Stephen, that's awesome. As I've told you in an email but I'll share here too -- I remember when you posted your therapy session up on the blog a while back and I remember thinking "that is just like me." And, just like you, the last few months have really turned around for me with the help of everyone on this blog.

I definitely feel like I'm still learning but things are definitely looking up as well.

Thanks for sharing your story.

Hello Everyone,

Great work Stephen. It is all about creating and following your rules. That has made all the difference for me as well.

WYNN - broken support at $90. Not enough volume to confirm a break out, but we may get it before the close.

Joel R.
California

Stephen,

Great job.

I've said it before, and I'll say it again. This blog has helped me tremendously. Credit where credit is due. I pay attention, and everyone here should, to what Jeff and Brett share with the group.

GOOG

Even if you did not take a trade today, since it is at a support level, why not paper trade it. Buy some ITM, ATM and OTM calls on it, learn from it.....see first hand how the options react to each other...

Way to go Stephen!!!

Semis on fire today...possible breakout of a bull flag in NSM and XLNX broke above a descending resistance line.

Dave

Fellow Addicts,

ready for PCP, but waiting for volume.

let's not take HOPEium, trade on what we see.

Stephen, Congratulations!!! So glad you shared this so that Jeff could share it. Even though I am not where I want or need to be with my account, these type posts are very encouraging and if you do not mind I would really like to see your trades sent to bdheinrich@yahoo.com
Thanks

Dogi Girl,
I'd hold off on PCU. They've got a strike coming up this weekend so you don't know how it'll affect them. I'm still in mine, but thinking it's stalling and probably a good time to take my profits and run.

Michelle, I agree. I've got POT, MLM, X in my 401k and they just keep plodding along. Sometimes the options are so expensive that they aren't useable if I'm only going to offer up my 1% to the Options Gods.

Stephen, congrats. We're all learning, and all have good days and bad... and hearing about someone's success is motivating. I'm up 50%... but that's in 3 1/2 months!!! The nice thing is that this latest bit of turbulence (as we like to call it in the aviation business) hasn't brought our account down, so we're holding our own.

Jeff, I wish we could help with the tech issues... but me and tech are like the guy in your video. That's called "re-booting" the computer, I believe. At least that's how I do it.

TMX is making me reeaaallllllyyy nervous... might have to bail today. KOMG isn't performing either and may be a bust. And MRVL is sucking too. Now I need to get back on my horse and find some new stuff.

Stephen-

Congratulations!

I remember when you first posted as well. A lot of us have been in the same boat and it's encouraging to hear about your success. Finding this blog has helped my learning curve and account as well thanks to Jeff, Brett and all the other bloggers.

Thanks for sharing!

liz

Stephen,
I think that's a great idea that Bob mentioned. If you don't mind, would you share some of your trades so we can pull up the charts and analyze them? I am kind of depressed today. It seems like every trade I enter goes the wrong way. A couple of my puts, BSC, FFH, ESS aren't doing so well, and some of my calls (okay, a lot) aren't doing well either. I am going to get away from the computer and focus on something else for a while.
But, congrats. Thanks to Jeff, we are all moving forward in this trading experience. I am ready for my account to reflect it, too, and know it will if I don't give up.

Michelle

BIG Congrats Stephen! It's an inspiration to us all to 'follow rules' and not emotions ... GREAT stuff ...

Here's hoping nothing but net from here! :)))

Thanks for sharing it Jeff!

Chris,
You were asking about LCC. Looks like it might be headed down again.


Michelle

Hi Jeff,

I have a suggestion/recommendation...It would be so helpful if you could show some charts on your blog of stocks you have traded and why you exited when you did so that we can learn from your exit strategies. We spend so much time on trades to take, but not as much time on trades to exit. I would like to see examples of trades that were both winners and losers, where you got in and out and why you got out when you did. This would help so much in helping to educate us in developing better exit strategies. Sure, everyone's rules are different, but I would like to see what others are doing and why. Thanks

If you have been wanting to get some DECK ... put it on your radar .. a bounce should be in your future....

Just FYI

Chris, it's funny that the three stocks you named (KOMG, MRVL, TMX) are exactly the ones pushing on my lines today as well. My line on TMX was a close below 38 and so far it's holding, but Brett's already shorted that one so we'll be fighting the power of the WM if we hold on.

I think it's awesome that we have a community in which some of us are short and some of us long the same stock and yet we can still all be friends. If we pooled all our money together maybe we could get Delta neutral and live off all the postive Theta we could generate. Ha!

Michelle,
Hope I catch you before you head off. Don't get depressed... I have been there and have actually sold everything and just sat there, staring into the monitor (and then the odd "re-boot".) What I have found is that what we're learning works. There are times that the universe conspires against us and we just get a bad group of stocks... but if you live by the 1% loss rule, and exiting when the trend is broken, you will eventually find the universe will rescind it's hex on you and all of a sudden everything you touch turns to gold (or POT.)

Don't give up. Sometimes it helps to clean house... sell everything but the real winners, and start all over again. This stuff does work, and you have the power to make it work for you. And when you need a shoulder to cry on... call Jeff.

In regards to the PCU strike...

Since people already know about the strike don't you think that this has been factored into the movement? And if so it hasn't gone down. It's right at trendline support.

Not sure... just asking for other people's opinions on this one.

liz

Tim,
Right on, man. $38 is exactly what I'm letting it ride to. If it breaks that I'm out. It's toying with our emotions. Don't let it win... we will emerge victorious. I have velcro'd Brett to his closet so he can't have a WM (although CMG is going nowhere fast, and it could use a boost.) Does he not know TMX is Mexican too?

