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After a 3-day rally that started on Friday last week, the markets took a breather today. There were big earnings moves and some rotation seems to be happening. This morning, AMGN tumbled almost 7% after missing its earnings estimates. Biotechs have been really strong, making continuous new-highs. AMGN’s miss seemed to have triggered some profit-taking, sending high-flying biotech stocks on a pullback. BIIB dropped more than 3%; CELG fell 6.13%; ONXX gave back 4.22%; GILD stumbled 5.18%; ALXN slid 2.68%; MDVN was down 4.28%.

On the other hand, materials bounced. Gold traded higher and commodity stocks bounced. Agriculture stocks finally found some buyers to step in. CF jumped +4.27%. IOC was breaking out and added almost +5%. Gold and coal miners were mostly higher.

We had a nice couple of days of trading, continuing from last week. On Monday, we took a quick trade on GOOG calls that gave us a $3 profit intraday. Today, BA jumped in the morning after delivering a strong quarter. We booked a nice overnight +114% profit! PNC has been strong among the financials; we locked in the gains there at +57%:

  • 11:48 | HappyTrading CELG ($119.70) Sold to Close 05P120 May 120 put, at $4.10 +32%
  • 09:52 | Ecstatic Plays PNC ($68.00) Sold to Close 05C67.5 May 68 calls, at $1.41 +57%
  • 09:36 | HappyTrading CREE ($57.60) Sold to Close 05C55 May 55 calls, at $3.80 +9%
  • 07:11 | Ecstatic Plays WYNN ($131.50) Sold to Close 05C130 May 130 calls, at $4.85 +43%
  • 06:54 | HappyTrading HES ($70.10) Sold to Close 05C67.5 May 68 calls, at $3.45 +25%
  • 06:44 | HappyTrading HES ($70.00) Sold to Close 05C67.5 May 68 calls, at $3.40 +23%
  • 06:37 | HappyTrading BA ($92.40) Sold to Close 05C87.5 May 88 calls, at $5.10 +114%
  • 09:50 | Ecstatic Plays WYNN ($129.00) Sold to Close 05C130 May 130 calls, at $3.50 +13%
  • 09:34 | HappyTrading CREE ($57.87) Sold to Close 05C55 May 55 calls, at $4.90 +40%
  • 07:46 | Ecstatic Plays GOOG ($814.20) Sold to Close 0426C810 Apr 719 calls, at $9.00 +34%

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We have been trading less weekly options. The high-speed computer trading seems to be attacking weekly options. We will only be trading weekly options on news-driven events when the volume is very high. This change has been helping our results quite a bit these past few weeks. The high-speed programmed trading creates a lot of intraday volatility. It is better to trade slower now and allow some time for our trades to hit our targets. To find out more about how I identify our trades, you can read my recently published book! You’ll get a FREE 2-week trial on any one of our services, if you buy my book for just $9.99. You can get my book on Kindle (CLICK HERE) or on Smashwords (CLICK HERE). Smashwords offers all formats different from Kindle. After you’ve purchased my book, just send an email to (or click on the "Contact Us" link on the bottom of this page) and ask for a 2-week free trial of the service that you want. Please include a copy of your book purchase receipt.

After the market, CTXS tumbled 11% after giving a disappointing forecast. This came as no surprised as INFY and IBM also missed badly. Last week we booked a near-triple on CTXS puts off of IBM earnings. AKAM vaulted nearly +18% after reporting a strong quarter, gaining back more than what it lost after last quarter’s earnings!

This market seems to be consolidating here at SPX 1580. We may see some sideways trading in the next couple of days. It would be healthy to see some sector rotation. Biotechs have been getting most of the attention from buyers. We’ll see if they bounce tomorrow. Techs seem to be mixed now with weakness in business software. It’ll be good to see some rotation into commodities to balance things out a bit. We’ll be watching energy stocks.

Good night and HappyTrading! ™

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