Tuesday Morning


I have only been here for two hours and I am going to throw up. In fact I got several phone calls last night at 9:30 pm asking me where the hell the marketcast was.

I told them "don't start."

I have to iron out a bunch of issues...and then I will have a video for you. Gimme a couple hours and it'll be here.

Recommendation: Open a nice dialogue here in the meantime.

Long: SHLD?

Short: The Marketcast

Too bad I dodn't have your phone number,I'd have called too, LOL...

I am happy with the the market this morning, all my trades are doing what I asked them to do.

TEX is playing nice, CMG is feeding me, SNDA is holding, and I am even happity with my BEAVer this morning, LOL.. (did I say happity?)

All I need for a good day is a promise from Brett he had his WM this morning, and I am good to go...

OK we'll drop the demand for cash, and take TWO Snickers bars. But that's our final offer

Hex BE GONE!!!

DRYS has been doing really well lately. Look for an entry point. If it wasn't for it today, I'd be down (again) on yet another up day on the Dow. CG has pulled back to another entry point. Live life on the edge and dive in.

We have confidence in you, Jeff. And you just KNOW that those calls came because everybody llllooooovvvveeesss the 'Cast (dum, dum, dum. Various music... and cymbals)

Chris and Catherine


I don't have WM's on tuesdays and fridays. Tomorrow for sure.

Not a bearish idea in sight, and I keep getting kicked out of these put plays. I hope Jeff's video has some.


Bear flag, but not a confirmation in sight.

PS- C&C you *rock. Thanks for the support. Thats the first compliment I have heard in the last 24 hours.

*With the exception of waiting 4-5 days for email replies.


your timing couldn't have been better. My wife just called (she's in the neighborhood) and she's bringing me a WM!!!!!

Don't get your hopes up since it's from SBUX, but hey, it's a shot!

Thanks Jeff,

I'd give you a compliment, but clearly that would seem contrived at this point.

See?? Good things are happening! Your (Brett) getting a WM, or substitute...Market not so bad, and I don't care how long it takes Jeff to get the Marketcast put together...THAT is worth waiting for without giving him GREIF.

If C&C can toss some snickers bars my way, it's a perfect day..

Well, I should have gotten into SHLD last night - even first thing this morning would have worked out. It was up about $2 when I was working through my watch list and I was thinking it was probably done for the day at that point. Up $4.04 right now! Rats! I'm going to keep watching it and wait for a pullback and an entry point.

Did well on X again, selling yesterday, and CCJ has been making nice gains, although it has pulled back some today.

John M.

SMSI has broken with volume spike,

Bruce Staggs


Thanks to who ever it was that mentioned SMSI a few days ago. It's the only one of my positions doing well this morning.


Keep an eye on CBG today. It is currently breaking out of a symmetrical triangle. I will wait to get in until later today.

Sean M.


I don't see a symmetrical triangle on CBG.

Hey guys. Wondering if I could get a little input on my trading strategy on PSA. I got in with a put at end of day on 4/4 looking to take the ride back down and thought hey, maybe it will even break the HS and go further. It worked well to support, but I wonder if I should have exited sooner. On the 12th, I decided I would exit on a close above 94.11 (the day's high). The 13th stayed below that. Yesterday opened up high but came back down below. Today, I finally exited, but I generally try to hold on through amateur hour so I didn't get out until it broke the intraday resistance at 95.

So, I got out with a small profit, but it would have been better at end of day yesterday. Just wondering if anyone else has some alternative strategies to recommend. Only thing I can think is that maybe since the support level is so heavily pronounced, I should have taken it off when I hit it.

Or, should I have held on all the way back up since it hasn't yet made a higher high? This one's a tough one for me.

These nuances of intraday decisions are the hardest things for me. For the most part, I wait until the end of the day to make decisions, but sometimes (like today) I felt I had to act. Any thoughts?

Ah Jeff, I think I know you're feeling. You put in all this extra time and energy and there's no one in the company to show support. So you begin to question whether you should just quit and trade full-time.

I know the only thing holding me back is my on-again, off-again winning trades. For you though, please think of us.

We were there for you during the labor, cheered through the crash and even put up with the hockey mask.

Hang in there. I couldn't be as sub-par a trader as I am without you!!!



I think you were right on with your PSA trade because your goal was sound and you had very little risk.

I took the same approach on PSA entering on 4/4. Once PSA went below $94, I too set that as my new resistance. If it closes above, I’m out. I don’t exit before the end of the day in an attempt to remove emotion from my decision making. Unfortunately, at this point I will have a small loss if it closes where it is now, but the goal was the greater good of the H & S breakout.

PSA is in a good down sloping channel right now and from today’s price action my guess is if the market continues up, PSA will go up. Conversely, yesterday was encouraging on the downside since the market was up so much. We will see.

I’m glad to see people doing well today. I wish it were the same for me, I am getting HAMMERED! So the story goes, I have had an incredible run the past two weeks.

I see your CBG sym triangle. 3 Green arrows today as well. Volume is forecasting to be above average.


Thanks for the reply, John. I too establish the end of the day rule to reduce emotion, and also so I could pay attention to my job :) . But, I guess I'm still trying to figure out if there will ever be exceptions where I will take action early and if so, what those exceptions should be.

It's great to hear your perspective. Thanks!


That intraday exiting is a thing I am still having trouble with and not eliminate emotion. In my short existence, I have seen things drop or go up only to do the reverse by the end of the day. I have heard that if a position moves against you on high volume, then you should get out. Volume can be subjective because I have seen reversals on volume.

I am in that quagmire on TSO, PSA and ATI today.

Oh, C & C, I think TSO is showing signs of weakness…

TSO was downgraded yesterday. This happened a month or so ago to only have it rebound, and go on a tear the day after the downgrade. I am trying to let my emotions not get the best of me while I see 50% of my 100% + unrealized profit disappear. My goal was to ride to earnings. So far, that is what I am going to do since it is still far above support. I know, don’t count my unrealized gains… but I am sure we have all deal with this type of situation. I am sticking to my analysis. It has reduced emotion quite a bit from six months ago when I started.

I entered PSA puts on April 9th when it confirmed a lower close than the 4/4 and 4/5 candle. I don't like entering option trades and carry them over a 3 day weekend either.
I exited on 4/13 after it could not exceed it's prior low of (3/28 or 4/12) for a profit.

My posture was bullish so any put plays are counter trend trades to me. I like being in them for diversification. But, I think you have to have a shorter time horizon because they are against the market trend. Your biggest profits are with the trend.
The bigger picture H&S I could re-enter if the it broke the shoulder.

Anyone with an aggressive mentality should take a look at ASMI. Perfect cup and handle on a cheaper stock. Earnings not until early june. holding new support and bouncing.

Beware: there is a wide spread on the june calls because there aren't a lot of bidders. It's also a lower-volume stock.


TSO met Mr. A. Thomas Rassmussin today (ATR).

Talk about unemotional, Mr. ATR! I'm going to have to see if it can work for me. Good job! This has been a good one for awhile.

CMG is cooking!


my chart shows earnings on ASMI on May 2nd, otherwise it looks good.


just wanted to mention that if it weren't for the market cast and this blog, I don't believe I'd still be trading.



Read the news report. The site (as usual) is wrong.

Anyone else enjoy that move on THG today as much as I did? And oh, the volume!!

Jamie, thanks for your comments on PSA. I like your angle on counter trend trades being shorter term. I think in hindsight I would have taken your exit given the fact that the support level was so strong plus the counter trend factor.


in all honesty it never occured to me the chart might be wrong. Thanks, I'll be double checking from now on.


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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.
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