After yesterday's late selling, the market dropped again. Even gold took a beating, down to $1715/ounce. We had already cashed out all of the longside trades earlier in the week and picked up trades for the downside. Yesterday, we picked up puts on FAS and WYNN; WYNN puts gave us an overnight +103% gain. Today, we jumped into AAPL puts and cashed out +164% profit in just 80 minutes!
- 09:47 | HappyTrading FAS ($58.80) Sold to Close 11060 Nov 60 put, at $2.63 +35%
- 09:46 | HappyTrading WYNN ($119.30) Sold to Close 11P125 Nov 125 put, at $5.70 +103%
The AAPL puts were played through our new service Ecstatic Plays (if you're unfamiliar with Ecstatic Plays, click HERE):
- 09:42 | Ecstatic Plays AAPL ($375.80) Sold to Close 11P380 Nov 380 put, at $5.85 +164%
- 08:22 | Ecstatic Plays AAPL ($381.30) Bought to Open 11P380 Nov 380 put, at $2.22
(to subscribe to our Premium Services, please visit our Services Page or CLICK HERE to watch a step-by-step instructional video)
In the Trading Room, we've been play puts for the past couple of days. Here are just some of the plays: CME, CMG, AMZN, SHLD, GOOG, MOS:
Wednesday
November 16, 2011 7:22 AM
CME
breaking down...
November 16, 2011 9:54 AM
CMG
slipping...
November 16, 2011 9:54 AM
CME
down 4%
November 16, 2011 10:12 AM
a lot of weak charts out there...
CMG
coming down...
November 16, 2011 10:16 AM
AMZN/AAPL
slipping...
November 16, 2011 10:34 AM
CME/CMG
still very weak...
November 16, 2011 12:04 PM
CME/CMG
continue to fall...
November 16, 2011 12:14 PM
CMG
big players cashing out on CMG... this could see $310 tomorrow... 320 puts were just $2.5, when I started talking about it today. now over $4
November 16, 2011 12:15 PM
CME
the 250 puts doubled in 3 hours.
November 16, 2011 12:33 PM
CMG
320 puts flying!!
Thursday
November 17, 2011 7:05 AM
SHLD
down big on earnings...
November 17, 2011 7:05 AM
AMZN
really weak...
November 17, 2011 7:08 AM
SHLD
cashing in on the 67.5 puts...
November 17, 2011 7:12 AM
CF
down 5%
November 17, 2011 7:45 AM
CME
250 puts were only $4.5 yesterday mid morning! (went up to $15.5 today)
November 17, 2011 8:02 AM
AMZN
210 puts flying; was in 215 puts this morning, but, took profits early...
November 17, 2011 8:26 AM
MOS
coming down fast!!
November 17, 2011 9:49 AM
locking in profits:
FAS +35%
WYNN +103%
AAPL +164% (in a little over 1 hour from Ecstatic Plays)
also took profits on GOOG, MOS, and AMZN
It was a "fun day" for our "happy" traders, as pitmlp "put" it:
pitmlp November 17, 2011 11:32 AM
What a fun day ...
(If you are following our published trades and you're not in the Trading Room, I'd would encourage you to consider subscribing to the Trading Room and join us in the real-time conversation. Even if you can't be in there all the time, coming into the Trading Room at any time can give you a pretty good picture of what's going on on the market.)
The Dow was down 134.86 points; SPX dropped 20.78 points; Nasdaq tumbled 51.62 points:
It was a sea of red! GDX (gold miners) stood out with a 4.05% decline. USO (oil) and GLD (gold) both went lower. OIH (oil services) dropped 3.82%. XME (metals and mining) lost 3.95%. SOXX (semiconductors) fell 3.99%. XLF (financials) actually did better than the other big sectors (*chuckles*), down just 1.97%.
SPX
SPX dropped 20.78 points to close at 1216.13, below the daily MAs. The MACD was down.
Nasdaq
Nasdaq tumbled 51.62 points to close at 2587.99. Its 10-day MA and MACD curved lower.
VIX popped above 36, which saw some resistance; and, came back down to close at 34.51. Although we had 2 consecutive down days, this downside may not be done. The market sentiment had turned quickly negative, after spending a whole month rising. During the past couple of weeks, we still saw breakouts on solid earnings. After the market, FMCN popped more than +14% on a stellar quarter.
Tomorrow is Friday and expiration day for November options. SPX 1200 is now the nearest support. We might see some bounces here and there as some stocks have dropped quite dramatically in the past couple of days. We're pretty much all in cash as we cashed out on our downside plays.
Good night and HappyTrading! ™
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