It was another down day on the market, and we raked in more profits! In my Market Forecast last night, we discussed SPX 1200 as the immediate support. Right after the market opened, SPX sank below 1200. So, we knew the market was going lower. In the Trading Room, the first thing I said today was:
November 21, 2011 6:53 AM
good morning!
market
looks to go lower...
We traded weekly puts on WYNN and AAPL, which were both doubles:
November 21, 2011 7:09 AM
AAPL
I kept a small position on the weekly 370 puts from Friday, taking profits now, more than doubled...
November 21, 2011 7:10 AM
WYNN
could test 110 soon... (WYNN's day low was $110.09)
November 21, 2011 10:52 AM
WYNN
115 weekly puts also doubled!
We also went ahead and published trades on weekly puts on SINA and NFLX. SINA puts scored as high as +132% (near day high) and NFLX puts brought in +56% gain:
- 11:07 | Ecstatic Plays NFLX ($73.45) Sold to Close 1125P75 Nov 75 put, at $3.15 +56%
- 10:40 | HappyTrading SINA ($64.00) Sold to Close 1125P70 Nov 70 put, at $6.60 +132%
- 10:38 | HappyTrading SINA ($64.80) Sold to Close 1125P70 Nov 70 put, at $6.00 +111%
- 10:36 | HappyTrading SINA ($65.00) Sold to Close 1125P70 Nov 70 put, at $5.50 +93%
- 10:32 | HappyTrading SINA ($65.60) Sold to Close 1125P70 Nov 70 put, at $5.00 +75%
- 09:52 | Ecstatic Plays NFLX ($74.00) Sold to Close 1125P75 Nov 75 put, at $2.90 +44%
- 07:39 | Ecstatic Plays NFLX ($75.70) Bought to Open 1125P75 Nov 75 put, at $2.02
- 07:07 | HappyTrading SINA ($69.50) Bought to Open 1125P70 Nov 70 put, at $2.85
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Our timing on cashing out these intraday profits were just right, as I alerted members in the Trading Room some buyers were coming in:
November 21, 2011 11:03 AM
market
there are buyers between 1185 and 1190...
and, we wrapped things up to stay in cash and enjoy the day:
November 21, 2011 11:23 AM
good timing on the exits... let's just call it the day and enjoy the money that we made!
Have a great evening everyone!
There was a couple of big movers that I want to just quickly mention:
1) VRUS +84.59% on a $11 billion buyout deal from GILD
2) FMCN down 39.49% on charges by Muddy Waters for overstating the number of screens in its LCD advertising display network by about 50 percent (just as a note, Muddy Waters is a short-selling firm and profits from this kind of big downside moves)
Good night and HappyTrading! ™
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