playoff game as I'm typing this article out. I'll be back tomorrow with my weekly Market Forecast!
Good night and HappyTrading! ™ 
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