Jeff,

I found LUFK about 2 weeks ago forming a Symetrical triangle. It seems to have held inside the triangle this week. I expect it will break soon. What are your thoughts?

Jeff - First, thanks again for all the great info on your blog. It not only helps make sense of a lot of things, but also is beginning to pay off in terms of actual profit.

Second, the new Toolbox looks fantastic, and is the reason for this post. I was trying out the new Prophet charts, and decided to look at my (and hopefully everyone's) big winner over the last few days, ICE. The question is, how quickly can some of the candle patterns form and then play out in actual trading? One thing I should say here is that I don't want to become a day trader - in fact I can't because I have a full time job. But looking at the 10 day chart for ICE, I think I'm seeing an ascending triangle starting about mid-day on the 3rd, with a break out towards the end of the day on the 4th. The break out continues early on the 5th, then goes sideways in a narrow flag. Is this possible? Am I getting carried away and reading too much into this, or do you see the possibility for another break out on the 7th? I’m still really new at this, so don’t worry about telling me I’m crazy if I am – I won’t be offended.

John M.

Correction to the above - that is a narrow pennant - not flag that I am seeing.

John M.

Hey Jeff, and the gang,
I've got a different kind of posting here. I'm a pilot and I live in Canada. Both of those items make me pretty interested in the weather at this time of year. Our warm weather in the east this year has had a massive impact on the price of oil. I've been following the long-term predictions for the rest of the winter and there's a good chance that the jetstreams are going to revert to their normal winter patterns in the next few weeks, drawing down that cold arctic air... all the way down to the southern states. All those oil stocks that have been beaten up so badly lately will take a huge upswing (I think...) which could be caught early if you pick up on the change in temperature early. I think that buying some oil stocks now could be a good buy, but I think as soon as there's a long term forecast that shows the temperatures starting to drop in the north-east... buying some calls a month or two out... could be worthwhile.
Not a trend... that's for sure. As a matter of fact it's kind of a "counter trend" as the oils are all trending downwards right now. But it could be worth a look.
Chris and Catherine

I HAVE THE SAME THOUGHT ON THE OIL
SCENERIO, AND BOUGHT (OIH) CALLS FOR FEBUARY. WE WILL SEE HOW IT PANS OUT.
STEVE