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Weekly Wrap 6/11/10: BHP, GLD, CLF

|Includes: BHP Billiton Limited (BHP), CLF, GLD

It was another very volatile week; no surprise there!  :-)  However, the way that the market closed the week was surprisingly strong!  We were positioned properly to take advantage of the market's strength because the charts indicated that the weakness on Wednesday may have been a shakeout.  We navigated through some pretty tough waters earlier in the week and finished with flying colors (well, mostly GR$$N).  We turned more bullish after the market bounced on Tuesday afternoon from testing the recent lows, and waited for the market to gained strength.  Our patience in the mining sector paid off.

Here are the closed trades, including a +105% gain on GLD calls and a +107% profit in BHP calls :

 June 11, 2010
10:59 | HappyTrading AKAM ($43.85) Sold to Close 06C42 Jun 42 calls, at $2.32 +16%
07:42 | HappyTrading BHP ($65.35) Sold to Close 06C60 Jun 60 calls, at $5.70 +97%
06:41 | HappyTrading CLF ($55.10) Sold to Close 06C50 Jun 50 calls, at $5.50 +29%

June 10, 2010
12:57 | HappyTrading CLF ($54.80) Sold to Close 06C50 Jun 50 calls, at $5.30 +25%
09:09 | HappyTrading GS ($132.80) Sold to Close 06P135 Jun 135 puts, at $5.10 +20%
07:01 | HappyTrading BHP ($65.68) Sold to Close 06C60 Jun 60 calls, at $6.00 +107%

June 08, 2010
12:31 | HappyTrading GLD ($120.80) Sold to Close 06C118 Jun 118 calls, at $3.65 +63%
11:55 | HappyTrading RIG ($46.00) Sold to Close 06P45 Jun 45 puts, at $2.20 -24%
08:43 | HappyTrading GLD ($121.72) Sold to Close 06C118 Jun 115 calls, at $4.25 +90%
07:12 | HappyTrading GLD ($122.12) Sold to Close 06C118 Jun 118 calls, at $4.60 +105%

June 07, 2010
10:36 | HappyTrading NFLX ($111.90) Sold to Close 06P105 Jun 105 puts, at $2.70 -29%
07:52 | HappyTrading GS ($141.30) Sold to Close 06C145 Jun 145 calls, at $2.70 -49%

Hope you're enjoying your weekend!  I'll be back tomorrow with my weekly Market Forecast.

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