Another Day Another Dollar

I hope the majority of you captured some profits out of today's price movements. Keep an eye on the Bernanke speech tomorrow...you never know if he might want to throw a curve ball at the market.

So a long day has come to a close. I am glad that the videos are up and running. I am seriously preoccupied with getting things ready for the Orlando trip. Please bear with me. In fact, please contribute through the comments section each day. Readers post some amazing trades/set-ups there and some great interaction takes place.

I appreciate your help. Things should cool down soon.

In the meantime, I'll put something together tomorrow afternoon. Have a great day tomorrow.

Boo hiss. Just managed to scrape back 10% of what we lost the last two days. Had to sell ICE yesterday as options are expiring on Friday. Lost $12 on them the last two days... sold them and they were up over $7.00 today... when I didn't have them.
The good thing is we're getting a real dump of snow here in Toronto and I can now make an army of snowmen and shoot hockey pucks at them all. Makes me feel so much better.
I was travelling all day, so didn't get a chance to participate in any new stuff. Will have to look at it tomorrow.
Sniff, sniff.
Chris and Catherine

Chris and Catherine,

What I like most about your posts, besides the humor, is the willingness to share your good trades as well as your bad. What I most envy is your ability to take your frustrations out on a snowman. If I do that in California, I can be arrested for decapitation of a lawn ornament.

Sean M.
CA

This comment has been removed by the author.

Does anyone have a comment on PRXL?

I got into this a couple of days ago as one of my first FLAG pattern trades. Looked like quite a bit of up-side potential and fairly strong support at 32.50ish.

Since I'm knew to the Flag's just thought I'd throw this one out for comment.

Gary

Can ANYBOCY explain to me what I was thinking when I bought BSC calls? This stock is in a down trend... one day I will donate my brain to science and they'll find my head's empty. The crazy thing is I just noticed this today and have sold it for a 100% gain. How did I do that?
Sean, I can send you some of our snow... we just got a foot and a half of it today. Lawn ornaments (like the travelocity Knome) can't be repaired, but snowmen keep coming back for more. They're such idiots... smart as a bag of hammers, I like to say. Just like me some days.
Gary, if you've read this far, and you think my opinion's worth anything (Catherine takes me and leaves me, at a moment's notice) PRXL looks like a textbook bull flag breakout but the volume's weakening which doesn't bode well for it to continue. It means there's no flutter in the flag... no oomph to keep things moving. It's more likely to retrace to it's previous support in the $33 range. My comments on it will doubtless drive the stock to the $50 range because I'm not in it.
Jeff, I know MA is one you have no interest in, but it's bouncing back nicely from it's record earnings announcement (and subsequent dive) and to me looks like it is re-establishing an upward trend. I'm keeping this one in my 401K (or it's equivelant up here in snow country)
Chris and Catherine

PS EVERYONE ICE is coming back with avengance (is that how you spell it?) Have a lllloooonnnnggggg hard look at it. I had to get out because I had feb calls but I'm diving back in today.

I sometimes wonder if I did the opposite of what I want to do with a trade if I would make more money. I seem to have a lot of losers - maybe I can reverse my thinking and go against what I think I should do and then they'll mostly be winners. However, if I do that, then they will again go against me. It's like I and the stocks repel each other!

Gary,

I agree with Chris and Catherine about PRXL. My other concern is that the spread between the bid and ask is fairly wide since the stock is not that actively traded and therefor, not very liquid.

Sean M.

Sean and Gary,
Illiquidity in an option is something I'm just tuning into. It just took me two days to dump RTP when it broke out of a great downward trend and headed North. Yesterday there were no trades at all (I had a sell order in all day) and today I finally had to bow to the lowest bidder and take what I could. It wasn't the worst trade I've made (or not made) but I could have saved myself a few bucks by having an option that had some volume.
I was looking to get in to AYE today but abandonned ship when I saw that there's only 10 options in both Mar and Apr that have traded today... and they were all at the money... none OTM at all. Makes it hard to get out when the time comes.
Gotta go shovel one more time.
Chris and Catherine

PS Look at MHK. A textbook asc triangle that broke out the exact $5 that was predicted and hit a resistance line that went back to Mar 06. It's now turned around and looks to be making an effort to bust through that $87.50 resistance. It was a very strong resistance line before, so if it breaks through this time, I see it moving quite well for a while.
That is the law of Chris and Catherine. It must obey.
Feel the power.

