Good Morning Jeff,

Try ATI on for size this morning.... A great support bounce and heading higher.... Hope your head clears!!!

JT

AAAAUUUUUGGGGHHHHHH!!!!

So AH is done for a while, huh? you poor suckers that bought it on Wednesday have only made $20/share profit. HA!!! I see you $20 and raise you a $5 loss on IIG's earnings. Good thing I sold this morning right at the low.

Looks like $88/share is the buyout price on AH so I'd say it's quitin' time.

More later, but AKS has bounced off support today.

Could you call BW as a bear Flag? If not it is sitting right at resistance, 42.50 potential target?

comments?

Brett,

Good call on EQIX... Believe it or not, I do pay attention!

Looks like DRYS is making another run if anyone is game.

Here is my list today of what I am trading.

Long: AAPL, GS, FWLT, VIP, X, DE, TSO (entered today on a support bounce.

Short: PLCE, SPG, AVB, PSA, CAL, WYNN, BYD

Jamie

I'm out of AH.

Long: Mur, Deck, SPY

Short: RYL

Request: Jeff, would love to see a few minutes of your video devoted to your searches. Love the pattern analysis, but would like to understand one step earlier in the process (where you look for patterns). Let me say again, LOVE the pattern analysis...

thanks
strat

Strat,

Sorry to disappoint, but I don't search a ton. I use my watchlists. I've collected about 2000 stocks that I review the thumbnail charts on once a week. This is where I get most of my trades for the week-

Oh wise and mystical Brett,
Thanks a bunch for LCC, buddy. In an uptrending market it's nice to have a put that's made 100% (as of today.) BBY hasn't faired so well, but hey, it's a bull market. If it breaks through $45.50 It'll sink faster than Poseidon (or a Richard Geere movie.)

Today's a sideways day for us. DECK is not doing well, everything else is up a tiny bit or down a tiny bit.

I have come to terms with missing AH and am now moving on. First I had to kill a small inanimate object, though. The travelocity knome will never be the same.

Anyone interested in getting into a mining stock that's done really well... PCU is one that I picked up a few days ago. It's not going to the moon (Alice) but it's a nice trend.

liken FSLR long; shorten MGM. Tons of breakouts today!

CTSH. breaking through some support?? What is anyone's thoughts on shorting this historically strong stock
thanks
Ladd

What about INFY...short as well?
Ladd

ID broke thru res. with vol on this ? ascending triangle. earnings due shortly

CYNO broke thru symmetrical with vol. ala Cramer

Watching PBY
Jerry

Ladd:
CTSH the only thing that concerns me is that it has been going down for 4 days straight. Although you are right at support it could be a good entry as you know where your line to exit is at.
It may bounce and I would take it on the next attempt
INFY I like it too but same scenario I would get confirmation.

You could be anticipatory and take them know nothing wrong with that

CTSH is very close to the 200 day moving average. This is the line in the sand for many institutional investors. Being a historically strong stock, it's likely to bounce at this level. But if it punches through, look out below.

Joel R.
California

Chris,

you were saying about IIG???????
You might want to listen to the conference call. That late push might wind up being just the beginning.

IIG

That is why you wait until the end of the day to make decisions....

I held on to IIG all day...wow, the last call.....

I'm with you Oh White Mocha Man...

GOOG

Not there there aren't better trades out there, but does anyone see GOOG re-testing the 4/27 breakout here?? Just looking for someone to evaluate what I see, or don't see......

I am long on the HOG.....

Oh Brother,
First I miss AH, then I sell my IIG this morning at the very beginning of the day. Today is a day that will be easy to recover from but I wish I hadn't already blown up the little knome out back.

The great thing is that there are a lot of winners out there right now and even though we're just treading water right now and it's really maddening, we're preserving capital and learning big time.

Thanks to everyone on the blog, all the comments (especially the ones telling me how I've missed out on such-and-such and opertunity) are such a great lesson to us all.

Some day soon, I'll be preaching about my big winner too. My goal is to be able to afford the presidential suite in Chicago and have all bloggers up for happy hour. Diet Coke and chips all-'round.

Bob:

I see a small continuation triangle on goog, also in the middle of two channels. I do not see an easy entry or exit here.

I am not sure why you are long on HOG I see a down trending stock forming an descending triangle to about $61.

Sorry, get a second opinion.

Thanks Dave!!

I have HOG breaking out of an inverse H & S on 4/19 and retesting it now for about a 5pt move....

I have GOOG at the bottom of a channel re-testing the 4/3 sym triangle breakout...three was no breakout on 4/27, a typo on my part...

Sorry Bob:

I see the inverse head and shoulders on Hog now. I guess that is why we have a market we each see different things.

Hi, Bob -

Yep, I'm long on HOG too - classic inverse H & S. The way I've got it drawn, it's more of a 4-ish point move. Still good.

I see the 4/3 breakout on GOOG, but I also see a larger sym triangle forming from the beginning of Feb. It's nearing the apex of that triangle. But I personally wouldn't trade GOOG. It scares me. I run screaming into the night.

