Jeff

On May 4th I purchased 10 June 90 puts for $3.10. Thank you. This blog is great.

Atta boy Larry!

Glad to see you raking it in!

JK

Jeff,
Didn't take the trade - was out of money at the time of the suggestion and watched the great trade go by.

Gary

Jeff,

It was on the list but I did not pull the trigger. I have a support line at 85. Do you see more downside?

I have not taken advanced technicals YET, but I play an stock analyst on TV.

Steve B in FLL

I had June 90 PSA PUTS. I sold it yesterday with 50% profit. Thanks JK

Jeff,

What are your thoughts on splits? If everything is going well, would you still exit before the split?

Thanks
Jeff Mossman

Ok, good news I am in the PSA trade as of May 4th. Bad news (sort of) I am a one contract wonder as I am limiting my position sizing right now. I had to wait for a hair cut this afternoon and the TV had several ads for PSA. I found myself hoping that they do not work. Still in PSA and is up (virtual profits) 51%
THANKS

On my positive (UP) list
ASEI 12%
CEG 30%
CRS 27%
ESS 18%
NM only 6% stock
PFCB 63%
POT 5% stock

Not the big runners I see on the blog from others but since I post the losers, I should give equal time to these.

Gary D,

I have been in NVTL since it was at $15 on 3/22 in two different trades. My first was an ITM option that I sold the day before earnings at a 112% gain. The same day, I bought a few OTM ($20 strike) to hold over earnings. Today I was rewarded with a 200% increase. I am still in and don't plan on getting out just yet. My plan going into the trade was to ride higher highs and higher lows until it definitively breaches my horizontal support line. If it keeps moving upward and I don't have to worry about time decay on my June options, I will stick to my plan. If it consolidates to where I am losing time decay and intrinsic value, I'm out.

Jeff,

I took a preemptive strike on PSA from 4/4 to 4/17 in anticipation of the breakout and closed it with a small loss. When I exit trades, I tend to remove them from my “close” trade watch list to avoid emotional attachment. I truly try to move on to the next trade. That being said, I flat out missed the breakout. I waited for the retest that never came.

I missed AVB’s break as well but caught the great retest three days ago!

Oh, Gary D, have I said I hate the Red Sox recently?

If not, I HATE THE RED SOX!

Bob, I think it’s funny how you were wishing ill will on PSA commercials because of your put positions. I read earlier that someone (I want to say it was Chip) was suggesting Corona as a beer of choice this weekend, not the BUD or TAP they had puts in. To make a short story longer, when I got home from work last night to see a coupon for Children’s Place on the counter, I threw it away suggesting my wife not shop there until I sell my puts.

Everyone, until further notice, please DON’T: shop at GYMB or PLCE, eat at PFCB, open an account at PVTB, stay at MAR, gamble at LVS, buy a stereo at BBY, or support whatever it is that AVB does. Thank you very much. Have a good evening.

This addiction is too fun. I should probably pick up a hobby but don’t have time.

Jeff,

Was surprised to find you going into Q & A on Masters Talk when I logged in. Was able to listen to the 1st hour today. It was fantastic and very informative.

Cheers, Cheers, Cheers regarding PSA. I took the PSA trade also on 5/4 but, unlike Larry and just like Bob, I took only 1 contract. My $95.00 June $6.30 Put is at $11.10 virtually. Oh to have purchased 10 contracts but as you know I am trading cautiously. My analysis is that it is sitting on support at $83.75, dating back to 8/28/06, and will either bounce from here or continue down to the next support dating back to 8/11/06 at $80.75 (after market trading is down .18% and volume increased today). Pattern target is $72.50 but I figured my trade target at $83.75 where it is sitting right now. ATR is $1.90. If it bounces more than 3% to $86.25 I'm out as I have reached my target and this is more than the ATR of $85.64. Due to reaching target if I had multiple contracts I would sell 1/2 but I don't so I will either let it run or sell quickly if it bounces, to get a profit and confidence.

What say you or any other addict regarding my analysis?

