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A Quick Double On AAPL Calls! AAPL, GOOG, NFLX, AMAT, POT

|Includes: Apple Inc. (AAPL), AMAT, GOOG, NFLX, NTR

Yesterday, I said that we got out of our downside trades and got into longside trades.  Today, we locked in more profits, including an overnight +113% gain on AAPL weekly 370 calls:

  • August 24, 2011
  • 07:56 | HappyTrading POT ($54.50) Sold to Close 09C55 Sep 55 calls, at $2.21 +26%
  • 07:49 | HappyTrading POT ($55.14) Sold to Close 09C55 Sep 55 calls, at $2.46 +41%
  • 06:45 | HappyTrading AAPL ($376.60) Sold to Close 0826C370 Aug 370 calls, at $8.50 +113%

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This market bounce is pretty strong, and the market closed at day high today.  Pretty impressive.  Still, the market is very volatile.  So, we are being careful and are back to mostly cash.

Gold and silver continued to sink.  Gold quickly went from above $1900 to $1760, in just 2 days!

Since we already reviewed the market movements yesterday, I'm just going to do a quick write-up today.  Let's quickly look at the SPX:

SPX

SPX added +15.25 points to close at 1177.6, above its 10-day MA.  The MACD went higher.

Closing above the 10-day MA is certainly a positive development.  The MACD is about to get a new bullish crossover.  1200, as discussed last night, still remains the resistance.  Mining and energy stocks were muted today, although the financials picked up the slack.  To break above SPX 1200, the market will need all of its big sectors running, especially the commodity sectors.  After the market, AMAT reported a strong quarter, but, the guidance was light.  AMAT shares were down more than 5% in after-hours.

There are a lot of good trading opportunities in the market right now.  In the Trading Room today, we traded GOOG weekly calls and NFLX weekly puts and made some nice quick profits within the first hour of trading:

August 24, 2011 7:41 AM
GOOG 525 weekly calls
got $9.5; day high so far $9.7; really good scalp in just 45 minutes...


August 24, 2011 8:05 AM
NFLX
made another quick scalp on weekly 210 puts; day high $4.6

This market still has room to run higher before Bernanke's speech on Friday.  We'll have to see how the jobless claims numbers come in tomorrow morning.

Good night and HappyTrading! ™

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