9:00am (EST)

The bears made it 5-in-a-row and 11-out-of-12 sessions as the market finished lower again on Thursday.  We have a lot to cover today so let’s go over the numbers real quick. 

The Dow gave back 156 points, or 1.2%, and closed at 12,442 while the S&P 500 fell 20 points, or 1.5%, to finish at 1,304.  The Nasdaq got walloped for 60 points, or 2.1%, and ended at 2,813.  These levels are within spitting distance of the exact targets we said to watch for in our Sunday night Weekly Wrap and in our Monday morning outlook.

We also reminded you in one of our updates yesterday the market could get a lift from FaceBook’s (FB) IPO debut which is why we took partial profits in 4 more put option trades yesterday.  We said this Sunday night as well so we have been preparing for a bounce and we stick to our trading plan. 

While Wall Street and the rest of the world gets excited about FaceBook’s stock, we will have to wait until the options list before we get a rise in our Levi’s.       

As far as our current option trades, we have 6 triple-digit winners we are nursing right now and 2 of them are up over 200%.  We have a 7th trade that is up 91%.  Needless to say, our subscribers are having a payday May!

Speaking of which, the May options chains expire today which could also bring some volatility but we are in good shape.  Even better, any countertrend rally will allow us to get into our next batch of trades at lower prices as we open new positions for July and August.

We have some great news to share in our afternoon update but for now, we have a lot more to talk about in our Members Area as we expect a busy and hectic day.  Be on the lookout for possible Profit Alerts this morning and New Trades if we see something we like. 

As we head to press, futures are showing a nice pop at the open just like we figured.  Dow futures are up 40 points to 12,453 while the S&P 500 futures are higher by 5 points to 1,306.  The Nasdaq 100 futures are advancing 4 points to 2,509.

Subscribers, pay close attention to our trade instructions and stay locked-and-loaded.