Tim, Dave, The Bobs, Joel, Benton, Michelle, Liz, C&C and of course Jeff,

Thanks a lot to you guys - your comments mean a lot to me and are very encouraging. I just hope it continues.

Michelle and Bob - I am about to take off to check out a home I considering buying, but I promise I will return with the rest of the trades. I promise Ill put them all out there - including the losers....here is the first part....

Stephen

-Bought GRMN July 60 calls for 5.70 on 6/11 - Sold 6/19 for 11.10

-Bought COG July 35 calls for 3.60 on 6/12 - Sold 6/19 for 6.40

-Bought UNFI July 35 puts for 2.35 on 6/12 - still own (currently 2.875)

-Bought KOMG July 30 puts for 5.70 on 6/12 - Sold on 6/18 for 4.90

-Bought GME July 35 calls for 2.75 on 6/13 - Sold on 6/19 for 5.10

-Bought ACN July 35 calls for 5.50 on 6/15 - Still own (currently 6.75)

-Bought KIM Aug 45 puts for 4.00 on 6/18 - Still own (currently 5.80)

TMX has me on the ropes also. Keeping a tight rein on this one...$38 is going to be my line in the sand..

liz,
Actually PCU has a strike once a month, whether it needs to or not. I think you're right... it's been factored in already by the pros (like... ahem... us) but there's always the amateurs that will wake up Saturday and go "WAAAAHHHH!!!! It's the end of the world. Sell, sell, sell.... I think...." It's rebounding nicely this afternoon, so I'm going to hold for now. I've got Sept calls so time (as the universe hates to hear me say) is on my side. Even if the universe is not.

SNHY

Patience rewarded. Good entry point.

Chris,
Thanks. I am giving my five-year old a bath. Well, actually she is playing like she is a fish. Then when my boys (3 and 2) get up from nap, we are going to Half Priced Books to buy Peter Rabbit. I just watched Ms. Potter. It's a chick flick, but delightful. Also watched October Sky and Iron Will.
Inspiring movies. Sometimes, like you said, you just need to get away and do something else.
Thanks for the pep talk. You guys are great. At least CME and GOOG are heading in the right direction for a change. Yeah, I have been cleaning up my account (or the market is for me) in the last few days. I am giving some a chance to shake out for not so big a loss and get out and then start fresh in a few days. Thanks for the help.
Thanks, Stephen, I will study those charts when I get past the doldrums.

Michelle

X

See above posting.

Michelle,

One of the things I didn't mention is that when things don't seem to be going right I'll quite often only trade half of my account and drop down to teeny, tiny trades. One contract, just to solidify, in my mind, that there's no emotion involved. Then, as your conficence returns, start upping the ante.

Chris-

Thanks. For a company that strikes once a month, their stock looks pretty good. It is rebounding nicely isn't it?! Okay, I just glanced over at my watch list and noticed that X is up over $2.50. Whoo Hoo! Let's hope it can keep it up.

STR still looks good. Has even during the down part of today. POT looks good and of course PCU.

liz

Stephen, now I am really impressed doing so well off to buy real estate! Now you are my hero! I have developer friends that want me in their investment team but all my money is tied up in this and my business (startups take everything you have for awhile). My plan was to generate some income from trading and some cash to invest in other areas too. Go get 'em!
Oh and for those of you keeping track my appointment was moved to this afternoon so that is why I am still here wasting your time with my comments.
Chris, back home safe and sound I hope. I was really wondering about that SNHY but how it is getting the idea. What is UP with BSC? That is now my biggest loser in $ not direction.

OSG,
It's been idle for a few days and is taking off today. Don't know if it's a good entry point or not. Have a look. DRYS is at a better entry point and has a great history... I'd consider it if I wasn't in OSG.

Bob (and Pam)
It looks to me like BSC could head back up a bit, here. Too bad because it tanked at the opening bell today. Don't know what's up, but I'd keep my ears to the ground today.

I will not battle Brett on TMX..He has the power of the mocha's for sure.

X and DO..

So it goes, I get out, POW, they stab me in the back. Sometimes these things happen...but the saving grace is this:

I followed my rules, and still made money. The trading capital form X and DO got rolled over in GOOG this morning, so all is well. Never be upset taking profits off the table..we are here to make money.

Bob (and Pam)
Ya, I made it home this morning at 7:30AM, got my girls off to school, slept for a couple of hours, now tonight I have to head off to San Francisco. Then I do the red-eye home tomorrow night. I will enjoy my weekend.

It looks to me like BSC could head back up a bit, here. Too bad, because it tanked at the opening bell today. Don't know what's up, but I'd keep my ears to the ground today.

Bob,
Ya, I looked at Stephen's trades and he is in and out in a flash... taking bounces and riding them up 100% and bailing. Very short time factors (almost all were July options.) Seems to be working for him. Personally I like to ride the wave up and then let it re-test, so it looks like I'm losing money. That way I don't get greedy. Who really wants 60% returns in 3 weeks.

I mean seriously.

Jamie..

I responded to your e-mail...

Bob,
Thanks for bailing on DO and X. Let me know when you're getting out of other stuff. I'll jump right in there and buy.

GOOG: I know a lot has been said about this lately but I've kind of ignored it because it's out of my league. I just looked at it (because of Bob's remarks) and noticed a real nice cup and handle, plus a bounce off a diagonal support line. I'm embarassed to admit I watched Cramer last night (as I was dressing in LA to head home) and he expects it to go to 600. He said "just divide by 10!!! Would it surprise you to see a $50 stock go to $60? No. So why is $600 such an outrageous price for a $500 stock that has incredible fundamentals?" Then his eyes went all bugged out and he started talking in foreign tongues. But it got me thinking about where this thing's going. The pattern sure looks good.

