Futures were rising throughout the night as we were doing some research but were significantly lower as Wall Street opened for business this morning. Although the market opened lower, the bulls are doing their best to end the week on a positive note. There is the possibility of a bounce because the day before Good Friday is normally bullish. However, the major averages appear to be struggling as we head into the second half of trading.
The Dow is down 28 points to 13,046 while the S&P is off by a point to 1,398. The Nasdaq is higher by a 12-pack and is at 3,080.
We were able to close our 60th winning trade this week which bring ours 2012 Track record to 60-13. We closed April put options on Schnitzer Steel Industries (SCHN, $38.27, down $0.90) for a 73% profit yesterday and we were going to take profits in another trade that is up triple-digits today.
Coming into the morning, one of our First Solar (FSLR, $20.63, down $1.10) put option trades was showing a gain of 114% but it is now up 171%. Shares have taken another turn for the worse and we have been calling for a drop to the mid-teens for this stock. Even better, the May put option trade we have on First Solar is up 120%.
We have raised the Hard Stops on both in case shares rebound but these two trades could be monster winners.
We also have a NEW TRADE we are releasing today so we have to cut it short. It is a “cheap” option play on a stock that we feel could be on the verge of a Tom Petty (Breakdown…). Subscribers, check the Members Area for the updates.
Special Note: We may do a small update on Friday morning even though the market is closed. The Unemployment Rate is due out and futures will be active which may provide clues on where the market opens on Monday. If we don’t do an update, then we will see you Sunday night with the Weekly Wrap. Until then, have a great weekend everyone and Happy Easter!