Last Thursday, in my evening article, I said, "We could see $1700 gold within a month!" Today, gold closed above $1700! We locked in more profits today, including a quick double on GLD calls and on YOKU puts:
- August 08, 2011
- 11:04 | HappyTrading GLD ($167.40) Sold to Close 08C162 Aug 162 calls, at $6.80 +94%
- 08:51 | HappyTrading GLD ($166.30) Sold to Close 08C162 Aug 162 calls, at $5.60 +60%
- 07:17 | HappyTrading YOKU ($25.60) Sold to Close 08P30 Aug 30 put, at $5.80 +87%
In the Trading Room, we traded faster trades on weekly puts:
August 8, 2011 7:07 AM
looks to go lower
August 8, 2011 7:46 AM
finally came down...
I'm trading some fast moving weekly puts... just took profits...
August 8, 2011 7:57 AM
really weak; should test $130
August 8, 2011 8:24 AM
August 8, 2011 8:28 AM
finding a rest just above 1160; next support is 1140 now, if 1160 breaks...
August 8, 2011 11:16 AM
120 weekly puts tripled from this morning.
August 8, 2011 11:17 AM
next support 1120
August 8, 2011 11:19 AM
August 8, 2011 11:27 AM
just went below 1120!!
Intraday, GS came all the way down to $112! AAPL closed at $353.21. NFLX was down 6%. GOOG almost filled the gap left by its recent earnings pop! This market is moving fast and we could really benefit from these moves. Opportunities are on both sides, although the downside trades have been much easier in the past 2 weeks. Gold has been running up fast and has seen some nice upside trades.
In this kind of market, you have to be nimble and be ready to trade both sides. Tomorrow, we'll hear from the Fed on interest rates. The market is oversold, but, it keeps on sliding lower. This is because people are liquidating their positions to raise cash and nobody seems to be willing to step in to be the first to buy the bottom. The market could use a bounce, but, will need some incentive. So, we'll see if the Fed can give potential buyers a push.
At the end of the day today, we are now back in mostly cash and will be ready tomorrow if the market bounces.
Good night and HappyTrading! ™