Bruce

I'm in on the PSA. Flew from CA to NY today so I didn't check trades until later on in the hotel. Patience patience patience. I'm learning... I'm also a 1 lot wonder with an 85 put. Now if only I can have the patience to let the winner run right?

I took PSA when it first broke out, but sold it yesterday for a 50% gain. I was swearing this morning when it was down $3.00--but I'll take 50%. Anybody took BA when it broke out back on 4/18? Finally made some money yesterday and today.

Phillip

John Logan, et al,

Your comment "...got home from work last night to see a coupon for Children’s Place on the counter, I threw it away, suggesting my wife not shop there until I sell my puts." was hilarious!!! Thanks!

I can't take credit for the Corona comment, that was DavidS, he along with Eric Utley and Jeff K have the Mexican foresight!

I bought BA on 19 April and have been sweatin' it out ever since, waiting for the breakout..."let that winner run"!

Wish I could take so many of the good trades spoken of, but I'm also suffering from an affliction called 'moneyous minimitis' ...which is different from Bob Raimo's 'fundsalow', although has the same effect!

Since the dreaded 'Stop' surgery was applied to my account today, I'll once again be able to trade Friday, but it just won't be the same as it was...sniff, sniff, boo hoo...

But hey, I'm back in the game!

Jeff
I'm in PSA. It seems like forever ago when I said "I hope PSA is as fun to ride down as it was to ride up" and so far, so good... wheeeeee
I am also short AVB.
LONG: BNI, CEG, DECK, MLM, NOV, X, VIP, AND NIHD

I have a question about NIHD....a guy in my trading group looks at NIHD and says "get out" ascending wedge patterns usually break to the down side. I have no experience with ascending wedge patterns and to tell you the truth, i just saw higher highs and higher lows and the thought of an ascending wedge pattern never crossed my mind.....anybody have any thoughts ????

Oh and Jeff I missed master talk on May 2nd and when i try to pull up archieves it is not listed ??? Is it hiding ??? or i know ....it was sooo good that "they" put it in a top secret vault and i have to get special permission to watch it, that is my punishment for missing it right??

Hi Jeff,
I,m an option addict for almost a year, my account almost completely wiped out.About 2 mos. ago you became my mentor listening to your MT ,marketcast,and reading everything archived spent countless hours on it.You taught me so much.It's finally bearing fruit.Halleluyah! I got in PSA on 4/30 June90 put with 260% profit,still in it maybe till 80.Thank you great teacher.You are a gift from God.
Connie R.

DISH = bounce

RIG = breakout of $90 consolidation, i got in around $83, but this looks like a good entry point for anyone who is not in

time for bed, bon soir

John,

It's natural for some to hate such a successful and likeable team as the Red Sox. Those who struggle with success see a team like that as being the enemy.

Much like option trading, we need to look up to a super-star, aspire to be like it and try to emulate it's every move.

Yes, John - start wearing red sox, grow your hair like Manny and put on a few pounds like Big Papi and you'll soon be feeling like a superstar (looking like a freak, but feeling great!).

Gary

Brandon, I also have a single PSA 85 put contract. I bought it right before earnings risking the whole amount and patience has finally paid off. It's finally ITM now! Up almost 200% but being a one lot it's probably not nearly the total dollar amount that most of you are getting but still fun to say 200%.

I forget who our resident IT guy/gal is here on the blog?

Does anyone else have the problem of Windows media player opening when you click on the "download" icon on the marketcast? I've been waiting to be able to download and the media player doesn't do it!

Also, does anyone have an audio link to the mastertalk they'd be willing to share?

Gary

Well this has been a painful set of comments to read primarily because I'm not in this trade. I will admit to making a couple of boneheaded mistakes in the last week. I was in the PSA trade, I was also in the KIM and PLLL trades. I had great entries but with this weeks viscious intraday pull backs I freaked and tightened up my stops to break even. I am paranoid of loosing any more of my principle and was afraid of getting burned on a big market correction. I got stopped out of each trade.

