Chewing on a Few More Longs

I bought a good amount of AMZN weekly calls into the bell yesterday and managed to catch a runner here this morning. I also picked up PCLN and LVS calls as well as shares of PXLW at $7.87 at the open.

While the market consolidates this afternoon, I have no other pre-planned trades. I’m contemplating a china stock, such as BIDU, WUBA…maybe CYOU or SOHU.

What’s your top pick here?

It was decided that the markets favorite group of stocks are no longer in favor as of yesterday. This action in WDAY, SALE, P, SCTY, SSYS, FEYE, TWTR, SPLK, YELP, etc is pretty ugly. We haven’t seen a +1% down day with this many stocks down 5% or more since April.

The market is slipping into risk averse mode. Many of your favorite growth stocks mentioned above are now quickly spiraling lower to the bases that were built in April-May. Last night on After Hours with Option Addict, we talked about stocks going into aversion-mode, and how these ranges from months prior must act as support for this environment to remain in tact.

In short, don’t jump out to buy said stocks until there is a solid floor and foundation beneath them.

I’ve placed one trade today – August FSLR calls.

OA

Everyday we happen to be in something that is melting up lately, today it is CAMT.

We had been talking about 3D stocks last week, and how the only stock in the group that hadn’t had its day to shine was CAMT. Therefore, we bought shares of this at $3.20 last week, hoping for a breakout.

We got the breakout.

On the day I booked gains in MGM (+120%), KNDI (+20%), and scratched out of GALE. I also bought some July FB calls, a little too early.

UPDATE: Also booked CAMT +40%, GLUU +37%, SPWR +150%, YELP shares +15%, GOGO calls -60%.

OA

To the distinguished annual members of After Hours with Option Addict, I have an announcement to make. By virtue of your upper-class citizenship around these halls, by doing nothing other than sending in an email, you have now become eligible to get “hood-rich” at your favorite internet establishment of financial content. As you’ve probably already heard, on Labor Day we will have a live drawing for annual After Hours with Option Addict members. These members will be entered into said drawing in which two winning numbers will be chosen. The first prize will be $1,000. Second prize will be $500…all to honour our most established annual members of iBankCoin.

For all other members and readers of this site, you can become eligible for this contest by becoming an annual After Hours with Option Addict member today. If you are piker or gentleman (1 mo, 6 mo duration member) and care to upgrade to an annual subscription, please email Rich at: [email protected].

This is a call to action people. Again, there will be a lottery drawing on Labor Day for annaul After Hours with Option Addict members. There will be a cash award of $1,000 for the winner, and a $500 cash award for second place.

{If you are an annual member to the other iBankCoin premium services, you will be able to have multiple entries into this lottery drawing}

If you are an existing annual member of After Hours with Option Addict, please submit your request to receive a “raffle number” for the lottery drawing by emailing Rich at: [email protected] 

If you’ve been on the fence about becoming a member, now is the time to sign up for an annual membership. If you are a monthly or semi-annual member, now’s the time to get serious about our relationship. I need your full commitment in this, as I have committed to you, so take a moment this weekend to round up your leftover firework and beer money and invest in your financial well being.

OA

I’m trying not to let yesterday’s sale of DRL cloud up a sunny day, but it’s hard to watch one of these get away from you. That said, I’m happy to have been so fortunate to have owned CBAK and sold near days high…but little moves like this are hard to let go of when the hard work was just getting into the trade, and not being disciplined to the right exit.

It’s been another crazy week. In After Hours with Option Addict, we’re going to put together next weeks watchlist. After tonight’s session, I am out for the rest of the week. Enjoy yourself, and have a nice, long, relaxing holiday weekend.

My Love,

OA

Mad props to KING and our big position in July 18 calls. From $.35 to over $4.

Great trade guys!

OA