Wang's Happy Trading

Last weekend, in my weekly Market Forecast, I said,
“This market is in the “danger zone”. I certainly don’t like seeing SPX pushing on its daily lower BB. The techs look much stronger, with Nasdaq’s MAs still holding their bullish formation. After rallying for 2 months from its March lows, the market finally took a break. For the new week, the market could be range-bound (SPX 1360-1420; Nasdaq 2400-2550). If we see strength in the financial sector, things could certainly look better. With the sharp drops last week, this market could need sometime to turn the momentum around. We’ll also continue to watch VIX. Having VIX below 18 would make me feel more comfortable. We are also seeing money being rotated. Techs are now looking better than the overall market.”

The financials showed a little more strength. Oil cooled off some and we saw more money being rotated into techs. VIX closed the week under 18! For the week, the Dow added 158.69 points; SPX gained +24.45 points; and Nasdaq jumped +77.99 points.

We had a pretty nice week. Here are the closed trades:
GOOG
GOPFQ, June 570 calls, at $24, +103% (all out)

FSLR ($260.3)
HJQFZ, June 270 calls, at $11, -30.3%

YGE ($20.8)
YGEFX, June 22.5 calls, at $1, -50%

GOOG ($584.6)
GOOFR, June 590 calls, at $15.5, +8.4%

UNP ($80.5)
UNPGP, July 80 calls, at $4.2, +10.5%

GOOG ($570)
GOPFQ, June 570 calls, at $19, +61% (more out)

IBM ($127.96)
IBMFE, June 125 calls, at $4.5, +12.5%

MOS ($121.7)
MOSFZ, June 120 calls, at $7.6, +26.7% (partially out)

MEE ($64.7)
MEEFM, June 65 calls, at $3.8, +18.8% (partially out)

MOS ($122.5)
MOSFZ, June 120 calls, at $8.2, +36.7% (all out)

MEE ($65.5)
MEEFM, June 65 calls, at $4.2, +31.2% (all out)

RIMM ($133.8)
RULFW, June 135 calls, at $5.5, +13.4% (partially out)

RIMM ($134.25)
RULFW, June 135 calls, at $5.7, +17.5% (more out)

GOOG ($558.65)
GOPFQ, June 570 calls, at $14, +18.6% (partially out)

RIMM ($135)
RULFW, June 135 calls, at $6, +23.7% (all out)

It would have been even better if it were for the “shake out” in the solars. On Thursday FSLR was down $21, and, on Friday, it opened up $21. What manipulations!! In any case, we got some pretty good trades and aced a bagger on GOOG.

There’s only 1 trade left open this week:
CNX ($97.13)
SDFGT, July 100 calls, at $6.5 (open)
Friday close: $6.5; unrealized gain/loss: +0%

Hope you’re enjoying your weekend. I’ll be back tomorrow with my Market Forecast for the new week.

Happy Saturday!
HappyTrading! ™