I guess this is the weakness the Marketcast was speaking of on IIG... Man that stock can MOVE!

John

CMG..Just broke $65, sure hope it closes above that today!!!

I don't know why i keep scouring the market for bearish plays, since i keep getting kicked out of most of them, but i'm still on the hunt if anyone has anything promising.

Bob/Brett...No CMG's around here but did have a burrito to pay homage to the powers that be for good price action on the chart today. Need some volume on that baby...since it is moving on such light volume, maybe when others notice it - watch out!!!

Travis

I'll go chug down a can of Hormel Chili..maybe a tribute to the food gods will give it a boost...

Nees a boost for SNDA too..

Loving TEX lately...

FDS..I like that it is struggling to move up in price tha past few days...

Anyone like MLM, aside from earnings coming up?

Brett,

Look at DE for a potential bearish play. Good volume on the down days, weak onthe up days. Broke out of a symm triangle 3/26....possibly at a retest now?? Earnings...and it has been in a strong uptrend...thoughts?? Anyone??

LMT..waiting for a breakdown below $95...

These look like really nice bullish plays with possible entries for today:

KR, NAVZ, RS, ROST, VRSN

Stephen

Brett, I hear you on those bearish trades as I have been having the same luck. I am not sure what is up with my trades today as everything is taking off but what I am in POT, KLAC, HES, HWCC, BNVI, MON...
Bob H.

Generally when a stock is acting like CMG, that evening Cramer will feature it in his show and it will break out, making him look like the genius he thinks he is. ESPECIALLY if it's a stock he's featured before (like CMG). He may claim that reading the charts would make him look like a moron, but don't think for a minute his research staff doesn't.

CRS breakout today...16 points?

Watch PSA for a short.

Sean M.
CA

What do you guys think about NTAP as bearish play?

RD

Hi gang I've been reading the blog for awhile, but this is my first post. I'm an investools subscriber, and I listen to Jeff on Masters Talk. I'm trying to develop consistent trading rules.

I've been trading for about nine months, mostly stocks, trying to learn options now. I've gotten to a point where I generally make money until I break my rules, forget they exist and place too much money in one trade and inevitably take a setback. Overall though I have come a long way, discipline is the #1 thing I need to work on, creating a mandatory set of rules now that I've experimented with several setups, and learning NEVER to violate the rules no matter how tempting the setup.

I saw a beautiful symmetrical triangle setup in FLIR a couple weeks ago and wanted to post it on here but I was afraid I wasn't reading it right so I didn't post anything. I wish I had. Looking at the chart now, it looks like I was right and it was pretty good, sorry for not sharing.

I believe I see another one in ARG - thoughts? looks like its was breaking out of it in the last 2 days? not as good a triangle as FLIR but I believe it is one.

Anyway, I am a new poster and hope to share with you guys a bunch and maybe get some feedback on my trading rules, and moving over to options. Thanks. Loving the blog.

Long- ATI, WFR
James H.

I've been watching NTAP all day for a break which hasn't come. I did take an aggressive entry on TAM and a longer-term play on CNI.

IIG met Mr. ATR today unfortunately, but hey, a real nice profit nonetheless.

James,

I see your sym triangle with volume declining over length of triangle, however, I don't see volume on the breakout. I do see a cup & handle forming over 1 year with the b/o point around 50 cents above the current pricing. This level (around 43) gives pretty strong resistance. I'd consider buying on a break above 43 expecting the initial move to be around $3 or the width of the horiz.. channel. Thats my take anyway.

I'm having Mexican tonight for dinner. CMG.....

GOOG anyone?? Damn earnings...always in the way.

I like the way NTAP is setting up for a bearish play..

I too like NTAP and Bob we did that with JBX and day after I took the family there JBX stopped out so watch out!

I think NTAP will continue up to about 37.25 (61.8%) of latest downward push. It did that about a month ago (retraced back to 61.8%), plus the MACD and Stoch shows a little bit of buying pressure.

Phil

Brett,
Can you give an example of how you used ATR on your IIG trade. I read what Jeff wrote on the blog. Just interested in how you traded it.

Thank you
Jamie

Brett,

I'm with Jamie. I have been wanting to use the ATR recently but wasn't sure exactly how to. Do you use the most recent ATR each day and reset your stop?

Danny K

Brett,
I bow to your knowledge, oh savy one. A week and a half ago you dissed RATE and got out. I, on the other hand saw it as a small retracement on it's way to new lows. I have finally got to bow out. I have lost my 1% and I just KNOW that as soon as I sell, the market will hit it's overdue "down day" and RATE will plumet. You can all buy your puts and thank me later. Also BIDU has hit my limit and I'm going to get out of it. This leaves me Putless... (sounds like a cat or something) Putless and Boots.

You people are missing the boat. Look at the stock "ATR." I thought that was what Brett was talking about and bought into it last week. Huh... go figure. Think I'll hold on for a little bit and see what happens.

Chris and Catherine

Chris,

great stuff!

jamie, its very simple and i use it like a trailing stop. when a stock has a decent profit in it, i take the highest closing price and subtract the current ATR from it. That is my stop. If the stock goes up the next day, i raise the stop. if it goes down, i leave it alone. When a stock is going to close below that ATR i sell my position.

IIG clearly was closing below its ATR (not to mention the bearish engulfing candle) so i got out. It wasn't my target exit, but i can always reenter the trade again.

Did this help?

Brett,
thank you....that is what I thought but just wanted to verify it with you. I will start to track in my trades immediately ....Have a profitable day.
Jamie

Brett,
CNI is a great play. I've got it in my 401k and it's done really well over the years. Earnings are coming out in a week and I think they're going to be beaten up pretty badly by the strike that was supposed to be over, but the contract was just voted down on Thursday and the conductors are staging rotating walkouts. I just heard that talks have broken off. I expect poor projected earnings and a significant retracement next week. If it's cheap to get in and out of... I'd suggest looking at getting out, and then re-enter after earnings. I don't understand why the stock did so well yesterday with this labour unrest.

Guess that means they'll announce poor earnings and the stock will skyrocket. And I'll be sitting on the sidelines with my thumb up my.... nose.

Chris and Catherine

PS

Brett, what in the name of God's Green Earth were you doing up at 4:38 AM. I thought I was the only one who has to work all night.

Chris and Catherine

It was actually 5:36 am here, and i play basketball at 6:00.

Chris,

don't try and mess me up with the fundamentals on CNI. I don't want to know any of that!