Despite all the great set-ups, I was still recovering from the weekend and was too late to a few trades. RIMM and X would have been great shorts as both opened right below support levels and spent the day selling-off. As I mentioned in an earlier post, I was leaning towards a sell-off once the big boys returned but didn't expect it today after the strong opening. We should get some sort of retracement tomorrow as I think the sell-off was overdone and just a lot of short-term profit-taking after the gap open. That said, I'm going to be looking for opportunities to fade any strength as we move deeper into September. While I'm currently swinging some financials on the long side, the weakness in tech and energy/commodities does not leave many sectors for the bulls to hide in. Also, the Vix closed above its declining channel and looks to be headed back up.
ENER - There was some post-earnings support around 74.00. Once it gapped open below this level, I waited for a break of the OR low.
Bought @ 72.07 & 70.77, Puts
Sold @ 69.61 & 70.11
Profit - $1.50 average on Puts
SPWR - I picked up some calls in the last hour. This looks a bit oversold so I'm looking for a bounce back up to $93-94 early tomorrow morning.
Still holding ABK, VPHM, ICE and WM calls.
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