Here is a list of flagging patterns I am interested in hearing feedback on. Let me know what you think.
JCI, ROH, UFPI, HIG, ODFL, HUM, CRS, LSTR, WCC, LEND.

Thanks, Greg

Chris and Sean,
Thanks for your comments. Thought I'd see what's going on during lunch. ICE is something that we are currently getting a lot of here in New England today - so not surprised it's doing so well on the big board.

I've noticed that several of the watch list stocks are thinly traded (ryaay and others) and the others are very rich for my blood (ICE). What's a casual trader to do???

Chris, wish I had your luck with wrong trades! Got into LAMR on the day that the bounce deflated. Looks like it could close below support today and give me another bruise.

What's up with X ? It looks like the downgrade might have some staying power. I'm not sure if I should stay in or get out at this point and at least break even. Any suggestions?

Gary

DE is on a tear today. Great earnings is the reason. I missed it and don't have the guts to jump in midday after a 10% move....

Chris,
I'm trying to sell a house to a guy that's in sales with MHK. He said the company is doing great and has a number of things in the works. So...at your command I'm sure it will happen!

Gary

The Best $7 ever spent...

Yesterday, while waiting at the Denver airport, i paid the $7 to go online during the hour layover.

Used it to buy WCC calls.

Anyone else in on this trade?

Hello Jeff and Everyone,

Any thoughts on Google GOOG? It's been channeling for the last 4 months and is just now bouncing on support at $460. Looks like a low risk entry for a price move back to resistance of 50-60 points.
The only down side is no April options, June is the next month out, unless I wait until Monday.

Joel R.
California

Greg,

JCI
It looks like every time breaks resistance move $3 more,so it could reach $99
ROH kind of bullish horizontal flag but at very strong resistance and low volume lately, so not so sure it will go farther.
UFPI not sure either, I have 200 day moving average acting maybe as resistance, July and August has been there too.
HIG maybe can reach $2 from $97
ODFL next resistance level at $34 area
HUM $62 has been resistance the last weeks on August, if it breaks could get to $64- $66
CRS it is at resistance area $120
LSTR if it can break $46.61 next level could be close to $48
WCC broke the down trending diagonal line on 02/02/07 tested again and moved higher yesterday and today, next level is $72 and more time on $78
LEND down trending, not so sure, maybe will move as high as $27 before moves lower again.
This is what I see.
Alessandra

Hi Jeff, (or anyone who would like to give some feedback), I see a bull flag on CHD. My question is would you draw the flag part straight across or slanted down? If slanted down, then it broke out yesterday, if across, then we are still waiting for the breakout. Please help!

Jenifer,

The bullish flag already broke yesterday when it moved higher from the highest point on Monday's candlestick @ 46.54.
Now is at resistance and if the stock still strong it could break it
Alessandra

EEM the Emerging Markets ETF broke out of an ascending triangle today. Looks like $8-10 of upside potential.

Cheers,

Joel R.
California

Bull Flag pattern confirmed today on NYT - potential $3 move - 50 cent risk

Post a Comment
...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT... ...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...

About me

  • I'm Option Addict
  • From Saratoga Springs, Utah, United States
  • I am a professional trader and an instructor for Investools. I've had relations with the markets for 9 years. Born in Concord, CA, but reside in Saratoga Springs, Utah. Father of THREE, Husband of one.
My profile

Prescriptions Here!

Other stuff

Blogarama - 
The Blog Directory
Directory of 
Finance/Business Blogs Finance 
blogs Top Blogs Finance Blogs - BlogCatalog Blog Directory