Post feedDeer in "Red"Lights
Hmmmm. My quotes page is almost entirely red lit today. Does this change your outlook on the market? I must say, today is the first time I am questioning the market. However, I am not 
bearish. Worst case scenario in my opinion, we trend flat for a week or two. If this is the case, the choppy nature can stir emotion and trigger stops.
Speaking of stops being triggered, my worst case scenario ($4.20) was hit on ATI. Which I think was a good thing. The stock might move lower to retest old resistance. If it does... I would love to take another trade at support. We'll see how it shakes out.
In essence this was a crap way to end such a great week. However, as a whole the trades that I have thrown out between the Trading Rooms, MarketCast and Master Talk has been just about the best string of winners I have ever had. I hope some of them have been able to help you get those accounts up to satisfactory levels. As we get more definitive about the market we'll devise a strategy that will still keep this streak alive despite what the market is doing. Either that or we'll just keep picking winners.
I have a meeting to attend and the MarketCast to dub and then I will throw another post out there. Hope everyone is keeping their cool on a day like today!
bearish. Worst case scenario in my opinion, we trend flat for a week or two. If this is the case, the choppy nature can stir emotion and trigger stops.Speaking of stops being triggered, my worst case scenario ($4.20) was hit on ATI. Which I think was a good thing. The stock might move lower to retest old resistance. If it does... I would love to take another trade at support. We'll see how it shakes out.
In essence this was a crap way to end such a great week. However, as a whole the trades that I have thrown out between the Trading Rooms, MarketCast and Master Talk has been just about the best string of winners I have ever had. I hope some of them have been able to help you get those accounts up to satisfactory levels. As we get more definitive about the market we'll devise a strategy that will still keep this streak alive despite what the market is doing. Either that or we'll just keep picking winners.
I have a meeting to attend and the MarketCast to dub and then I will throw another post out there. Hope everyone is keeping their cool on a day like today!
A nice way to wrap the week (as always). Thanks for your insights and for helping us all as we work to become better traders.
Question... Are you going to be in Orlando in February?
Posted by
Anonymous |
12/01/2006 01:00:00 PM
The bulls have an hour to rescue the Dow from a head-and-shoulders reversal.
Posted by
Brett |
12/01/2006 01:01:00 PM
Tom~
I will see you in Orlando. Funny thing is, in about another hour, I will be finding out what and when I am teaching.
As soon as I find out I will advertise with a post.
Have a great weekend,
Jeff
Posted by
Option Addict |
12/01/2006 01:05:00 PM
I've been wondering about orlando. thanks for the post, today has been tough. I think I need a session on the trade dr.'s couch.
Sarah
Posted by
Anonymous |
12/01/2006 01:09:00 PM
Sarah,
I like that idea. Let's pull up a couch and have a group discussion to end the week.
Any objections?
Posted by
Option Addict |
12/01/2006 01:13:00 PM
no objections here, does anyone need a sedative!! I do. How does ben look?
Debbie H
Posted by
Anonymous |
12/01/2006 01:21:00 PM
I'll be there. 1st in line for my prescriptions.
Sarah
Posted by
Anonymous |
12/01/2006 01:35:00 PM
Here's a prescription:
AMAG is FLYING out of its flag pattern. Measure the flagpole any way you want. It's a HUGE move.
Posted by
Brett |
12/01/2006 01:39:00 PM
Brett, Nice catch with Amag I would stay away just because the spread .50 OUCH any who nice pattern.
Daniel DR
Posted by
Anonymous |
12/01/2006 02:05:00 PM
Actually some good single malt scotch would do! Of interest, if you look at the DOW, the S&P 500, and the NASDAQ, they are still at support (barely!).
Right at the end of the day I found that INTU broke out of a bull flag. Also SLAB broke down off of a Symmetrical Triangle. Both on good volume.
Jeff - your posts this week and sessions online were great.
To All - Have a great weekend! Onto next week!
Lina
Posted by
Anonymous |
12/01/2006 02:20:00 PM
I came home at lunch and had to fight off the bear in the house. I stalled on the selling decisions and lo and behold the market closed down just 30 points. Whew! I'm still bullish, but my bearish better half had gone to the dark side. I've managed to talk him back to my view, but we'll really be paying attention to the jobs numbers next Friday and we'll tighten up those stops before the open just in case. In the meantime, we're looking for some bearish trades and may consider a straddle on the S&P 500 Index to start the week. Boy, this gig isn't for the faint of heart, huh?
Posted by
Cleocatra |
12/01/2006 02:59:00 PM
Curses! My alternate identity has been revealed! Just as well, as I forgot to say,
Thank you Jeff for all you do! Not only is this blog a source of inspiration and wisdom, it's a joy to read, too!
Cleocatra
aka Teri Mitchum
Posted by
Cleocatra |
12/01/2006 03:06:00 PM
Glad to hear I'm not the only one who didn't have a fun week. Up a bunch early in the week and down all of that and then a bit at the end of the week. The good thing is that I'm learning how to get out quickly. The bad thing is I'm learning because I'm getting so many losers. The good thing is that the few winners are just barely keeping pace with the losers. Time to stay home and break out my finest single malt. We'll pick ourselves up, dust ourselves off, and start again Monday.
Let us know, Jeff, what you're teaching in Orlando. We, your humble followers, will look forward to meeting up and buying you a drink. Then you can hold court in the bar. How perfect is that!!
Chris and Catherine.
Posted by
Anonymous |
12/01/2006 09:42:00 PM