It’s "March Madness"!! The markets were very volatile this week! On one hand, stocks needed to consolidate after strong advances since the beginning of the year. On the other hand, markets were mulling over the prospect of taxing bank deposits in arriving at a bailout agreement for Cyprus. For us, we had a great trading week! We traded on both sides. On the long side, we traded AAPL calls more than a few times. On the downside, we found winners in puts on FAS and GS. Here are the closed trades for the week:
Investors were cautious with the financials last week, as the discussions went on over the bailout on Cyprus. FDX and ORCL both took sharp falls after their earnings reports, which pressured the broader market. However, surprisingly, dip-buyers were still buying. DSW is almost all the way back to its level before its Q4 miss. On Friday, FDX and UPS both bounced as well.
The broader market closed out the week only slightly lower. We’ll take a closer look at things tomorrow night in my weekly Market Forecast.
Happy Saturday and HappyTrading! ™