That's my 2 cents!
:-) Pat

I like the suggestion for INFY. Looks like a strong symmetrical Triangle Breakout today with a 5 point target down to just below 48.

Larry M

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Have you taken a look at WCG It is up big. I ope it holds for manana as I have the 85 and 90 calls. Those bastards, I knew they were playing with people's money.

Lesson I learned is to listen to hte earnings call if you are considering a trade.

IIG 110% today!!
Ok, I read the material on IIG (Brett thanks) and did the BIG risk one contract limit order last night. The OTM was $.80 but with the morning's dip was filled at $.25! I thought oh well I was willing to loose the whole thing as position size was so small. I looked at it as education. Now my BIG winner earned me $27.50 (on a $25 investment.) Does that make you feel better Chris. I could pay for the soap for a couple of nights in that Prez suite. Oh and I missed that AH too but I got PENN is that a good trade off?

Jeff- When you say long "AH", please confirm that you are not saying that now is the right time to get into a stock based on technical analysis. Is this simply your way of saying to watch it for a buy signal?

Thanks,

Andy

Andy,

I shouldn't need to confirm this, but this is a classic example of why it is important to have rules. I went long AH Wednesday, and continue to comment that I am still long. As you analyze the stock, do you see an entry point? That is what is most important, regardless of what I say or do.

Try not to look at these as stock tips, but ideas that I share to educate others.

If said stock checks out under your radar, take it down!

Thanks buddy,

Jeff

I am not sure that AH is done. I didn't sell mine despite all the time evaporating from my Nov calls, because the bid was not all that great and the company might be worth much more. It was not apporved by the board and another bid is still possible.

HOG- more important than the inverted H&S is just the change in trend, higher highs and higher lows.

Just my 2 cents...

For HOG, the retest of the upward-sloping neckline failed. The stock has now closed below the neckline 3 days in a row. The pattern on the head and shoulders only measures a month and guess what? That month is almost up. In a strong market like this, the fact that HOG hasn't been able to get anything going while so many others are off and running should give you pause to consider the liklihood of eventual success in that trade.

since it is an art and not a science, I don't know if it failed, but it could if it does move up real soon.
If you draw a trend line from the opening price on 3/13 to the closing price on 4/10, it is holding on weak volume. It is a low risk trade this close to support.

Way to go on CME, I thought 510 would hold. What is your target?

Did any go short on GES?
long on CG or GRMN?
just some ideas.

I asked Eric (through the Market Cast) today if his rule of do not buy after 5 down days worked for calls and up days too and he said yes. Also with that I used the example of AH and Eric stated that trade is DONE as it has been acquired. If you read the Canadian news it appears there are those that are upset with recent tax law changes that supposedlly lead to this and some are proposing to roll the law back to break this takeover. Could be interesting. Also if the buyout is $88 why is the stock still trading below that?

I always thought DONE was more of a past tense word. Kind of like saying your home is SOLD when you merely have an offer. It very well could have have traded at its high forever today. Time will tell.

HOG

This is why I like the blog. We see different things, and for me it opens my eyes to things I don't see, or confirms things I do see.

I see HOG sitting right on top of the neckline, not below it. I would have liked to see the price action move with the market, but I still see this as a good entry point with a good risk/reward.I actually got in HOG at the end of the day on 5/1. My line in the sand is a close below my neckline, or at about $62.75

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What say you all????

Normal Correction today, just a breather before the FED

or

BIG CORRECTION?

I'm not going to be at the computer all day today, so I need to set some stops.

Gary

OH OH!!!
Hey Brett, OO's looking a bit squeamish these days. I'm pretty close to bailing as it seems to have broken any kind of diagonal support and it's a whisker away from horizontal support as well.

On a happier note... have a look at AKS. Rumours today of a buyout have it up 15% on VV of 1,000%. I'd say that's pretty good volume. Hope it continues as that's all the good news I have so far today.

CNS is still refusing to sell any calls or puts... hmmm sure hope I don't want to get out of it in a hurry.

This is the kind of day that I've been saving these puts for. Everything is behaving as it's supposed to in a correction, and with AKS's help we're in a healthy profit so far.

Gary,

I think the market is just breathing. What a big move in the last 5 days.

Amy

Gary,

Well, if I could really answer your question I would be rich; here's what I see:

The over seas markets were down, but not that much, the futures are still down, but not moving swiftly

The Tick and the Trin are moving bearish in an orderly fashion. so far volumes are mid to light.

However, it is early in the trading day.

Glenn

Jeff,
I am reading Stock Market Wizards (particularly the interview of Makr Minervini)
One of the questions asked of him is picking stocks. His answer is: "One way to use relative strength is to look for stocks that hold up well durign a market correction and are the first to rebound after the market comes off a relative low; these stocks are the market leaders." That sounds like sage advice to me. Do you have such a list? If so, could you share? Is there a way to search for stocks like this?

Randall and Michelle

LFC

Symm triangle...I have had some great trades on this stock..

Will HOG get fat?? I like that it is starting out up on a pullback day....

PCP....interesting move so far...I am still holding...

See what happens after the FED speaks...