Locking In Profits! SPX, Nasdaq, CLF, GOOG, V, UPS, YOKU, POT, CF, MOS, AGU, DELL, BHP, NFLX, APKT, FNSR

Feb. 15, 2011 10:45 PM ETCLF, GOOG, V, UPS, YOKU, NTR, CF, MOS, DELL-OLD, BHP, NFLX, APKT, FNSR
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Right off the bat, the market was on the weak side today, as we observed hints of the profit-taking:
February 15, 2011 7:15 AM
VIX back above 16+, market in profit-taking mode, but, hard to say if the dip-buyers won't come in..

Between yesterday and today, we locked in a lot of profits, just in time for the market's little pullback:

  • February 15, 2011
  • 06:56 | HappyTrading CLF ($93.00) Sold to Close 02C90 Feb 90 calls, at $4.10 +55%
  • 06:55 | HappyTrading GOOG ($629.50) Sold to Close 02C625 Feb 625 calls, at $7.50 +29%
  • February 14, 2011
  • 12:17 | HappyTrading V ($75.85) Sold to Close 02C75 Feb 75 calls, at $1.55 +35%
  • 11:54 | HappyTrading V ($76.50) Sold to Close 02C75 Feb 75 calls, at $2.00 +74%
  • 11:52 | HappyTrading CLF ($92.45) Sold to Close 02C90 Feb 90 calls, at $3.80 +43%
  • 07:36 | HappyTrading UPS ($75.00) Sold to Close 02C72.5 Feb 73 calls, at $2.60 +14%

(Click HERE to find out more about our published trades)

In the Trading Room, we were also very active.  Yesterday, I called out YOKU as a potential big mover:
February 14, 2011 7:39 AM
YOKU
has a lot of catching up to do to the rest of the Chinese internets...

SINA, SOHU, BIDU, NTES, SNDA, CYOU have all soared to new heights (at least multi-year highs)!  YOKU, although a relatively new IPO, has been lagging.  Today, YOKU popped more than +10%!  Its Feb 30 calls were up +300% today! (By the way, SNDA still has more room to pop higher)

This morning, I mentioned that the agriculture stocks (AGs) were very weak:
February 15, 2011 7:08 AM
AGs
really weak...

and, an hour later, pointed out that POT was about to come down:
February 15, 2011 8:18 AM
POT
coming down... $185 not holding...

In the next 90 minutes, POT dropped $3 to just below $182, and the 185 puts more than doubled from $2 to a day high of $4.4!
February 15, 2011 9:46 AM
POT
185 puts doubled from $2 to $4

After the market, DELL reported a strong quarter with sales that more than doubled.  Its shares went up +5.75% in after-hours.  BHP also delivered a solid quarter with revenue rising +39%.  However, its shares traded down 1.12% this evening.

The Dow was down 41.55 points; SPX fell 4.31 points; Nasdaq lost 12.83 points:

SOXX (semiconductors) fell 1.08%.  USO (oil) and OIH (oil services) were slightly in the red.  GLD (gold) and SLV (silver) traded higher.  JJC (copper), however, fell 2.21%.  MOO (agriculture) pulled back 2.25%.  FXI (Chinese ADRs) closed in the red again.

SPX

SPX fell 4.31 points to close at 1328.01.  Its daily MAs glided up, but, the MACD slid.

Nasdaq

Nasdaq dropped 12.83 points to close at 2804.35, still above 2800.  Its MACD flattened.

After some pretty sharp falls, Asian markets are recovering tonight.  China, Hong Kong, Taiwan, and Japan are all up!  The US market has yet to take a real pullback.  However, VIX did pop above 16 today.  Time to be a little more careful.  This is why we've been locking our profits on the long side.  Dip-buyers did still come in today in the afternoon.  SPX ended down only 4 points!  There was some quick profit-taking in the techs today.  High-flyers such as NFLX, APKT, and FNSR were all down today.  We'll see if DELL's earnings can bring buyers into techs tomorrow.  It doesn't hurt to hold some cash until the market decides which why to go next.

Good night and HappyTrading! ™ (click to see our Facebook Page)



Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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