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Market Stuck in a Range: SPX, Nasdaq, GOOG, AAPL, FFIV, GLD, MOS, DECK, RIMM, AMGN, ONXX, TEVA, LLY

|Includes:AAPL, AMGN, BBRY, DECK, FFIV, GLD, Alphabet Inc. (GOOG), LLY, MOS, ONXX, TEVA

After Tuesday's slide, the market took a bigger fall on Wednesday.  We were pretty much in a neutral stance and was able to take advantage of the market's quick drop.  It was a busy Wednesday morning.  We jumped on puts, including playing GOOG, DECK, and AAPL for some quick trades:

December 14, 2011 6:37 AM
AAPL
coming down...

December 14, 2011 6:54 AM
DECK
sliding...


December 14, 2011 6:54 AM
FFIV
coming down...


December 14, 2011 8:37 AM
PCLN
down $20!!

GOOG
coming down...

December 14, 2011 8:39 AM
GOOG
got a nice trade on the puts...

December 14, 2011 8:48 AM
DECK
100 puts up big, but, no volume...


December 14, 2011 9:00 AM
AAPL
385 puts doubled in 2 hours!

For our Email Alerts, we also took in some good trades:

  • December 14, 2011
  • 09:14 | HappyTrading MOS ($46.80) Sold to Close 12P50 Dec 50 put, at $3.35 +34%
  • 08:45 | HappyTrading FFIV ($103.90) Sold to Close 12P105 Dec 105 put, at $2.45 +78%
  • 08:17 | HappyTrading FFIV ($104.40) Sold to Close 12P105 Dec 105 put, at $2.15 +68%
  • 08:16 | HappyTrading MOS ($46.90) Sold to Close 12P50 Dec 50 put, at $3.20 +28%
  • 06:36 | Ecstatic Plays GLD ($156.40) Sold to Close 12P160 Dec 160 put, at $4.00 +102%

Gold took a sharp fall this week, and we locked in an overnight double on GLD puts, +102% gain.  FFIV gave us a quick +78% profits, intraday.

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As discussed in the Trading Room, things went nowhere today.  The early strength quickly faded.

After the market, RIMM further disappointed investors with its latest quarterly report, with weak guidance.  RIMM shares fell 7% in after-hours trading.  I looked at the puts on RIMM before the close, but, did not think it was worth the risk, as the December 15 puts were already trading at $1.  RIMM was trading just above $14 at the time of this writing.

The Dow was up +45.33 points; SPX added +3.93 points; Nasdaq climbed +1.7 points:

OIH (oil services) was down 1.78%, as USO (oil) shed 1.45%.  Other big sectors were basically flat.  As noted in my Market Forecast this weekend, the housing sector is really strong.  HGX (housing) was up +1.61% today.

Even though the market continued to appear weak, VIX was weak as well.  VIX barely closed above 25 today.  Therefore, we can't discount the possibility of the market bouncing.  This market is still stuck in a wide range.  So, we are staying neutral and keeping lots of cash and take trades when we see the market making a big move.  One thing about a market in a range is that you have to pay extra attention to soft supports and resistances, as they could be the point at which the market makes a quick turn.  For now, SPX seems to find a support at 1210.

If you're looking for long-side trades, besides the housing sector, the health care sector did well today.  XLV (health care) was up +1.11% today.  AMGN was up +1.74%.  ONXX gained +3.77% and was selected to Goldman Sachs conviction list.  TEVA added +2.86% and LLY rose +2.95%.

Good night and HappyTrading! ™

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Stocks: GOOG, AAPL, FFIV, GLD, MOS, DECK, BBRY, AMGN, ONXX, TEVA, LLY