Welcome back from the extra long weekend. Last Thursday we recommended JPM as the best trade available and for KeyPoint we entered July 28 143 calls at $1.85 and exited the next day on Friday at $3.75. Still have a credit spread on for JPM that requires only a close above 143 on Friday for 100% gain. AMD rose over $5 into Wednesday’s high from last Thursday’s bullish call. I took my profit in the bullish credit spread in AMD. LVS was doing equally well until Wednesday when one of the brokers lowered their target price from $69 to $65 on LVS. With the introduction of that news, it seems likely LVS will seek liquidity stops under $54. However I think it will try a recovery rally from there, so I will watch for another opportunity on further weakness.  For now I will exit or spread LVS by selling a July 14 call against my July 28 call.  

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In terms of fresh ideas I have none. Most concerning for bulls here is that besides AMD the all important semiconductor stocks fared rather poorly on the general market rally the last few days. Given this, the odds favor the market overall is in for further weakness for a few more days. Nothing looks good on the call side, and not really very much on the put side either. So we could be really choppy in that environment. No need to try and trade chop. Stand aside.