Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Weekly Wrap-Up 5/6/2011: GLD, AMZN, SLV, SPY

|Includes: AMZN, SPDR Gold Trust ETF (GLD), SLV, SPY

We came into this week looking for a pullback.  The broader market did take a breather, but, the commodities really took a tumble.  Silver really took a hit.  Gold shaved off a solid 5% as well.  The big surprise, at least to me, was how much oil fell back, closing the week just above $97/barrel!

The market was very volatile and we didn't published many trades.  Here are the closed trades:

07:37 | HappyTrading GLD ($146.60) Sold to Close 05P148 May 148 put, at $2.86 +48%
11:10 | HappyTrading GLD ($147.35) Sold to Close 05P148 May 148 put, at $2.50 +30%
09:02 | HappyTrading LVS ($42.65) Sold to Close 05C45 May 45 calls, at $0.50 -83%
07:38 | HappyTrading MCP ($71.30) Sold to Close 05C80 May 80 calls, at $1.60 -57%
07:06 | HappyTrading NFLX ($226.20) Sold to Close 05P225 May 225 put, at $6.80 +24%
07:44 | HappyTrading AMZN ($199.90) Sold to Close 05C195 May 195 calls, at $7.90 +36%

We did play downside plays in the Trading Room:
May 2, 2011 12:33 PM
SLV
falling fast!

May 2, 2011 12:39 PM
got on some SLV may 45 puts 2 hours ago; scalping some quick profits

May 3, 2011 10:35 AM
SLV
those 45 puts are $4.35

May 3, 2011 10:42 AM
SLV
plummeting!! $4.8 on those 45 puts

May 3, 2011 10:42 AM
SLV 45 puts
make that $5

(These May 45 puts went over $11 on Thursday and Friday and ended the week above $10.)

Frosty Muggs May 5, 2011 12:12 PM
SPY 136 weekly puts - 1/2 out at $2.50 from $0.80 +213%
Boo-yah!

billbigd May 5, 2011 12:19 PM
slv-down 11%, ZsL-up 22%. AGQ-down 20% HUGE WINNERs today for me

Frosty Muggs
May 5, 2011 12:27 PM
SPY 136 weekly puts - rest out at $2.80 from $0.80 +250%

VIX jumped this week and closed above 18 this week.  We'll go over things in more detail tomorrow in my Market Forecast for the coming week.  This quick pullback was exactly what the market needed.  But, now the question is, is it over?  Or, is it going to turn into a correction?

Please stay tuned...

Happy Saturday and HappyTrading! ™

Sign up for FREE membership!