Nailed a couple of nice overnight baggers!
May 12, 2010
07:05 | Bagger Vance V ($87.20) Sold to Close V 052210 85 C May 85 calls, at $3.40 +70%
06:58 | Bagger Vance MA ($232.00) Sold to Close MA 052210 230 C May 230 calls, at $6.80 +100%
Interesting couple of days. If you went away last Wed and came back end of today, you see the markets are up from .3% to 1%. Pretty good for a week, right? Well, we did have last Thursday happen and it's glaring on the charts. Can we dismiss it altogether? It's too early to tell, but certainly the action this week may be giving us some clues. No doubt the euro solution has been applauded by the markets. Certainly specific trades like gold and silver are benefitting from the excitement, gold up strong again to a new alltime high. Bonds were off a bit but the VIX fell sharply again, closing near 25% (support). Markets were buoyed by good news from IBM, other techs and some financials. Expiration week is coming up, too. Today's breadth was fantastic, yet the volume was low...but hasn't that been the case for months? There are some gaps in the charts, specifically the VIX and SPX (see below).
Hit 'em straight!
Bagger