Hey C2

My pleasure. At least I got out with profits so I can afford to buy you guys some coronas....

This is shaping up to be one hell of a battle in the final hour.

By the way, since you didn't ask, here's my $.02 on PAY:

Hitting diagonal resistance and curling down. doji at the top with massive volume followed by a shooting star and a confirmation today. MACD overbought and heading down. Stochastics overbought and heading down.

I really can't think of any more confirmation you would need unless the CEO came out and said he just snorted up the company's cash reserves with 2 hookers and a minor league lacrosse team.

Get to work folks!

Congrats to Stephen,
I needed to hear some good news today. I violated one of my rules this morning and so far it has cost me $500. I bought 3 OTM contracts on BSC (puts) right after the market opened. I normally enter positions just before the market closes. I was seeing this as a Resistance bounce, thinking to ride it down today. This is what I do with Support bounces when I buy calls. Bad move. Sigh. I am doing very well with KIM but giving up part of my profit to BSC. I'll exit BSC before market closes if it is still above 144.40 and take my loss.

PAY

Now that's promotion for a stock if I've ever heard one...

Brett, I see everything you do except for the diagonal resistance. I see diagonal support from the high on 2/20 - it tops the cluster of candles from 5/3 to 5/23 and then ends at the base of today's candle. Wouldn't this be acting as support since the breakout on 6/15 or 6/16...you know, if you ignore all that other bearish stuff you mentioned.

Edumucate me oh wise one.

Dave

Addicts,

Check out TRLG. Check out the flag, then back out and look at the long-term. Great entry today.

Most importantly, i think this company would make a NICE acquisition target for GES, or someone else.

Another beauty by Brett....

I have a horizontal resis. for PAY at $37, albeit a thick line, but still resistance.

Yesterdays candle could be considered a shooting star, happening at resistance, and being confirmed today. Throw in the hookers.......you got yourself a trade..certainly a very low risk entry...

BSC

Here's likely the cause:

"June 21 (Bloomberg) -- Merrill Lynch & Co. backed away from a threat to dump about $850 million of securities it seized from Bear Stearns Cos. hedge funds..."

If I recall last night on MT, Jeff said something to the effect that if it closed above 145, he'd exit. I'm in and am looking at this, although since this is still in a downtrend, don't know that it really deserves an exit at this point. At the moment, it's right the resistance area (from what I can see). Any other perspective?

Bob , I feel your anquish over DO. I bailed on X earlier today and have that same feeling. I bought more DO & GOOG today to off set what could have been. Brett I'm nuetral on TMX just couldn't get a read on it, par for today I guess.

Check out ascending triangle on MCO 2-year chart. Looks like it's finding support on the trendline today.

John A.

Brett .. you are hilarious ....

I stayed with PAY only because I was anticipating that CEO with the hookers and the lacrosse team.... But I have been pleased to see the overbought situation as well ... and my rules let me stay with it .... Payday seems forthcoming ....

Thanks for all of your posts ..... and RL is right-on ....

Ofanatic..

Nothing wrong with locking in profits and re-trading elsewhere..

Timely entries help prevent losses when trades do not go as expected..

Well, Chris you can raise your ear. I get BONEHEAD (a term my Dad used to use) of the week award. Also I have new rule: NEVER enter stops (or adjust them) while on the phone. I mean how difficult it is to see above or below for the contingent stop. Yep, you guessed it I hit the wrong one and was stopped out immediately and maybe worse than that, the guy I was on the phone with thinks I am mad at him. I tried to explain that it was not him but...
Ok, if you find humor in this keep it to yourself. Hey, Judy that make you feel any better? Just kidding on the keep it to yourself part, I will laugh with you at me.

Bob I hear you loud & clear, You wait your try to to be patient you dump the stock and 2hrs. later its up $2.00. Been there done that too many times!

This comment has been removed by the author.

Brett,
What is up with ALB. It looked great, I entered and it has been sideways or up.



Michelle

Michelle,

I got in Monday and I think it's doing great. A breakdown on huge volume, a consolidation here with some indecisive candles, and likely another move down.

Jeff,

In the future, do you think we'd be able to post our charts to the blog? Maybe in another section?

Tim,
TMX is below $38 and I'm now putting it on the block. Lost more on this one than I should have. My entry wasn't the best, I guess.

KOMG is right at resistance. It's got me scared, but could be a low-risk entry point for y'all.

Bob (and Pam) I feel your pain, brother. So far I haven't done that, although when I first opened my account with interactive traders I sold 10 puts instead of buying them. Didn't realize my mistake until I went to sell them, because they'd gone down. Ended up buying them back and making a $200 profit. One day the Options Gods chose to smile on me. Good thing you don't live with Catherine or liz, or you'd have hammers coming out of every part of you and then you'd be drop-kicked down the stairs. Another tough day at the office.

Brett, is that a boys or girls lacrosse team? It could make a difference, you know. Thanks for the heads up on TRLG and PAY. I'm on the prowl with cash laden pockets. I think your Put play on TMX may be the right one after all.

liz, I'm going to let SLB move sideways for a bit before I jump in.

Ooops,

Liz, I meant STR

Ok, all I did my bonehead move and now have to run to that delayed appointment. You know Chris that is what scares me about Pam meeting Liz as she may get ideas. My son is already a black belt so I will have no chance.
Someday we will have to fill a post with the stupid things we have done trading as I think I may win that one.
Catch up with you all tonight, unless you write too much for me to read...
Bless you all and keep that market hummin'
Someone want to give me their evaluation on BSC entry now that I am out?

Bob,
We're the ones that (instead of a stop, had a buy order in on) PAY and when it gapped up, we bought 7 more contracts. And now after we got stopped out for a loss, it is heading down. @))#*# Happens.