This remains a very tough psychological barrier for me as I used to allow for pullbacks to 1-3% below resistance and got royally burned a bunch of times and am still catching up. Once I've established some profit (breathing room) on a trade it becomes easy to allow for any retests but on the entries I often play it real tight to reduce the risk. So I've watched these trades get real profitable without me this week. Sigh.... Congrats to all who stuck it out.

The good news is I do this less often than I used to and am slowly breaking my habit but remain prone to jitters when the market is jumpy.

MikeH

Short: PLCE, ESS, IYR, MPG, CKFR
Long: GTI, MLM, USU, TK, EXM, EWW, CY

Addicts,

Sorry I have been somewhat withdrawn lately. The day is drawing very close where I will be trading for a living and I've tried hard to focus and make sure I'm sharp. I also had to deal with having a string of losing days which can be very frustrating (as I'm sure you all at some point have been through).

I have come out of this with several more lessons to add to my growing experience level and the biggest one I want to share with you is this:

Do not ever get bogged down by 'what could have been', 'what you had and gave away' or any mistakes you made. It's NEVER too late to refocus and start fresh. Never dwell on that trade that did what you thought it would do after you sold it. I've missed plenty of big moves by a single day more than once.

You need to focus every day and manage what you HAVE going, not what you DID have. The market doesn't owe you any favors so don't waste your valuable time and energy asking for them.

On that note, I will be taking my wife to the airport and picking up a WM. And a burrito for lunch.

str broke out

Brett,

Kudos buddy.

I do this full time myself, it is all I do, I am addicted. Hence why a CHAT ROOM JEFF would be so cool, I could chit chat stocks all day with like minded folks!!! LOL

Throw one down for me too!!

After doing some emergency plumbing on the house until late last night it is good to see the trend continue...

Long SLB...broke out yesterday on good volume

Love this blog...it is such a great place for encouragement and confirmation that I am not the only one wrestling with the guy in the mirror.

Trying to let winners run and not grab and go. So many times a trade will be up 75% and then retrace and never go back up. Tough to watch it happen. But, with appropriate position sizing, it doesn't hurt as bad. (Some lessons are sinking in)

Jeff, great mastertalk on Wednesday. Would love to see a follow up and always helpful to see any real-time decision making process displayed - hypothetical of course.

Brett, Great words!!!

Have a great weekend everybody.

Brett:

I had some losing trades, but I keep on imagining how awesome it is going to be when I, you and every addict masters trading. I,you and all addicts, are going to be on the right side every time.

Addicts write it down make it happen We will make money regardless of the way the market moves lots of money!!

Potential breakthrough for LADD (do not type that into prophet charts, its my name).

I have always felt like I had to be at a computer when the markets opened each day. I do enjoy this, but I felt like I HAD to be there in case something I owned did something crazy.

This morning, sitting at home, I just got done listening to the market cast. it was about 30 seconds prior to the markets opening. I had no where in particular to be (I am in sales and set my schedule each day). Anyway, I shut down my computer, packed it into my brief case, went out, jumped in the car and headed into the office w/o checking on any of my positions. I had one thing to do here (which I have already done) and now am going to go play 18 holes of golf (it is 68 degrees and perfectly calm outside, you gotta love Iowa).

I guess my break though is the realization that I am not going to make knee jerk decisions to intra day movements. I will wait until the last hour or two of the trading day to execute my decisions.

I hope this makes sense. I welcome comments (whether you agree with this or disagree).

Thanks for the blog Jeff.

Signed...Trying to break 74.

So many great trades..wish I had more capitol.

H,mmm...sell my garge full of Yuengling? NOT

GS.......LOVE THIS TRADE...I got in on 5/2. Looks like another break out happening yet again...

Brett,

That's exactly where I was this week, too. Had a string of losers or ones that weren't going anywhere. Had to cut them, take the losses and move on. That is hard, but getting easier. Got motivated by the blog, Market Cast and Master's Talk and am ready to go again. Thanks for sharing, Brett. Sometimes when all people share is the winning trades, it makes you feel like you are the only one that is picking the bad ones. Have a great weekend.

