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Thu: Top Buys MSFT EBAY Top Sells SPY IWM AEM

Primary Trades:

SPY Jun 132 puts and IWM Jun 77 or 78 puts are buys on market bounces for a potential SPX pullback to 1,275 or lower in May.

Secondary Trades:

The following are more risky trades:

Calls: MSFT May 25 calls and EBAY May 32.5 calls may partially hedge SPY and IWM Jun puts.

Puts: AEM remains a relatively overvalued gold stock that can pullback sharply. Jun 35 calls may be a buy.

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Primary Trade: An intermediate or long term trade. Timing can be off substantially. Volatility not a factor. Risk is low to moderate. Potential return is often moderate.

Secondary Trade: A short term trade. Timing must be accurate or volatility must be high. Risk is high. Potential return is high.

Secondary Trades should be generally avoided, although considered. Note: If Secondary Trades are taken, they may affect Primary Trades.