It was another volatile week. Stocks tumbled during the first 3 days of trading, hitting an intraday low of 1820.66 on Wednesday before bouncing back. But, by Friday's close, SPX was back up to test 1890!
Things once again went according to my weekly Market Forecast. Last weekend, I wrote,
" Financials will be very important, especially their earnings. Biotechs could see more selling to catch up to the broader market. Below 1900, SPX has support at 1880. Nasdaq has support at 4240."
On Monday, the market fought to keep above 1880, but, failed. On Tuesday, buyers tried again to keep that support. But, earnings from WFC and JPM were not good enough. On Wednesday, stocks experienced a bit of "free falling", dropping nearly 50 points to 1820 before bouncing! On Friday, MS's report was better and stocks rebounded, with both SPX and Nasdaq closing above their respective support levels.
We had a mixed week, with TSO calls giving us profits as high as +138.71%:
| CLVS Options Sell to close 20.00 (6.49%) of CLVS Nov 22 2014 Call 45.0 at 6.50000 | 4.84% ($600.00) Profit |
| SCTY Options Sell to close 5.00 (1.57%) of SCTY Nov 22 2014 Call 48.0 at 6.00000 | 15.38% ($400.00) Profit |
| SCTY Options Sell to close 5.00 (2.09%) of SCTY Nov 22 2014 Call 48.0 at 8.00000 | 53.85% ($1,400.00) Profit |
| AAPL Options Sell to close 10.00 (2.01%) of AAPL Nov 22 2014 Put 95.0 at 4.00000 | 5.26% ($200.00) Profit |
| TSO Options Sell to close 10.00 (1.87%) of TSO Oct 18 2014 Put 60.0 at 3.70000 | 138.71% ($2,150.00) Profit |
| TSLA Options Sell to close 20.00 (1.52%) of TSLA Oct 18 2014 Call 230.0 at 1.50000 | -68.75% ($-6,600.00) Loss |
| TSO Options Sell to close 10.00 (1.57%) of TSO Oct 18 2014 Put 60.0 at 3.10000 ... |
