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6/4/10 Weekly Wrap: JOYG, UAUA, OIH

|Includes: Joy Global Inc. (JOY), OIH, UAUA

Once again, the market was extremely volatile, going through big swings.  Just when it appeared to be ready to make a bounce, the latest jobs data turned the bulls away.  Treasuries, dollar, and gold went higher as investors ran for safety.  Nevertheless, we traded pretty well, following the market's movements.  We traded on both sides and found winners in both puts and calls, including a +116% on JOYG calls and a +54% on OIH puts:

June 04, 2010
09:03 | HappyTrading JOYG ($53.00) Sold to Close 06C50 Jun 50 calls, at $4.40 +19%
08:03 | HappyTrading UAUA ($21.84) Sold to Close 06C21 Jun 21 calls, at $1.60 +25%
07:13 | HappyTrading EOG ($109.20) Sold to Close 06C110 Jun 110 calls, at $3.50 +6%

June 03, 2010
12:38 | HappyTrading APOL ($52.70) Sold to Close 06P50 Jun 50 put, at $1.34 -28%
10:26 | HappyTrading UAUA ($22.00) Sold to Close 06C21 Jun 21 calls, at $1.71 +34%
06:36 | HappyTrading JOYG ($57.30) Sold to Close 06C50 Jun 50 calls, at $8.00 +116%

June 02, 2010
08:13 | HappyTrading OIH ($93.00) Sold to Close 06P89.1 Jun 89 put, at $2.90 +4%

June 01, 2010
12:48 | HappyTrading OIH ($90.00) Sold to Close 06P89.1 Jun 89 put, at $4.30 +54%
12:47 | HappyTrading NEM ($55.20) Sold to Close 05C55 Jun 55 calls, at $1.95 -7%

Take a look at this hourly chart on SPX for the week:

SPX tried twice to push above the 1100 mark, and even closed above 1100 on Thursday.  But, the big drop today, after the jobs data, took it down to the week's low, closing below 1080.

We'll take a closer look at the market and various sectors this weekend to determine where the market is heading, in my weekly Market Forecast and Sector Watch.

Have a wonderful weekend!

Good night and HappyTrading! ™



Disclosure: no positions