OA Buy: YELP

I picked up some July calls in YELP. 32 strike.

And yes, I’m back. Let’s start banking some coin.

OA

The Russell led the market on another charge higher today, breaking its balance range of 990, and confirming our upside bias here in stocks.

The VIX will be the next confirmation signal to watch here. I break of its recent lows will send volatility crashing lower, and confirming higher stock prices. Things we predicted over two weeks ago.

The bottom line is that all these signals will confirm another easy leg higher. An opportunity to increase risk, and grab easy gains. All good things.

As for me, I will be out again tomorrow, but will update some trades I will take on Thursday. I have about a half dozen stocks I want to start positioning myself in via July calls…

CYOU, MTW, CRK, RVBD…and working on a few others.

As for my tournament week here, my boys are 3-0 and will play for the Gold metal tomorrow. The old men lace up on Thursday at 11 AM. In case you were wondering, lol.

OA

I hope many of you were rewarded for our long bias heading into the week. While the market has not completely confirmed our set-up, it still looks compelling.

I have a couple more June positions that need to be managed and closed this week. Tomorrow, I doubt you’ll see any real directional movement from the overall market. However, there should be a little bit of movement in individual stocks as usual.

I plan to ride AAPL and BIDU through the week, and will look to book SOHU and GMCR within the next two days. I am compiling a list of stocks I like here, and this is what I have so far:

PCLN, GOOG, AMZN, RVBD, CRK, MTW

As a reminder, I will be completely away from my screens tomorrow. If I do take off a position, I will notify you through my phone via our private twitter feed and website post. I doubt I will make any moves, but I just want to cover my bases in case.

Look for another update from me tomorrow after the close. Hope you guys are having a good week.

OA

I started with RAX calls at the open, booked a couple of my weekly positions as well.

I am long of Jul 72.5 calls in OPEN here, as mobile has been strong.

This week and next, I will be picking out my July positions. Stay tuned.

I am out for the remainder, but will be back to post later this evening.

OA

I am heading out of town this week for the annual summer state basketball Pro-Am tournament. My team has 5 years worth of titles to defend.

I will be trading throughout the week, and will post a once daily update, trade ideas, as well as market commentary.

Before I leave, I have a handful of candidates I like this week. I won’t do any heavy lifting though until Ben does his thing on Wednesday afternoon. I apologize for not throwing this all into a video, but it’s Father’s Day. I’ll resume next week.

I will continue to update on the market set-up I’ve been blogging about for the last two weeks. Once completed, it will be a thing of beauty.

• Favorite Long Candidates: AAPL,AMZN,BIDU,PCLN,GOOG,RAX,QIHU,SLB,MCP,FB,RVBD
• Favorite Short Candidates: SDS,VXX,FAZ,QID,EDZ
• Favorite Under $10 List: CSTM,GV,DRL,ABR,DHT,MM,BCRX,BLDP,AMBI
• Favorite Reader Contributions: F,MPEL,AIG,SFLY,TSLA,LEDS,ORCL,FNSR

May the Market God’s bestow wealth and the balls of short seller’s on your trading altar’s this week.

OA

Go have a good weekend. Thanks for participating in today’s festivities.

Next time it will be a live webinar, so I can chart and you can listen.

Look for a watchlist this weekend, and Happy Father’s day to all the Dad’s out there.

OA