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MyHappyTrading
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MyHappyTradingTM is a social network site with a focus on the global financial markets. It is an online community where you can share your thoughts and your investment/trade ideas with the community and the network that you build. Our Basic Membership is FREE. MyHappyTradingTM provides you the... More
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  • Goldman Pulls Market Down!  0 comments
    Apr 16, 2010 7:39 PM | about stocks: BAC, GS, FAS, BIDU, ISRG, CREE, FFIV

    It was a crazy day today.  As discussed last night in my article, we were expecting a pullback from the market.  BAC reported better-than-expected earnings, but, it was an "non-event".  At around 10:30am ET, GS was charged by SEC with fraud.  But, even before that announcement, the market was on the weak side.  In the Trading Room, we started looking for shortside plays right from the beginning:

    April 16, 2010 6:59 AM
    FAS
    dropping fast; 115 puts opened under $1 this morning... now almost $3...

    April 16, 2010 7:05 AM
    BIDU
    hawking 640 puts...

    ISRG
    hawking 370 puts if it picks up momentum on the downside...

    Because of the nature of the expiration day, these trades moved very fast and were difficult to publish.  All 3 of these puts did very well as these 3 stocks all closed about $10 under the respective strikes.

    One of our traders Frosty Muggs, hit a big trade on GS.  Frosty bought GS Apr 175 puts at market open, at just $0.02, turning $40 to $31,000!!
    Frosty Muggs April 16, 2010 7:48 AM
    GS - I quadrupled down on the Apr 175 puts this morning at $0.02. Yes that's 2 freaking cents!

    I just dumped half at $3.00

    Frosty Muggs April 16, 2010 9:19 AM
    at $0.02, I only put $40 in it.

    $40 is now worth $31k hee hee.

    Great trade, Frosty!  Congrats!

    Here are our official closed trades for the week:
    April 16, 2010
    10:25 | HappyTrading RIG ($86.38) Sold to Close 05C85 May 4 calls, at $4.00 -15%
    09:11 | HappyTrading AIG ($41.15) Sold to Close 05C40 May 40 calls, at $4.10 +4%

    April 14, 2010
    08:35 | HappyTrading FFIV ($66.70) Sold to Close 04C60 Apr 60 calls, at $6.80 +74%
    06:58 | HappyTrading GS ($184.60) Sold to Close 04C180 Apr 180 calls, at $4.95 +107%

    April 12, 2010
    11:25 | HappyTrading CREE ($79.50) Sold to Close 04C75 Apr 75 calls, at $4.70 +42%
    07:28 | HappyTrading CREE ($80.20) Sold to Close 04C75 Apr 75 calls, at $5.40 +64%

    Ironically, we booked a +107% on GS earlier in the week off of JPM's earnings!

    I'll be back on Sunday with my weekly Market Forecast.  Have a great weekend, everyone!

    Good night and HappyTrading! ™

    Stocks: BAC, GS, FAS, BIDU, ISRG, CREE, FFIV
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