Just posting some trades I made right before the close.

Bought UWM and went short the USO by buying June 100 puts.

I’m looking for a severe pullback in Crude. In these type of trades I’m right immediately then I get giddy with the profits, take them and move on, however, they end up being really nice if I just stay put. Like JOYG and DRYS more recently. Anyways, I see that type of trade setup in OIL/USO right now.

So if Crude prices drop, expect VLO and TSO to pop big and maybe MRO as well since they have a big refining business as well. CVX could get some action too on that.

*note I don’t know why this didn’t post yesterday.

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I’m hanging on to every long idea I have right now which includes the double beta index etfs and funds as well as QQQQ calls.

CSCO options went to shite as well as the MSFT ones.

New purchases in DAR and GU are doing fantastic today based on DAR’s great report. This was an additional position in DAR, on top of all my other DAR holdings.

CPST is also hugging the $3 zone.

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What a new title? Something different? Yeh I’ll try it.

What Worked Today:
Going short this morning with the indexes. Made a little bit of scratch there.

QQQQ puts - Got in the May 48s saw 11%, well my computer did, I was working out when the price action hit, but managed to sneeze out 2%.

I think the market is going down again tomorrow because we didn’t get much of a retest today. The market was curiously strong like that breath mint Altoids. If we get a gap down tomorrow, I’m a buyer. I’m a buyer of the dips period all week long, but I want it to get scary before buying calls.

What Sucked Today:
MSFT - Lost a little on the day. I tossed MSFT for a 4% loss. I don’t want to sit around and watch better opportunities go without me on board like my favorite stocks I’ve only caught a little bit of: JOYG, CLF, DRYS!!! That mother f’r hit 90.

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I’m in cash in my index trading account waiting for “red day.”

There is definitely a bull market trend happening and I want to be buyer of dips.

I see DRYS hit 91. Sold too early for sure.

I may be a call buyer in some of the names I I’ve been trading lately like XLF.

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Worked:
Being long the NDX and RUT. 6% for the NDX as it broke out to new highs. I’ve been riding this trend for months. Around 32% gain off the bottom for my index trading account. RUT did 3.9% for the the leveraged funds fans.

XLF calls - May 27s. Excellent action today in the XLF. I was in XLF earlier in the week, but didn’t forget to stay with it. 69% gain taken on intraday option trade! Now I was in the 28s earlier in the week, but opted this time for the 27’s. Both strikes had big moves.

IWM calls - These rocketed up today. Yesterday I was bitching because I didn’t see the move I expected to happen after the fed announcement, well today it hit and hit big enough. Sold the calls for 16% gain this afternoon.

Sucked:
Forgot to publish my midday update. It now shows up under the breakout chart/post.

DAR, CPST, other alternative energy related stocks because of OIL drop.

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I ended up covering my longs like I said I would yesterday. This run is far from over though. I’m waiting for a red close to get in. It could be a mistake. I’m notorious for selling early at this point, but if I have to buy at a higher price I’m buying at a higher price. If tomorrow is down in anyway, I want to get back onto the long side. Moreover, I’m a little concerned that tomorrow goes up more. We didn’t see window dressing yesterday, but we got some of it today and would not be shocked if it continued tomorrow just to shake out every last frigging bear that is hanging onto their bias by their last claw.

Did you see the INTC today? Semis are doing fantastic. I also profiled PHO over Clean Green Stocks and how its broken its weekly trend line and is quietly climbing. Also keep an eye on the emerging markets. They have all ripped and turned the corner also.

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Getting that upwards action I’ve been talking about for the last two weeks. Breaks of 720 in the RUT, breaks of 1400 SPX, DOW 13000 now. I’m long the indexes NDX and RUT and today is a big day or both and looks like there might be more up heading into the close. I may close up those positions and chalk up a great week.

Bought:
XLF May 27 calls this morning when XLF was trading around 26.7 @ .59

Sold:
IWM calls @ 1.74 for a 16% avg gain from my two buys. IWM calls came back strong with todays equally strong upwards price action.

XLF calls that I bought this morning @ 1 for a gain of 69.5% - Very nice. Yes I’m complimenting myself.

There seems to be strong movement in tech. Maybe rotation into that sector for the new quarter..who knows?

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Worked:
Nothing. Well the IWM calls worked great up until 2:45. However, I wasn’t home, so I wasn’t able to take advantage of the quick move. I thought we would get more than the upside we saw today. I held onto those IWM calls and actually tripled up my position.

Sucked:
Being long the indexes. RUT lost less than 1% while NDX lost about 1.6%.

Took my loss in JOYG calls of 30%. Also sold JOYG. I’m out of JOYG because of this dollar strengthening/commodities weakening short term trend that is in focus right now. JOYG will probably consolidate its new 52w highs before moving again. I could be wrong.

IWM -Went from being up about 40% to being down about 30%. I held onto to all my calls. Hoping this market gets a pop on “the fade the fed” trade as well as window dressing for the start of the month.

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It really sucked today that the market didn’t follow my expectations, but not much I can do about that. Market trend is still pointing up so thats where I’m staying. Long and frustrated.

Just waiting for the markets to break resistance at the SPX 1400 level, RUT around 725, etc.

EWZ and the rest of the Brazil stocks went nuts today. S&P ratings upgraded Brazil to investment grade causing massive short covering and a breakout on high volume.

If you’re not familiar with Brazil stocks, check out my Brazil Stocks list for some ideas.

Some interesting stocks here:
WDC, and VMW

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Worked:
Getting out of XLF calls options early this morning @ .30 with a 7% gain. I trimmed the XLF calls yesterday with a 35% gain. It was a good move because these calls flipped and closed down 13% from my buy point. They would be down even more tomorrow with C selling more stock for cash.