Randall and Michelle

Gary -- the issue you're describing about downloading marketcast from investools is a tricky one. the link they have simply links to the mp3 file and most browsers will just start playing the file. in IE you can't right click on the link like you can normally because it's inside the flash. SO... here's what you do.

In FIREFOX, which is what I use, click on the link and it will open a new window and the file will start playing. Then go to the browser menu and select Tools --> Page Info and a box will appear with several tabs. Click the "media" tab. Then you'll see a list of the available media files which should be just the one. Click it, then at the bottom click "save as" and it will start the download process.

I have not done this in IE yet so I will check that out and see if I can also post some comments. If you have further problems and want to email me, I am at tim@dailygenesis.com

Good Post Brett, because I was only doing two things this morning...pissing and maoning.

My computer locking up when I was trying to buy GS yesterday irked me a bit. I am now back to reality. Start fresh and get it done.

I bought MICC on a support bounce yesterday. Kind of liking this set-up.
REIT owners :(
REIT put owners :)

Jamie

GS is going crazy, in again on 5/9 after being stopped out, gotta love it!

Brett, Thank you for sharing, that was actually very enabling for me, as I (and probably many others) had a bad string of losing trades too.

Kind of hate to say this, but it's good to know that it's not just those of us doing this part-time and/or new can have bad trades.

For me, I view you as someone who has come a long way down the path of getting where you want to go and are still learning and teaching us too.

I was wondering why you were not participating of late.

Thanks again to both you and Jeff K for teaching us, interacting with the Blog, etc!!!

Hang in there, we feel the pain and the gain!

Long: GS, SUN, TSO, BA, SKS, DECK, ATI

Short: AVB (and looking for more good short entries)

is anyone on APA what is the target price of this one?

I am thinking it alreafy hit

anyone

Not sure if some of you are still in BBY Puts...I used SEP so I am still in the trade and really not hurt by it.

It is getting verrry close to resistance. I will look to add to my position.

Jamie

Ok, for IE here's what you can do, right click on the link below and select "Save Target as..."

Right click here and select save target as to download the marketcast.

I'm reading through the lines and hoping that soon they'll be serving these up on an RSS feed which will make all of this much easier.

Speaking of losing trades, I got out of my CKFR puts last night. I tried to sell all my contracts and only half filled last night so I sold the rest this am as it continued to go up. I have been in WYNN since 5/11 and it has been done well and looks like it might be breaking down from a flag today if it holds.

I hope somebody played PLD to the short side its down to 61.42 @ 10:30 est. APA to the upside also.

David APA it just broke new highs. I have a target of $80.00. Let em ride!

There was some news out of china did anyone get that info?

I remember Eric Utley speaking about that and how it could affect the market does anyone have any insight on this?

Jeff or macro man can we get a post on that subject?

thanks optionfanatic

I think cogo could be a good bear play as jeff mentioned

DavidS,

China today enacted 3 measures to tame their markets (from Bloomberg):

“May 18 (Bloomberg) -- China's government increased the amount its currency can appreciate, raised interest rates and curbed bank loans to tame a runaway economy and ease trade tensions with the U.S. and Europe.”

The US has been pushing China to allow the Yuan to float on the currency markets. The measures above are meant to cool down their economy and markets.

I have a message about ready to go out to Eric about all of this to get his perspective.

Jeff, by the way, I posted about the PSA trade earlier this morning. I am in and have been for a while. This has been a great exercise and success story in patience. And a good case study in OTM options for me.

thank you I will keep an eye out for his response thanks again

Dave, COGO Sept 15.00 put @.90 maybe?

This comment has been removed by the author.

I took the june 17.50 for .80

15. -.90 = 14.10 and everything has to go right to reach that target so i concluded 17.5 since I am close to that for an exit if it goes the other way
hope that makes sense

Jeff-
As for PSA: Bought Jun 95 Put for 6.40 and it's now worth 12.60 and I'm still in it as of this AM. I'm excited!

