Hey Hobstas,

Wow what a terrific week so far we have had! We have been making money right and left in the lounge and have a few examples for you on the spy's and FCX. Both have been trades that are either one day or in the case of FCX since last Friday. Up huge in less than  a week on a Bear put Spread. Paid for the spread 1.25 and it's now @ 2.25  I chose the August 60/55 put spread

 SELL -1 VERTICAL FCX 100 AUG 10 60/55 PUT @2.25 LMT  

Here are the trades straight from my activity :

Now on to the markets Gang we broke 1040 a very important support level on the SPX and what most technicians felt that if we broke that we have more retrenchment to go. Now on the dailies we are quite oversold along with the 4 hour chart on the spx. Yes we have broken the neckline on the H&S, but remember nothing goes down in a straight line. So I expect that 1020 is some tough resistance and the jobless claims are coming out @ 8:30am.  If those are really up and or revised up we could see a flush out temporarily that will give us a short term bounce corrective wave. So if you are short think think think about taking profits on your shorts. Either go to cash or grab a long or two. We have  a huge report tomorrow on jobs! God that will be exciting as the ADP was so poor, but will the government's numbers be that bad or we will see a short term small bounce before heading lower in July's. We shall see tomorrow. 

I am very light in my positions and took allot of gains yesterday as I think we are due for a bounce and it could be sharp and fast. I have a very small position in GLD now and will close out my FCX spread.  Why did I close GLD because nothing goes up in a straight line and I would rather buy back cheaper! :-)

Here is a chart of the SPX and where we are at.... :)

Good luck to all and looks like they will try and push this higher today 

Peace Love Happiness 

Anna