Trades: SID, BOH, .AXVVJ, GMXR

Completely covered shorts: GMXR ( +13.76% at 69.90, bought at 81.05)

New shorts: BOH (47.00) , .AXVVJ (13.50), SID (38.00)

Trader notes:
– I’m still shorting the Ag/Chemicals here for a swing. I think TNH gets below 100 by August.
– I’m thought about selling my GOOG puts, but yesterday’s After Hours low was 470, so I think we can get 450 in a few days. I don’t think GOOG gets a snapback reversal.
– AFAM is a beast! Hit the 30 spot today!
– CALM is down about 5%. Watch this carefully. It’s on the bottom of a tight rally channel up. I like CALM.
– I dumped the rest of my GMXR shorts because oil is oversold.
– BOH , “that’s NOT my bank”! What an annoying bank.
– RATE looking to breakout here on a pre-earnings short squeeze.
– CSIQ bounced right off

I bought puts yesterday. $$$ This thing heading to $5. In the conference call, Patrick Byrne said this…

Thanks to all who played the “Guess the Google Earnings Game”! So who won?

Me? Yup, Lol. Why? Because I bought OSTK puts yesterday!!!!! OSTK down -10.23 … no, not 10.23%, but $10.23!!

I think I win the GOOG competition anyway…

It pretty much came to a showdown between me and Fortune8 of Fade-Me blogspot since we were the only ones who played straight bearish position.

… I guess technically, I win. But I think the lesson learned here is that when you play options, 90% the HOUSE wins! Those who bought ITM puts turned a profit. NO August contracts doubled, so every stranggle play failed.

My guess was GOOG = 470 in the morning. Check out all the other guesses on my sidebar.

Completely covered shorts:
HK ( +30.37% at 37.20, 4 days ago at 48.50 )
PCX ( +13.30% at 128.08, shorted 3 days ago at 128.08)

Partially covered shorts:
GMXR ( +15.69% at 68.23, shorted 3 days ago at 81.05)

Added to shorts:
SQM (42.50)

New shorts:
DRYS (79.00)
.QKTUF (5.30)
.LKDMB (1.80)

New longs:
GG (45.00)

Trader notes:
-Looks like I hit another triple this week! (Triple = three +10% swing gains) … remember oil decline = market rally.
– eBay got destroyed today. I’m calling a reversal in internet commerce stocks. Look at AMZN… failed to rally. This one looks bad in a 1-year technical chart.
– Solars NOT looking good here. CSIQ got ran over by a tank. Down -11% Good think I sold on the news. I’ll be watching this carefully under 30.
– Be careful with th Vix. Its at 24.53. I noted that its okay to start shorting under Vix24.50.
– Gold sits on its trendline, I’m buying it.
– Does anyone else think ICO is a buy here? 10 bux.

Well, this is the third day in a row that Oil via USO gets the chop, which means, by my rules I’ll have to take profits in my energy shorts… plus, the drop has been quite violent.

Hat tip to Mac of chartswingtrader.com, a fellow IBD trader who uses Telecharts ( telechart traders = pro)… he helped me nail that reversal in oil/energy to the DAY! Here’s Mac’s latest USO chart. Go check his site out and tell him I sent you. AWESOME CHARTS.

Remember, we sold our energy longs and switched to shorts on the top of this channel. Now that we’re on the bottom of this channel, it’s time to make another move… take partial profits. Also, volume is accelerating in USO, which points to lower prices in the medium term, however I wouldn’t quite enter a short position here until after we spike slightly back into that channel.

Right now my largest holdings are short PCX (down 10% today), GMXR (down 10% today) and HK (down 15% today). Earlier this week I closed out a long position in GMXR for a +25% gain. Swing it baby!