Michelle

VIP @ support avg. vol.

Bob and Pam,
Don't like the entry on BSC right now. I still think it's a valid trend but it's at the bottom of it's channel. I'd expect it to be ready for a re-entry in a week or so.

Or not.

'DOh!!!!!!

DO, as in DOE , as in CASH, as in $$$$$$$$

Yeah, rub it in..I see it....LOL...

At least I got in GOOG when it was down $1.50 this morning...So I am not crying...

HURN and BURN!!!

Thanks Jeff!!!!!!

I am so busy I didn't have to time to bitch at Jeff about the technical issues - well I guess I will just have to say Jeff, I still you are awesome!

There was a quote somewhere by someone that went something like this,
One trait great traders share is they are driven by adversity.

Am I close? Did someone write a poem in this Blog about overcoming adversity?

When I am frustrated and need help with my anger management I just say "Biodegradable plastics" 3 times fast. Try it.

Thanks for all you do Jeff!

Jeff, Brett & Bob, I strive to be as disciplined as all of you are. Your helping me to become a better trader. Thanks

HURN is the one thing I did right today. Yes, thank you Jeff!!

I wasted so much time evaluating which I should buy between POT, PCU & PCP that I missed all of them as they rallied hard without me.

Brett,
You are insightful and hilarious. I think I understand confirmation now. You deserve a Burrito.

Cheers,

Yep, I took out old TMX as well. Best of luck with the puts, Brett. If it rebounds, I'll consider reentering bullishly.

I also took out MRVL. Man, that was a tough call but my line was 17.50 and I was keeping it on a tight leash. It looks to me like when it broke 17.50 a couple days back that it did it with some conviction. Who knows, I'll be watching this one too.

Stuck with KOMG. 26 is do or die for that one for me.

I'll say it once again today -- without a doubt, the single most important thing I've ever learned about trading I learned here on this blog and that is to wait to the end of the day to make decisions on exits. Good grief, could there be a bigger difference from how things looked this morning to how they look now? Wow!

Karen, here is one you may not have to miss. Look at MHK. Bouncing off support. Since its uptrend began in April it has some nice up moves then consolidates for a 3-4 days then moves up. The candle on 5/9 was LBO speculation and teh candle on 5/31 was an upgrade. I like it for at a trade to 106-107.

FYI
I haven't traded MXIM but it is breaking out of a channel on good volume. I'll have to add it to a list.

Congrats to Stephen. Nice job and keep it up. Jeff becomes a proud father once again. Thank you for all your help Jeff.

Jamie

Jeff,
Don't know if you'll read this but Catherine and I were just talking about where we'd be in the whole Trading thing, if it weren't for this blog. I think the education we have gleaned here would have taken us years and thousands of dollars to accumulate. And all you get in a classroom is the good stuff. You don't hear about the bad stuff... and that's where we learn the most. You have no idea how grateful we are to have this forum. One day (soon, we hope) we will be able to give back... and more importantly we hope to find a way to pay YOU back. Your tireless work to keep this blog running while working your day job and looking after your family is forming the foundation of our training that we will be eternally grateful for.

Someone hand me a tissue.

Tim, I stayed in KOMG and MRVL today, but they're both on notice. One false move and they're out. I'm in San Fran tomorrow, so I'll be able to be online for part of the day.

Bob,
I guess my dream about shooting the bear with one shot was prophetic. We only had the one bear day and today was back up.

My account looks much better than it did this afternoon. I think the reason it is moving around a lot is when you enter new trades, it's hard to give them some room to move and not watch the account numbers.

Michelle

You know what is amazing about this blog....is that I look at it so much that I can tell who is the author after the first few words I read. Everybody's personalty kind of comes thru. It really is terrific.
I could feel Jeff's frustration with trading GOOG from the video the other day. I am the same way with MRVL. Can't ever seem to get that one down. I hate to get rid of a good idea but that one will really have to trend before I trade it again.

Happy Trading
Jamie

Hi everyone,

I have been reading this blog for about 2 weeks now and find it very entertaining as well as educational.

I have a studpid question for anyone who will answer it.

I have been trying to trade options for about 2 years now. But every time I start something in life pulls me away. I am serious now and find my self with an old Td ameritrade account which I don't think is ths best for options trading. I need to trade 1 or 2 contracts at a time and don't really have much money to play with. So I want to make sure I am not wasting to much on commissions. Do you all use think or swim? Are there any brokerage firms you have had trouble with and I should stay away from?

This might be really stupid but I need to watch every penny.

Also I love how you are not afraid to mention your stupid mistakes. It makes me feel better about the stupid ones I have made.

Jamie,

Thanks for the heads up on MHK. It seems to be right at support plus it has the added bonus of possibly becoming an ascending triangle when it grows up.

Denise,

I've had an Ameritrade account since 1997 or so and recently switched to TOS. Not only is TOS less expensive but I found that entering option trades on Ameritrade was tedious, involving several steps, looking up the option symbol, etc. TOS has a learning curve so you should consider using their paper trade capabilities for as long as you can before jumping in and entering real trades. But it's way better than Ameritrade.

Hope this helps...

Hey Denise. I use ThinkorSwim and TD Ameritrade (I actually opened it back when it was Datek). I only use TD for stocks, though...TOS has zero restrictions for options trading, but TD still has some cool analytical tools.

Anyway, I think TOS' option pricing is something like $2.95 per contract. I'm not 100% because INVESTools students get them at $1.50.

I could have sworn I read a while back (maybe from C&C) that they use a broker that charges less than a dollar, but the name escapes me.

Hope that helps, all the best...

Dave

Dave, are you thinking of Penson?

Denise, yes, TOS is very nice, once you get used to how to make trades, it's very simple. They have desktop, web-based and mobile software platforms.

I've had E*Trade, hated their many fees and Fidelity for my IRA and their fees were higher than what I pay at TOS. Good luck!

Stephen,

Congratulations! Your swing trade entries and exits look flawless. I aspire to time all of mine as perfectly as yours.

--Patti

Stephen,

Hey man congrats on the being up 60%. Out of curiosity...would you mind sharing your rules and what you look for in your picks? More info is always helpful. Thanks alot.

Joe

Jeff-

Earlier in this thread "anonymous" asked about posting some of the trades that you exited out of and why.... I second that request. I think it would be very educational. PLEASE... That is, when you have time, of course.

Thanks

liz

Denise-

I was using OptionXpress. They're good and they have a lot of educational tools on their website but I recently switched over to ThinkorSwim. I kept my OptionXpress account open because I can but I really like TOS much better. I still have a bunch to learn about their site but after you get use to it, it's so much more user friendly and versatile. And if you're starting off small it's better as well. To begin with we were only doing 1 contract at a time and when you're shelling out 12 to 14 on each side it just eats away profits.

liz

Denise,
TOS is simply awesome. They have some of the best Technical Support I have ever seen. Awesome group! Very helpful and the site and it is feature rich. Oh I recommend the live trading application if you can do it.

Cheers,
CC

Fellow Addicts,

ah.. -hic- ooh... SPY can -hic-- be a n-nice entry tomor--row if markets t-t-tendd to conti--nue u..hic..p


bil t (high on options)

Thanks you guys for the repartee on the brokerages. I think I might switch to TOS. Options Express is 9.95 a trade and that DOES add up.



Michelle

Michelle:
Think or Swim is definitely the way to go. I used Cybertrader before. They both clear through Penson, but I found TOS to be much easier to use, and I swear my trades go through faster now.

Sam_H

Michelle-

A couple more movie picks for you. Now a couple of these might be tear jerkers and most are based on real people and/or real events. Once again most are not recent. But...

Brian's Song (Billie Dee Williams and James Caan)

The Inn of the Sixth Happiness (Ingrid Bergman)

Keys of the Kingdom (Gregory Peck)

Because of Winn Dixie (this one is more family oriented)-this one is actually a relatively new one.

Hotel Rwanda (Don Cheadle) this is also a relatively new movie.

liz

Thank you everyone who responded to my question on brokerage firms. I think I might try the TOS account.

Jeff,

This blog is great. I think this is just what I need to make it through the bad times as well as the good times. I would love to do this full time eventually and have alot to learn so please keep the blog going.

Thank you,
Denise

Whoa,
Eric needs Jeff to balance him out. Wade is too much like Eric, blah, blah, blah. I am bored to tears. I know this stuff is interesting, but he has been talking straight with hardly a breath for 15 minutes.

Michelle

Liz,
I've seen Brian's Song, Because of Winn Dixie and Hotel Rwanda. I agree there is usually some tears shed with these movies.
I'll check out the other two.
Thanks, again. I love movies.
Oh, I know this sounds like it would be corny, but my kids love the movie "Little House on the Prarie." Not the series (yuk,) but the movie. We ended up buying because my little girl wanted to rent it so much. I enjoyed it, too.
There is also an HBO movie (The Way God Made Them) I think that's the name. It's a movie (true story) about a surgeon's assistant. It's inspiring, too.

Michelle

Michelle--that is too funny. I was thinking the exact same thing as I was listening to the marketcast. Definitely not the same without Jeff.... I lost interest after about 3 minutes.

I have Fidelity and TD Ameritrade...Switched over to TOS. Last year, I spent over $500 just on commission. I was worse the year before when I have optionsxpress. Can't beat $3.00/contract round-trip.
TOS...kicks @ss.... will never to back.....

by the way... PSA....300%...that is sick.....

It pays to be PATIENT.....

CandleTrader

Liz and Michelle,
Why don't you throw "Old Yeller" on that watch list?

While you are at it, how bout going long on Midler and Hershey in "Beaches".

I am just balling over here thinking about it. Anybody know the ticker symbol for Kleenex?

Cheers

Arty-

Michelle was looking for particular types of movies and they happen to fit that genre. Maybe now that you've mentioned "Beaches" she'll watch that too. ;-)

By the way, there is no ticker symbol for Kleenex but there is for the company that produces them and that would be KMB. They're probably getting out boxes of Kleenex right now as their stock has dropped from around 70 to 67 in 5 days.

Cheers to you! Oh, and don't forget to pass the tissues!

liz

Ok, I am finally back. This must be a California thing but at the end of my meeting they served sangrias WOW. Then I come home (I was to make a pasta dish) and we have red wine. I may be a bit off. Good thing Pam is on a role evaluating stocks I will just nod and say yes dear. Before I got home I heard HURN HURN so Brett Pam is feeling the vibe. All I was feeling is my car windshield was broken by a rock throwing truck.
Stephen how did the home hunt go? Thanks all for not laughing at my bonehead move today. Hey, you know with enough wine it even seems funny to me. Well I made back 60% (would have been 80% without BSC) of yesterday's loss which I have NEVER done before as I would have sold out. Maybe I am learning here! Also on the TOS question they are the best by far. I have talked and emailed the two owners several times to the point were when I email a question they say Oh hi Bob good to hear from you again. I have even been so bold as to offer suggestions on how to improve their platform and one of the owners got right back to me with hey that is a good idea and should be fairly simple to do. I have never seen such customer service! All I can say is I would be proud to be leadership in TOS and I have told them as much. You will not be disappointed.
Now to listen to the Cast, no Jeff huh?

My opinion -- TOS is not only the best trading platform, but they are one of the best companies I've ever experienced working with. Call up their trade desk and you'll get to talk with someone live who is pretty knowledgeable, at no extra charge. Email anyone on their staff and they'll send you a thoughtful reply. They are terrific.

They also offer free education through options planet live workshops and through the "chat archives" which are audio recordings on their website. You can download those without even being a TOS customer.

By the way, anyone going to the "Complex Options Strategies for Traders" Options Planet class in Dallas July 17th? I'll be there.

They teach a much different methodology and I don't trade their method much, but it doesn't hurt to know about it. It actually broadens your understanding of everything you are doing when you trade directionally. Plus, I've learned most of what I know about complex options spreads from their free education so when it's time to start selling credit, I'm comfortable with that.

I'm an IT master's program student and so I don't have advanced options in that tract but I have found that TOS's advanced education builds nicely atop the foundation of the IT basics.

So here's my education in summary:

IT gave me the basics.
TOS continues to give me the advanced theory.
Jeff and this blog teach me how to trade.

That's my $0.02.

Yes I do miss TOS, began working at Merrill Lynch and have to move everything over there. Can you say 30 bucks a trade for even 1 contract. Yup, it is painful. Oh well, not a bad gig.

GBHARDCORE

Congrats Stephen !!!!!
I love a success story....i do have a few questions, if you have the time.....like...are you in front of the computer all day.....do you use stop orders....how do you exit your trades, etc...
when you have time i would like to chat
tmarie_2020@yahoo.com

here is an example of my major problem.....

BWLD....gapped down today and continued to fall....i got in on the break out so i have not loss much more than virtual profits...but if it goes down tomorrow like this, it will be below my exit point..

i do not use mechanical stops b/c i have had trouble with them knocking me out of good trades with intraday price swings and the way the market has been lately, i think it is too volatile to use them....

my goal is to able to stay home with my son...that day can not come soon enough for me/us and with the help of everybody on this blog i know it is possible....there are just a few kinks that need to be worked out ;)

Tonya-

It seems like BWLD likes to hang out between around 42.50 and right about where it stopped today around 43.70. It seems to follow inside a range more than a line. Maybe a VERY thick crayon. You could draw a line around 44 or so. But I think this one is more where you feel comfortable and what the volume is doing and obviously you've already set stops.

I have similar goals. ;-)

Take care.

liz

I know it is a little late for me to chime in, but i just read the rest of the posts (on this thread...eek..i can not keep up w/all of it!)
But Denise.....my vote is for TOS, i was using Optionxpress and it was so expensive....
TOS is superior by far.....free education, in July i will be going to Orlando for a free class (9am-3pm), their tech support is great....you can get help over the phone and/or through chat....And I have heard that if for any reason you do not like their commision pricing, they will charge you by whom ever's pricing you like....so basically if you don't like saving $$ they will charge you more if you request it (lol). If you are an investools student you pay $1.50/contract and if you are not you pay $2.95/contract. In all seriousness, if you trade a large # of contracts optionxpress may be cheaper, but if that is the case you can request that TOS charge you according to the optionxpress commission rate.

well blah blah blah....it is almost 1:30am and i am rambling....it is sleepy time...

thanks liz
ni-nite

First off, a big Mt Hood congratulations to Stephen for your recent huge successes! We all need these wake up calls every so often that prove to us that simply following proven rules obsessively, will yield great results!

I just went through my positions with July expirations to see how much the ice cubes are going to start melting as they get closer to the fire and decide which options I am going to hold onto over the coming weekends even if the trades are going in the right direction.

Even though I have not had a very good month because of some rule violations two weeks ago, I was surprised to realize that only four of the ten options with July exp’s are either still ATM (3) or OTM (1). That means 60% are ITM enough to let ride until or close to expiration as long as their respective trends continue.

My confession: I violated a BUNCH of exit rules while the market pulled back two weeks ago after the first and second days of the pullback because I thought “it couldn’t go down another day”. I thought that I was above the market because I have been hugely successful with trading since my inception 7 ½ short months ago. Foolish me! I was complacent! I learned my lesson the hard way when the third day was the biggest day and I got the wind knocked out of me! Yeah, my puts did well but not as well as my calls did in falling to hell. A real expensive lesson! This will be my first losing month since December. I am pissed! Emotional! But, only to the point that I paid more tuition this month. I WILL FOLLOW MY RULES! I WILL FOLLOW MY RULES!

I will prevail! We will prevail! “Do or do not, there is no try.”

Recommendation: Don’t be a John. Learn from my mistakes.

Long: Stephen

Short: Me and not reading any comments from the blog for two straight days.

I have some catch-up blogging to do this weekend.

When John Logan starts quoting Yoda, you know he's serious!

John, I too feel your pain of breaking one's own rules and am getting back on that horse to ride the straight and narrow. Thanks for sharing, that only helps to enforce what we should do, especially when the market doesn't go as we'd like/expect!!!

Stephen, Good job, a very nice confidence builder and encouragement that if one sticks to their rules, you will make consistent progress. Thank you for sharing!

Shifting gears, yesterday SBUX broke through significant resistance at ~$26.60. If you pull back to a 2-year chart, looks like were in the final stages of completing a double-top down to 23 - 24 over the next six weeks or so.

Futures are down so far this AM, so SBUX is likely to continue its plunge into the money pit!

GOOG & POT & MU

Good morning everyone,

Here is the last of my trades but the real juicy ones were on the last post....

-Bought XEL Sep 22.50 puts for 1.35 on 6/18 - Sold on 6/19 for 1.45 (the exit on this trade was simply a mistake on my part - nothing in my rules told me to get out)

-Bought XLU Aug 42 puts for 2.30 on 6/19 - Still own (currently 2.675)

-Bought AYE Aug 55 puts for 3.80 on 6/19 - Still own (currently 4.65)

-Bought FPL Aug 65 puts for 5.60 - Still own (currently 5.85)

These are all of my trades except for one July 60 call option I bought on GTRC for $20. I only bought it as a sort of Lottery Ticket type of play - assuming it would lose all its value but would be fun to see what happens. It was either that or a Monopoly scratch off from the gas station to get my gambling fix:)

Bob (and Pam), there is a guy who lives in my parents neighborhood who will have to go through foreclosure if he doesnt sell soon and wanted to know if I would be interested since he knew I was looking. Trust me, I am not running around buying up properties:)

Thank you for the kind words Jamie, Chip, Patti and John - I appreciate it you guys are awesome.

Joe, I think the thing that has made the biggest difference for me is to get out as soon as I see any sort of weakness at all after the stock has reached my target (I always have 2 targets). I love the really short term plays and participating in pullbacks of any sort is not for me - even if the time frame is many months like on a H&S pattern. I know I do not stay in trades for any extended period of time, but I figure if I am going to be looking at the computer everyday, there is not a reason why I should hold on to a position if I see it weakening. I'd rather put my money into another short term trade while that one is pulling back. For instance, I will be getting back into GME as soon as the flag is broke. It is currently worth more now than when I sold it, but I did not know how far it was going to fall and I would rather just exit on the weakness and get back in on the next breakout.

I hope that makes any sort of sense.

Tonya, no I am not on my computer all day. i value my free time as much as any person can. The reason I got into this is because I love travel and I needed a job where I could do all the traveling I want with internet connection being the only necessity. I look at the markets in the morning for an hour and the close for an hour. If I am at home with nothing to do, I definitely watch it but only because I love it so much. I will watch as much as needed on days of Fed announcements and the like. Otherwise, I am working out or running errands or other stuff. I also have a Treo phone that I have alerts sent to when a price of a stock reaches a certain level. I put notes on my phone about which option to buy so that nothing is holding me back from leaving my computer. TOS has a platform that you can use on your cell phone (not sure if it works with every phone) and you can buy and sell just like the regular platform on your computer. I figured if paying 300 for a phone meant that I did not have to be tied to my computer, then it was well worth it. Please understand that I lost a ton of money and it is just recently that I have started in the other direction. These are a couple things that I found are more important that I realized: clear set of rules, a journal (I hate the writing, but it is necessary), no emotions, this blog.

Have a good day everyone - I want to be here today but I also really want to get a deal negotiated with this guy so I can finally become a home owner - do some work to it, rent it out and backpack through South America for 3-6 months:) Thats the plan, but we will see how it plays out:)

If anyone has been to a country in S. America for any extended period of time, I would love to hear about your experiences. I have backpacked through Europe for a year and lived in Mexico for 3 months, but I have a feeling this trip is really going to be something insane. I say that every time though...

If you are a traveler and have a spare minute, check out this link...

http://www.couchsurfing.com/profile.html?id=1UW6EK

Stephen

Thanks, Liz and Arty.
Yeah, I've seen those. But the kids haven't seen "Old Yeller." Maybe that will be a weekend rental to give me time to clean the house. You guys are great. I have been vegging watching movies at night and reading and trying not to focus on my mistakes in the market. What would I do without you guys?

Michelle

Im really sorry that post was so long.

Good Morning all!

I need a backup site. Where do you go for market commentary that keeps you up to the moment? My usual site is still showing yesterdays action! It's great when it's working properly:

http://news.moneycentral.msn.com/briefing/StockTicker.asp

Thanks, Patti

Stephen,

I just wanted to take a moment to thank you for sharing your experience. By letting us look at your journey you have really helped to show how you can take a strategy and by working with it really make it one that fits your own life and way of seeing things. I know it took alot of time to write all this down. I just wanted to let you know how much your effort is appreciated. My sister has been to S. America several times. If you like I can ask her about any questions you may have. We love to travel too. It is great to see a trading style work that allows you the freedom to do what you love.

Anu

GOOG

Opened just above my upper line on my bill flag....

Meant bull flag...jeeesh..

PAY doing what it should. Brett must have had the inside skinny on the CEO ... LOL..Still laughing...

ALB..

$39.50 is my line.....a close above that and I will exit..

micc and spwr are taking off


also OII is a good candidate

ALB stopped out. I say good riddance. I hate the stocks that as soon as you get into them they got the wrong way. I guess that means bad timing or bad trade.



Michelle

Well, what an interesting open. I was greeted by SIRF stopping out, sure was not it that one very long. Hopefully we will see a day like yesterday.

Bob, We will call that a bill fold flag,get it! Bought more GOOG on the open! Going Drag Racing today you guys have Fun !

Oh no Michelle...

ALB ran right up to resistance and backed off...you must give stocks a chance to move..no reason to bail out on this yet. Look at the chart, what does it tell you?

In my past bad trades, they were because I did not read the chart and follow my rules. All of my premature exits cost me money, and 90% of those were WINNERS!!!! I lost because I got out too soon...

Michelle,

Why would you allow yourself to be stopped out in the first 1/2 hour of trading? This stock's pattern is still well intact!

Addicts, I see JBX at 2 levels of support (horizontal and trendline). Nice low-risk entry on a down day.

Ofantic you see the chart
buying GOOG was so smart
Flag of Bull or Flag of Bill
Pays for my trip to Jacksonville

Cheers!!!

Brett,

I bailed on TMX..cannot fight the power of the buritto...

I hope the stock tanks for you buddy...