V - I got into Visa +VEP May 80 calls when I saw V trading up above its 50dma on the 10min chart. I got in @ 1.7 and sold at 2.45, some at 2.5, but mostly at 2.45. Look a 44% gain is nothing to sneeze at, but I knew this option was going to be in the money and this damn red bar caught me. Fuggin thing went above 80. These calls closed up 94% from my buy point and that was around 12pm. So yeh I’m a little pissed.

GLW calls - Corning came out with good earnings. I had a sweeeeet gain on the open when GLW gapped up to 27 which is resistance and typically GLW is not a mover of a stock. I should have known better and covered up near the open for around 35% overnight gains, but I didn’t. I hung and waited for an opportunity to get out. I got 11%. The important thing was the trade selection. It was right.

Sucked:
Being long the indexes. The split position lost a little less than 1%.

JOYG calls - These June 80 calls are down 36% from yesterday. Which blows, but I have time on my side. I won’t hesitate though to take a loss in these.

MSFT calls - Basically have been premium sucked dry. Down 93%. They are likely going to expire worthless unless I can salvage something out of them.

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I remained long overnight the indexes with the fed announcement tomorrow anything can happen.

I also bought IWM calls.

Dennis Gartman thinks the commodity bubble has popped for the next couple of months (6 maybe?).

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Worked:
Being long the indexes. The indexes yielded a little less than 1% gain today.

XLF - Back up. I sold a portion of the XLF calls to raise cash for a speculative call option trade in Glassworks - GLW.

GLW - Bought June 25’s. ITM @ 1.8 I just got a new tv so business must be good for them. They report tomorrow morning so we’ll now before the market opens if this was a good trade or not. There was swamping call volume over open interest in different strike prices.

Sucked:
Sold my WFR call position. Lost around 85%, but I sold them this morning before WFR dropped another 2% on the day. Kind of a good save.

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Bought JOYG and JOYG June 80 call options.

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MSFT - Options looked great had 35% in the bag. Decided to hang on. MISTAKE.

QQQQ - Call options were rocking. At least I trimmed some of the gains, but I plan on holding on through next week maybe up into expiration. I see new highs a coming.

Being long the indexes worked. My index trading account is at a new yearly high so I’m happy about that. Now I gotta prevent losing it.

We actually broke out today on the COMPX with good volume. Maybe some big money comes in and scoops up MSFT down 2 bucks. AXP rolled their earnings out and it popped big ah. Thats a large part of the Dow so theres hope we get more upside despite MSFT - which wasn’t that bad.

The SPX is setting up for a big pop. If it doesn’t happen tomorrow, it will likely happen next week. We have to clear todays highs, maybe bust 1400 above us.

Sucked:

WFR - A rushed trade. I didn’t need this one, but I’m lucky I went out to June, because their earnings report didn’t set the world on fire. I should’ve known better with solar currently out of favor ie pulling back a little bit.

Wish I would listen to myself more. TROW popped large after their earnings report. The chart told the tale way ahead of the news. Man TROW! I had that scouted out perfectly. Who else is talking about TROW?

MSFT - It worked today, but afterhours they layed an egg on their earnings report and my options will be decimated along the gains I had in the stock. A minor annoyance. Should recover quickly though. MSFT was showing tremendous relative strength. I’ll probably be shaken out though.

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Bought:
MSFT calls this morning @ .95 they are up about 30% on the day. Deciding to hold them.

WFR Jun 90’s @ 1.35 they report tonight.

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QQQQ calls from yesterday hit the 50% gain mark with todays rally/breakout in the compx. I sold about 30% of that position to raise cash for WFR trade.

Indexes look great.

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Worked:
Sticking with the longs.

QQQQ calls were good for 6% in the early action. In @ .82 out @ .87 (damn morning dip). About 10 minutes after I sold them, I saw that the market was going down, so I rebought the same QQQQ calls @ 1.02.

MSFT had a huge day today and I think it will get better. They report tomorrow after the bell and I’m expecting fireworks. I own MSFT stock, and want to buy some calls tomorrow.

EDEN - Up 4% on the trade.

Sucked:
YHOO calls. Sold for around a 50% loss.

Bought:
Rebought DAR.

I didn’t mention that I sold KOL yesterday for a gain of around 7%.

QLD - Bought some QLD this morning. I’m flat on the trade.

Sector notes:
The move in FXI has sparked the China stocks again. All the speculative names are really setting up.

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Worked:
Nothing really.

Sucked:
Indexes took a beating. Gotta have patience and discipline here. Loss of 4% for RUT and 2.6% for NDX. That bites. This is where discipline comes into play. I’m expecting a move this week. Maybe it comes on AAPL’s back tomorrow or MSFT’s either way the move up THIS week will need to eclipse todays open by Friday 4pm. Well it won’t really need to make that move, but I’m expecting that action.

Did you see DRYS? My May 80 calls that I bought a few days ago were up 288% from my buy point. The only thing is that I sold them early with a meager 47% gain. I knew when I sold them and posted about it that I sold too early and DRYS wasn’t done. However, I’d be a seller today or roll into calls further out.

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Bought:
QQQQ calls

Foolishly bought some YHOO calls. YHOO really is a widowmaker stock.

MSFT

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Bought:
EDEN - The agriculture stock you haven’t heard of yet.

Back into CPST again. It went above 3 and held.

Stayed in my index longs.

Chart reader on Fast Money profiled DRYS as a potential swing trade. StockRake readers know how much I love the stock and have been riding the recent move to breakoutdom since last month. I want to see it pull back some before I get on board again.

KOL - Continues to do well because Coal stocks are running. Have you SEEN JRCC? The thing is a rocket ship.

Being long worked today. The net difference between the RUT + NDX was positive.

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