Wang's Happy Trading

What a volatile week! After last Friday’s slump, the market ended this week on a big jump and closed the week flat, with the Dow gaining +97.54 points, SPX essentially unchanged (-0.65, down less than a point), and Nasdaq losing 22.06 points.

Last weekend, I said,
“The market is again in a dangerous spot. SPX is threatening to start a new bearish formation while Nasdaq is being supported by its 30-day MA. SPX looks to be testing its supporting range of 1350-1360. It has broken below the 1375 support. Oil has just spiked up, but, I do believe that the near-term top is close. This could be the “one last burst” that I was looking for 2 weeks ago. A lot of times, when “seasons change” (money rotation happens), the market goes through wild swings. For the new week, we’ll still tread waters carefully and see how the market does early in the week. If the market rebounds, we should see the market try to establish a trading range. If the market continues to slide, we’ll have to be ready to play the down side.”

The market did slid in the beginning of the week, but, Friday’s surprising jump brought the market back into the trading range. Oil fluctuated throughout the week, but, ended the week down.

I played this week very cautiously, staying mostly in cash with tight tops, and did not make too many trades this week:
FSLR ($274.3)
HJQGA, July 300 calls, at $12.2, +8% (partially out)

GOOG ($571.3)
GOOGT, July 600 calls, at $15.3, +5.5% (partially out)

GS
GPYRL, June 160 puts, at $3.1, -41% (all out)

GS ($168.38)
GPYRL, June 160 puts, at $3.85, -36.8% (partially out)

LEH ($21.7)
LYHSX, July 22.5 put, at $4, +11.1%

AAPL ($180)
APVGR, July 190 calls, at $6.4, -40.7%

RIMM ($133)
RULFW, June 135 calls, at $2.8, -31.7%

QCOM ($47.8)
AAOGI, July 45 calls, at $4, +19% (all out)

DVN ($116)
DVNGC, July 115 calls, at $6.8, -26.9%

ENER ($63.2)
EQIGN, July 70 calls, $2.85, -41.8%

The trades left open were:
STLD ($39)
RQLGG, July 35 calls, at $5.1 (open)
Friday close: $5.5; unrealized gain/loss: +7.8%

GOOG ($568)
GOOGT, July 600 calls, at $14.5 (open, partially out)
Friday close: $14.9; unrealized gain/loss: +2.7%

FSLR ($270)
HJQGA, July 300 calls, at $11.3 (open, partially out)
Friday close: $12.2; unrealized gain/loss: +8%

FCX ($121.6)
FCXGY, July 120 calls, at $9.8 (open)
Friday close: $10.1; unrealized gain/loss: +3%

This market is still showing many mixed signals. We’ll take a closer look at the market tomorrow in my weekly Market Forecast.

Happy Father’s Day Weekend!
HappyTrading! ™