MomentumOptionsTrading.com Profit Alert (JOY) for 5/4/2012

11:10am (EST)

It’s time to lock-up another winner. We have been mentioning to our subscribers Joy Global (JOY, $67.19, down $1.40) was on the verge of dropping below $70 which has been solid near-term support.

The charts were spot on and we used some May put options to play the breakdown.

The May 65 puts (JOY120519P00065000, $1.20, up $0.30) are now up over 40% from our entry price but expire in 2 weeks. We could keep the trade open to squeeze more profits on a further drop but let’s cash this one out ahead of the weekend. This will be our 16^th straight closed winning trade since the beginning of April and the 40%gains came in just a week’s time.

The market is breaking down like a rented mule and we have plenty more juicy trades to play the downside.

We will be back in a couple hours with our midday update and we may have a New Trade so stay lock-and-loaded. Subscribers, check the Members Area for the update.

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MomentumOptionsTrading.com Profit Alert (JOY) for 5/4/2012

CFTC Disclosure: