DECORATING MY OFFICE WITH THE JEWELS OF $FIT SHORTS

Shares of $FIT trading up over 12% today, at the expense of the half of the float that held short.

The profile on this stock is incredible:My other high short interest trade from yesterday is no slouch either. $CMCM up 13% here as well.

***A QUICK PROGRAMMING NOTE FOR After Hours with Option Addict TODAY***

It slipped my mind that I have an important appointment after the close, but it would have required me to leave a little early. Rather than cut the meeting short, I am opening the session and starting immediately after the close. For today only, please plan on meeting at 4PM ET rather than 4:30PM. Thanks for your understanding.

OA

Today’s bear trap might be enough to fuel the next leg up in stocks. The close was telling, and the breadth was off today. That means that while advance/decline was down, the selling didn’t match the pitch of market direction. Money managers aren’t in a position to sell here, which is why they’re telling you to be the one to sell stocks.

Pain trade here is a gap up, and that sets us up to work off this measured move in the $SPX. Dow and Nasdaq have the same pattern here, but the $RUT hasn’t confirmed this pattern yet. Downside risk is a retest of rising resistance. Dow/SPX downside is limited, Nasdaq a little more extreme. The upside targets are more significant in $RUT/$COMPQ.

It should be noted that the $NYMO hit relative OS today. -60 in a grind is as good as it gets.

The chase starts soon.

Once you register for your free After Hours with Option Addict trial, you’ll be directed to the website. In the upper right corner are the login instructions to attend.

If you are unable to attend live, the recording will be uploaded shortly after the meeting concludes.

Please feel free to bring any market, stock, or related questions to the meeting.

OA

I gotta admit, I’m really having a hard time with this today.

Thanks guys.

The $TICK has been very benign today, really not confirming of this downside move. I can’t get over that.

Too many divergences today. Feels more like a trap here than a reversal, but I’ll review all the reasons why after the bell.

As discussed this morning, free After Hours with Option Addict trials this week.

OA

I picked up September calls for $GILD just now and $CMCM at the open. I am shopping a few other names here today:

$SWKS, $GOGO, $FIT, $QLYS, $SQ and $JD.

More later,

OA

EFFECTIVE IMMEDIATELY, ALL WILLING PARTICIPANTS ARE WELCOME TO A FREE After Hours with Option Addict OPEN HOUSE STARTING TODAY FOR THE REMAINDER OF THE WEEK.

Please feel free to join me on a live post market wrap up, where we dissect each days events, put together a market plan, and discuss the best available opportunities and ideas in the market. Today, we’re going to focus on the biotech sector. What it signals for markets, risk appetite, and some of the best charts to monitor in that space.

4:30 PM ET. Login details are available on the After Hours with Option Addict site.

OA