Well that went pretty much as expected (not all turnarounds go the way you wish!).
The Dow posted it's biggest loss in a month but still not at my 13,500 target which I set at 9:40 in chat: "Don’t forget, we are looking to hold 13,620 – we’re there now but in 10 minutes this (13,615) no longer qualifies as a spike we can ignore and we then have to pray we hold 13,600 or it’s back to 13,500 for sure."
While we held 13,550 for today, our failure to get back over 13,600 does not fill me with confidence!
Despite the declines we made few sales as our short-term virtual portfolio booked a gain for the day, indicating we are properly balanced to ride out the dip. Our $10KP took a 4% hit as our protective FWLT puts aren't protecting anything as that stock gained another .82 on the day.
| Description |
Cost Basis |
Opened |
Sale Price |
Closed |
Gain/Loss $ |
Gain/Loss % |
| 80 JUN 27.50 CSCO CALL (CYQFY) | $ 1,770.00 | 5/1/2007 | $ 1,999.00 | 6/5/2007 | $ 229.00 | 12.9 % |
| 10 JUN 500.00 GOOG CALL (GOPFO) | $ 15,010.00 | 5/29/2007 | $ 6,390.00 | 6/5/2007 | $ -8,620.00 | -57.4 % |
| 30 JUL 65.00 OSK CALL (OSKGM) | $ 160.00 | 5/11/2007 | $ 5,390.00 | 6/5/2007 | $ 5,230.00 | 3,268.8 % |
| 10 JUN 45.00 CHL CALL (CHLFI) | $ 1,010.00 | 5/30/2007 | $ 2,040.00 | 6/5/2007 | $ 1,030.00 | 102.0 % |
| 50 JUN 25.00 GLW CALL (GLWFE) | $ 1,110.00 | 5/16/2007 | $ 4,990.00 | 6/5/2007 | $ 3,880.00 | 349.5 % |
| 10 JUN 55.00 SNE CALL (SNEFK) | $ 1,510.00 | 5/16/2007 | $ 1,690.00 | 6/5/2007 | $ 180.00 | 11.9 % |
Oil dropped .60 for the day but not enough to make a difference as there was simply weakness across the board, other than Google, which finally forced us to buy back our caller, but we'll be picking up another one as we now have some major gains on our September $510s to protect.
The dollar fell below 82 and made a small EOD recovery ahead of an ECB rate decision and gold held flat at $675, indicating a possible top in metals as copper also had trouble at $350.
Congrats to the Happy Trading crowd who went in on Happy's great calls on CEO (5/31), FMCN (5/31), GLW (5/31), CRS (6/1), PCU (6/1), GOOG (6/1), OMC (6/1), DO (6/4), ISRG (6/4), GOOG (6/5) and FSLR (6/5) and congrats to Happy for going 11 for 12 in 4 choppy days (and PTR, the 12th is a July $140 pick that still has lots of time). The FSLR's were Happy's Trade of the day, a big winner in a down market:
Both Happy and I are pleased that the S&P held 1,530, which he calls "healthy venting" and I'm certainly not going to disagree with a man who's batting .916 for the week! We both expect some more pullback and will be watching our critical levels tomorrow and I'll post our big market chart then.
