Markets started out the week falling. But, after testing SPX 1600 on Thursday afternoon, buyers came in. Friday’s jobs report was better than expected and stocks came roaring back and ended the week up! We locked in profits on most of our "down side" positions on Thursday morning and wrapped up a very nice week! We scored a +204% trade on CELG puts, in addition to DDD and SPY puts, which gave us +74% and +57% profits, respectively. Here are the closed trades for the week:
Internet stocks were very strong on Friday. GOOG and PCLN came back from Thursday’s low in a big way! GOOG traded down to $847 on Thursday and ended at nearly $880 on Friday, a $33 swing! PCLN sank to $787 on Thursday and popped to almost $820 on Friday, also a $33 turn-around! AMZN was on fire on Friday, shooting up more than $9!
Chinese internet stocks were strong as well. BIDU added nearly +4%; SINA climbed +3%; SOHU gained +4.05%. In the Trading Room, we traded BIDU June 97.5 calls which nearly tripled overnight:
HappyTrading June 7, 2013 6:53 AM
Chinese internets very strong. I bought BIDU jun 97.5 calls yesterday at $2.6! =)
rishi June 7, 2013 7:10 AM
Happy: Good Call on BIDU, I am also in it. However, exited early this am.
Buyers came back buying on Friday, but, it is hard to say whether this rally can continue. SPX did manage to close above 1640. We’ll have to take a closer look at everything tomorrow evening in my weekly Market Forecast. Stay tuned…
Enjoy your weekend and HappyTrading! ™