Recommendation: Pump your brakes.

Long: AXE, PCAR (small positions) perhaps MICC...

Short: I don't want to talk about it ;) & SHLD depending on the close.

thanks Jeff for taking time to post the video.

--thanks, Meena

Hi Jeff,

I'm new to your blog. I want to express my thanks for taking the time to show how to look for price patterns and their expected movements. The videos are very helpful for a new student of option trading. They are concise in showing patterns and support and resistance.

Thanks again, Jeff.

Jon P.
Oregon City, OR

Jon P. from Oregon City!

I am from Rhododendron Oregon and am fairly new to the blog as well, one month. We here in Oregon get news kind of slow...

Rhododendron, Oregon

I was sure today was the lower low, and we were about to start a mean downtrend, and I was going to make lots of money because I finally figured it out, but.............NOT!

I exited CME at the end of the day today with a meager profit. I was not about to let yet another profit turn into a loss! That's a new rule--never allow profits to turn into losses, you must get out.
I think exiting was reasonable even though it did not violate my trendline due to the strength and volume today and oh yeah as I think Alan had mentioned last week--3 green arrows! Also old support of 560 which should be new resistance didn't hold up as resistance & stock is on it's way up at least to 570.
I will re-enter if I see another entry point.
What I learned--set targets at next level of support (for puts). In this case that would have been 550. Put the sell order in for the 1st level of support and be happy with the profit, as long as the trade has at least a 3:1 reward to risk ratio. I don't have patience to ride trade out, so I need to set targets that stock can make in one wave and get out quickly.

Are others still in CME?

I also exited EEM for about break even and MRK puts for a small profit.

Still in GOOG & MGM puts.

I'm exhausted from watching stock charts go against me today! I should just be a daytrader since I watch the charts all day anyway.

Good luck to everyone!

Valerie W

wow, 2 people from oregon, I can hardly believe it, I'm from Grants Pass, where is Rhodedendron, OR? What a roller coaster today, what will tomorrow bring?

Debbie H


I agree, today was exhausting. I too am able to watch the computer all day which I am not sure is healthy. I try to pick a good time and go to the gym with my wife and take it out on the machines. I am still in CME but I bought at the resistance level of 570. The market is so volatile that I am not sure any of us can predict what is next. I totally agree that no profit should become a debit but I think I am going to let this one ride up to 570 before I get out for a small loss. I am also in MGM and CAL. I am hoping CAL will go to the $28-30 level before I get out. MGM has been a slow mover but I still have patience. I am going golfing tomorrow in Palm Springs and will be leaving my trades to my stops and the Market Gods on Friday.
Good Luck to us both!

Sean M.

Hi Oregonians; me too. Infact there is an Investools User group for the Portland area. We meet twice montly. You can email me at if interested or check the IT Education tab & then community for group leader contact.
Tigard, Oregon


I agree, I don't think it is too healthy to watch the computer screen all day, but it sure is hard not to when I have the opportunity.

CAL looks great & hopefully MGM will pan out soon. Enjoy yourself golfing & let those Market Gods take care of you!

Valerie W

I am soooooo depressed. :(

Valerie W

I have listened to Jeff and considered if options are the right thing for me as I wait for Friday so that the 15 positions with a value of 0 in my account can expire and my portfolio lists will once again be manageable.

Overall my account is down about 50% from where it was 6 weeks ago. Most of my trades post the 450 day drop turned out marginal, no quick winners to pull me back up.

So I have entered into a few stock trades over the past 2 days (account cuttent sits about 50% cash, 40% stock, 10% options):

DOW (up 6%)
AA (up 3.5%)
BVSN (up 7%)

was in and out of APKT. My stop was hit and I followed my rule.

Options taken in the past few days:
TEVA put (down 40%)
HRB put (down 60%)
CME put (down 80%, should have sold yesterday)
ADBE put (down 40%)

My plan is to slow down a bit until I can have more confidence in patterns I see will confirm and run as they were earlier in the year.

I'm also going to be on a beach for a week at the end of the month so I need to start planning for that as well.

Not sure why, but I thought I would share...

Jeff, again, love the blog!

Hello to all....

the rollercoaster ride (I ususally like rollercoasters) had played HEAVILY on my fear and greed factor. Fear got me on CME, I bailed out yesterday more on emotion than follwing RULES! i turned a hefty profit into nothing. and then today, it adds insult to injury. Such is life.

I too have the benefit of being home all day to watch the market. Not sure if it is good or bad either....

just spilling some guts here....

Sunny today in PA, can't say the same for my account thoguh...

I like Garmin (GRMN)...but I am not sure why...I awoke today questioning my judgement, so I am stepping back for a breather here...

All the market crazyness...a good learning experience for sure..

Keep an eye on MNST-- H&S that may confirm today, ICE is currently below a decent support level and ANDE looks like a symmetrical triangle breakout to the downside that is retesting. Good luck.

Sean M.

How about AXP it seems it is at a breakpoint. It will either break downtrend or bounce down again. it could be a good play if market turns down.

any thoughts?

David S

CHAP..possible breakout today of an ascending triangle??

CHAP..earnings coming up.....

IPS...Good support bounce off diagonal trendline and $102.50 area horizontal trendline?

PD..breakout today pf sym triangle, 7pt move to the upside??

COH..sym triangle forming, price near apex..

LH..Bear flag approaching resistance at about $72...

TAP..breakout yesterday of an acending triangle, 4-5pt move to upside...?

TEX...what does anyone think on this, a bear flag, or a symm triangle?? Both?? Support at $66.40??

Post a Comment

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