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Taking Profits On the Downside + $trong Month for February 2012: EOG, NFLX, CF, GMCR, FFIV, BIDU, AAPL, OVTI, GOOG, AMZN, NFLX     

The market took a sizable drop today with major market indices down about 1.5%.  We started trading puts yesterday.  Yesterday, we caught a quick +71% profit on CF.  Today we cashed out on NFLX with an overnight double:

  • March 06, 2012
  • 11:08 | HappyTrading EOG ($111.65) Sold to Close 03P110 Mar 110 puts, at $1.75 +13%
  • 07:31 | Ecstatic Plays NFLX ($107.40) Sold to Close 0309P110 Mar 110 puts, at $4.40 +95%
  • 07:23 | Ecstatic Plays NFLX ($107.10) Sold to Close 0309P110 Mar 110 puts, at $4.60 +104%
  • 07:20 | Ecstatic Plays NFLX ($107.40) Sold to Close 0309P110 Mar 110 puts, at $4.35 +92%
  • March 05, 2012
  • 07:53 | Ecstatic Plays CF ($178.75) Sold to Close 0309P180 Mar 180 puts, at $4.10 +71%

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We cleared most of our longside trades just in time.  As discussed in the Market Forecast on Sunday, we were looking for a quick pullback, which prepared us for trading the downside on Monday and Today.  The fall was powerful.  Commodity sectors were very weak.  Agriculture stocks dropped precipitously.  CF fell a whopping $20 in 2 days!

It feels about right to have a pullback, since January and February were so strong.  We wrapped up another fabulous month with most of our trades in profit.  Here are the closed trades for February, catching big winners on GMCR, BIDU, and FFIV:

  • 11:31 | HappyTrading V ($118.40) Sold to Close 03C120 Mar 120 calls, at $1.40 +9%
  • 07:36 | HappyTrading DNDN ($14.80) Sold to Close 03C15 Mar 15 calls, at $1.35 +8%
  • 07:32 | HappyTrading SNDK ($49.08) Sold to Close 03C48 Mar 48 calls, at $2.05 +8%
  • 08:52 | HappyTrading SLV ($33.15) Sold to Close 03C33 Mar 33 calls, at $1.13 +5%
  • 11:17 | HappyTrading CSTR ($58.50) Sold to Close 03C57.5 Mar 58 calls, at $2.58 +23%
  • 10:45 | HappyTrading CSTR ($58.80) Sold to Close 03C57.5 Mar 58 calls, at $2.80 +33%
  • 07:31 | HappyTrading SHLD ($55.00) Sold to Close 03C50 Mar 50 calls, at $7.60 +27%
  • 11:05 | HappyTrading LULU ($65.65) Sold to Close 02C65 Feb 65 calls, at $1.09 -43%
  • 11:26 | HappyTrading CTXS ($73.80) Sold to Close 02C72.5 Feb 73 calls, at $1.75 +17%
  • 07:14 | HappyTrading CTXS ($73.85) Sold to Close 02C72.5 Feb 73 calls, at $1.75 +17%
  • 09:53 | HappyTrading CLF ($71.80) Sold to Close 02C75 Feb 75 put, at $3.89 +30%
  • 10:15 | HappyTrading BIDU ($136.85) Sold to Close 02C135 Feb 135 calls, at $6.60 +18%
  • 07:09 | HappyTrading CROX ($20.00) Sold to Close 02C18 Feb 18 calls, at $2.05 +11%
  • 07:01 | HappyTrading SLV ($32.40) Sold to Close 02C33 Feb 33 calls, at $0.37 -63%
  • 11:19 | HappyTrading NFLX ($124.90) Sold to Close 0210P125 Feb 125 put, at $2.65 +13%
  • 08:43 | HappyTrading SLV ($33.00) Sold to Close 02C33 Feb 33 calls, at $0.73 -27%
  • 08:40 | HappyTrading NFLX ($123.80) Sold to Close 0210P125 Feb 125 put, at $3.40 +45%
  • 08:23 | HappyTrading CELG ($72.10) Sold to Close 02C72.5 Feb 73 calls, at $0.85 -73%
  • 07:42 | HappyTrading FFIV ($127.27) Sold to Close 0210C125 Feb 125 calls, at $3.20 +106%
  • 07:37 | HappyTrading DNDN ($16.25) Sold to Close 02C15 Feb 15 calls, at $1.80 +6%
  • 07:21 | HappyTrading VRTX ($37.50) Sold to Close 02C37 Feb 37 calls, at $1.45 -24%
  • 11:05 | HappyTrading FFIV ($124.65) Sold to Close 0210C125 Feb 125 calls, at $2.15 +39%
  • 07:11 | HappyTrading APC ($82.50) Sold to Close 02C82.5 Feb 83 calls, at $1.90 +6%
  • 07:01 | HappyTrading BIDU ($134.60) Sold to Close 0210C130 Feb 130 calls, at $5.75 +85%
  • 09:33 | HappyTrading GS ($113.50) Sold to Close 02C115 Feb 115 calls, at $2.31 +13%
  • 06:44 | HappyTrading GMCR ($66.20) Sold to Close 0203C55 Feb 55 calls, at $11.20 +220%
  • 06:42 | HappyTrading GMCR ($66.50) Sold to Close 0203C55 Feb 55 calls, at $11.50 +229%

There's much chatter today about AAPL's latest iPad, which is expected to be unveiled tomorrow.  AAPL fell as low as $516 this morning (from Friday's close of $545) before rallying up to close at $530.26.  Has AAPL pulled back enough to continue pushing higher with the new iPad?  Or, will investors sell on the news?  OVTI had an interesting pop today, up +8.4%, on an upgrade ahead of the iPad3 release.  Other stocks that may be affected are AMZN, NFLX, and perhaps even GOOG.  NFLX will likely move with AAPL, while AMZN could trade the opposite way. 

The market has fallen fast in the past couple of days.  It may not have much more to fall.  SPX 1340 has pretty strong support.  The 2900 level for Nasdaq has strong support as well.  If the market does take another leg down, it'll be fast, probably not lasting more than a few hours, as dip-buyers would surely come in.

So what now?  We could see some bounces tomorrow.  It'll likely be a mixed market, with some stocks bouncing and some stocks just pulling back more.  After a sharp drop like today's, things will likely need to consolidating.  There will probably be potential trades on both sides, but, things may be volatile.  This week is shaping up to be a very interesting week!

Good night and HappyTrading! ™

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  • AMGN/04P125
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