Another interesting market session as the S&P and DOW closed well into the green, while the Nasdaq traded in the red all session, sometimes down over 1%. After a morning market fade, the blue chips found some footing and rallied, while Tech and the Nasdaq continued to drag and lag. The market finally performed a bit as expected, albeit in the morning, as the GAP up was faded, i added more puts, and was able to make some nice profits on WYNN and a small profit on BIDU puts. What i said last night:
Once the market showed signs of pushing back to the upside, i close d the puts. It does not mean i think we can't go lower, just means i am skittish holding puts for any long period of time with the S&P above the 50dma and the DOW showing strength. ZIllow reported a VERY strong Q after hours, but was taken to the woodshed during the day. If it can get over this momo/no-profit sell-off, i think it heads back over $110. PCLN will be one to watch in the morning as well. Here is my trading update as of the close: Have a GREAT evening! - JB