Good morning bloggers!

MLM is still looking nice this morning.

And it may look like I don't have to shoot ISRG. I'm finally getting some movement. I maybe moving my target to PVTB instead.

liz
pasadena, ca

I am not bragging but I think last week or week and a half I posted how cheap the AMX calls were for June 60 they were 20 to 25 cents. Now they are worth about $1.10. Out of the money calls are great when you are right on the trend of the stock.

Patience? I have been in NM since 4/23 and watched it pretty much do nothing and now today is up 6%+ in the first hours of trading. Jeff and others I think I may be seeing the light...virtues of patience.

Jeff

On Tuesday morning when AVB opened at $127 and being down large, I wasn’t too happy. But reading this blog has taught me patience. Once again, thanks for all the great information and guidance.

David$ I played both puts see what happens! I'll let you know in the end.

Tonya,

You had asked about rising wedge patterns. A good and also free reference is www.thepatternsite.com. Once on the site, click on 76 chart patterns and scroll down to "W". It is a fun site to spend some time on.

Jeff et al,

Right now I am in that magical moment of having every one of my positions going the right way.

A BIG THANK YOU to everyone for contributing here and to Brett and Jeff especially for helping me to learn that patience (or lack therof) has probably been the biggest cause of my losing so much previously. Perhaps this is the start of new trend for me.

Ever grateful...
Karen
the Doji Girl

Jeff M,

I don't pay much attention to splits. I don't think there is a consistent strategy there. I continue to follow my charts through the process and if things go well, I just hold through the event.

Jeff K

What's going on with BUCY today? It's down $2.14, seems to be low volume, but just broke down through where I had support line from the breakout. I'm waiting until the end of the day to see what happens and the low volume is encouraging but down 26% so far and wondering if I should get out if it closes below $ 65.62 or so?

Any thoughts? Anyone else in this one?

James H.

Tonya,

This might have been a session where the recording had issues. If it isn't up there, then that is my bet. Sorry for the trobules.

Jeff

Connie R,

An option addict for a year! Awesome! I am flattered that I am considered your mentor, and hope I haven't disappointed yet.

Congrats on the PSA trade, thanks for the nice comments, and most importantly, thanks for posting!

The first step of becoming a true option addict is to admit your problem to the group. You are on your way!!!!!

AKS is trying to make its move up.

Happy trading today.

Bill

OMG is close to breaking out if it holds. I think I am going to tippy-toe in and play it like a long position. Those puts have been awesome. Go GS. Thanks for recommending that we look at it on Market Cast. I think it is a good stock for long or short-term. It had a good move and volume and is finally starting to break above where it has been hovering for a while.

Randall and Michelle

Can't remember who recommended the line charts on the blog this week, but that helps me to see my support and resistance if I am struggling with where my stock is going.

How about MIR?

Compliments of Anu!

PPG broke out today, it's retraced a bit, but looks like it will hold a good portion of the move until close. I took an anticipatory trade on it yesterday when it was sitting right at resistance. It had two choices, break out or go down, so I knew where to cut my losses if it turned down. Fortunately, it paid off today.

I'm pretty sure the trade came from either the blog or the MarketCast. Many times I'm left wondering where I found the setup to begin with.

We know how Jeff finds his setups (monster watch list). Does anybody else keep track of where their setups came from? i.e. organize the watch list by where the trade came from (searches, blog, MarketCast, Master Talk, Cramer, Yahoo, etc.). I keep bullish and bearish watch lists, but I hardly ever know where the stock originated from. Particularly in the case of searches, it's good to know which source is producing the best trades.

Any thoughts?

Joel R.
California

Joel,
I used to spend hours searching to find stocks that were okay. My best movers and shakers and steady-Eddies are from Jeff (either blog or MarketCast). Oh, also Chart Toppers on the Prophet Charts produces some trades I play on a breakout.

I use my watch lists, too. But my best win ratios are from Jeff.

Thanks, Jeff.

Randall and Michelle