The market did not like the latest jobs report at all!  But, it already telegraphed the reaction yesterday, as we saw the market slip.  Yesterday, in the Trading Room, I said:

May 3, 2012 11:36 AM
market
I don’t like how things are moving…

We added to our downside positions and took some nice profits today, including two doubles, one on NFLX and the other on CMI.  Here are the closed trades for the week:

• 09:06 | HappyTrading CMI ($105.60) Sold to Close 05P110 May 110 put, at $5.70 +97%
• 07:28 | Ecstatic Plays NFLX ($72.80) Sold to Close 0511P75 May 75 put, at $3.60 +101%
• 07:27 | HappyTrading GS ($109.65) Sold to Close 05P110 May 110 put, at $2.35 +42%
• 07:17 | Ecstatic Plays NFLX ($73.40) Sold to Close 0511P75 May 75 put, at $3.25 +82%
• 07:09 | HappyTrading GS ($109.90) Sold to Close 05P110 May 110 put, at $2.20 +33%
• 09:03 | Ecstatic Plays AAPL ($585.00) Sold to Close 05C620 May 620 calls, at $2.25 -73%
• 09:01 | Ecstatic Plays SWKS ($26.65) Sold to Close 05C25 May 25 calls, at $2.05 +14%
• 06:34 | Ecstatic Plays WYNN ($137.70) Sold to Close 0504C135 May 135 calls, at $3.90 +42%
• 11:47 | HappyTrading OPEN ($45.15) Sold to Close 05C45 May 45 calls, at $3.20 +10%
• 09:46 | HappyTrading OPEN ($45.75) Sold to Close 05C45 May 45 calls, at $3.60 +24%
• 07:41 | HappyTrading NOV ($76.70) Sold to Close 05P75 May 75 put, at $1.16 -51%
• 07:09 | HappyTrading GLD ($161.40) Sold to Close 0504C161 May 161 calls, at $1.17 -13%
• 07:27 | HappyTrading EBAY ($41.40) Sold to Close 05C40 May 40 calls, at $1.95 +28%

LNKD went against the tide, as its stellar quarterly report shielded its shares from the selloff.  LNKD shares popped more than +7%.  CF also reported strong results, but, its shares traded 6.87% lower.

Tech shares were among the hardest hit, with Nasdaq losing 2.25%.  AAPL fell $16.57 to close at $565.25.  We could see $560 tested on AAPL again, soon.  Commodity sectors were weak as well:

OIH (oil services) lost 3.62%, as USO (oil) fell almost 4%.  XME (metals and mining) dropped 2.32%.  XLE (energy) slid 2.29%.

SPX closed just below 1370.  This selling may not be done, although we could see some bounces on Monday next week.  We’ll visit the charts more closely on Sunday in my weekly Market Forecast.

Have a great weekend, everyone!

Good night and HappyTrading! ™

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