Sloppy Day & Week For Markets

Although traders lowered the bar for the Non Farm Payroll Report over the last couple days, the report still stumbled. The result was a strong sell-off market-wide. Overall, the 4 major domestic markets fell between -1.2% and -2.25%. Europe was also dragged through the mud on the heels of the report closing sharply lower. Also noteworthy, oil fell than -3.8% on the day in it's biggest drop all year.

Our estimate for the NFP report was for it to meet the lowered expectations and not be too much of a market mover. However, in case we were wrong, we positioned properly in both Trading Services and were actually able to book profits on 2 trades and open 2 new positions, including:

Weekly Trading Service:

1) May04 Weekly 1350/1360/1425/1435 SPX Iron Condor expired worthless for +4.17% in 2 days.

2) May11 Weekly SPX Spread opened targeting +11% in 7 days.

Monthly Trading Service:

1) May 860/870 RUT Bear Call Credit Spread (part of an Iron Condor) closed for +9.52% in 7 days.

2) May QQQ Spread opened targeting +7.5% in 14 days.

Look for our Market Recap Update on Sunday. Thanks to everyone and have a great weekend!

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