Brett, I saw your comment on Tim Knights blog a few days ago about how he is early with his bearish positions on GOOG. It looks as though you were correct. It must be nice to see that you analyzed it better than a man who wrote a book on Tech Analysis. Sweet!

Brett,
I am trying to get out of trades I didn't have conviction about anyway. I am trying to let some go that weren't MY trades but someone else. That was one of them. Go GOOG. I have been hanging onto this baby a while waiting for it to move.

Didn't add to it like BOB because I'm needing to get my emotions in check these days, but I still have a call I bought weeks ago.

Bob, you da man.


Michelle

I get confused with myself.. that is between Bob and Bob.

My friends (and I consider option addicts my friends) all call me Raimo...

Feel free to do the same...it will avoid confusion with other Bob's..

cheers...

Raimo

Michelle,

This post is NOT aimed at you. I wanted to point out to everyone here that ALB retested this morning PERFECTLY on light volume. I added to my position.

Step,

Thanks for the kind words. Tim's a really smart guy and I enjoy his blog, but he's a permabear and his idea of technical analysis includes shorting things that are 'too high'. I also disagree with his pattern analysis a lot, but i get some good ideas there.

Stephen-

Thanks again for sharing even more with us. You've put some thoughts into my head on how it's possible to refine some of my goals and make them even clearer when it comes to trading. I want to bring my husband home so he doesn't have to have a JOB anymore and it won't matter where we are because we'll be able to do this. We also both want to travel and drag our children with us. Thanks again for sharing.

liz

Raimo,

We could always call you Yeats:)

Raimo (as you will now be called on this blog)-

Thanks for the poem this morning. It brought a smile to my lips.

So has Grant's X.

liz

Liz, no problem. To tell you the truth I am not sure if anyone has anything to thank me for. I was really just so fed up with losing money that I need to air some grievances. Where do you plan on traveling? If you look at that link I posted, youll see a picture of me an my brother with a bottle of wine outside of the pantheon in the pictures section. THIS is my motivation and this is where I want to be trading from.

Raimo, I was thinking of doing the same thing (not Raimo) to eliminate confusion for me too. I was going to did BD (my first and middle as I was called that years ago). That is still fine with me so we could leave Bob open for another Bob. Thanks Raimo for getting there first.
I was bummed because SIRF stopped out so early in the day but if it stays were it is I probably would have exited at the end of the day anyway. It touched my emergency stop by $0.05 on the gap which was 2ATR.
Pam and I really want to travel too and pull out kids with us, I think. The blog pic is at "Buck House" gate in England. We have been going to the UK each year but this year held off to build a biz and learn trading. I love London and York...

Bob(and Pam)-

I don't know if you're going to get your wish. I'm strapped in today and ready for the ride just in case. The VIX and TNX are up and EEM is down.

liz

BD, did you walk the along the ruins of the castle wall surrounding York? That is such a great place.

Those of you in AMAG, it looks like it might just fall today.

This comment has been removed by the author.

I hope some of you addicts grabbed some TOL the other day.

X..thanks LIZ..rub it in my face, LOL...Kudos for staying in..

AAPL

I grabbed some early yesterday,a bit anticapatory. On a down day today, it is testing my upper resistance line....watch this for a break above $125...could be a $10 pt move up minimum.. I'm out if it closes below $121...roughly..

So, unfortunately it appears we cannot use the price pattern searches unless we are active investor subscribers. You all may have already discussed that but I just discovered it this morning.

Jeff, kick someone in the shins over there so we master students can get a crack at it. They look neat. Oh well.

Thanks for all that you do. Loving the new video format so much better than Revver.

Long: MLM, PCAR, PCP, POT, DECK

Short: Market "corrections" everytime I get my account back positive!

James H.

Oh, Brett,
I didn't take it personally. Just explaining my reasoning for getting out. I have too many trades going, and some of them were not mine. That is part of why I have been kinda emotional lately. Trying to pare back and give some of my plays time to do their thing without being glued to the monitor. Thanks for all your analysis and posts.

Michelle

James,
I'm with you (laughter.) I'm about corrected out. I am ready for a rally today and a few up days. All the up days happened while I was on vacation and I come back to this. Plus some of my trades are newly entered and haven't had time to shake out.
Guess that's why not everybody does this.

Liz,
I'm with you. Ready to get this stuff down so we can have more time to do stuff with our kids and live anywhere we want. We are trying to get back to Portland. We moved about 2 years to TX because of layoffs and new job opportunity. Be glad when we don't have to do that anymore.

Michelle

STR looks to me like a good entry today. In fact, I tried out the idea of entering intra-day when something is sitting on my support line. I've always waited to the end of the day for entries but thought I would see how it goes.

I think it's going to be a good one. I just have to work past the emotion of worrying about what the stock does today. For example, I entered and then it dropped down a little more and my option is at a slight loss. That really challenges my emotions. But, I've got to remember as Eric said last night on the cast -- you rarely get in or out perfectly.

Who cares what it does today, as long as it stays above my exit point -- I'm looking down the road.

B looks like a good entry also.

Stephen, we sure did and in the rain. We are a bit strange that way as it is almost always sunny and warm here we like getting sweaters, scarfs, overcoats and the whole thing and walking for hours hand in hand (at least when I am not taking pictures) in that cold weather (March).
Liz, it does not look like it does it?
Yesterday, because I had time I sat here and played intraday with the SPY (even on the minute chart) at the end of the day with six trades was up four/down two for $1020 net. This was just paper as I am testing it out mostly.

James H-

So, I guess that means that PhD students won't get access to the prophet patterns either. I think when you're an active investor you've taken the next level of 3 day live courses. I think. Not 100% positive though.

Raimo-

I wanted to grab an AAPL myself but I've got to wait until a few more of my trades play out before I get into anything new. I was looking at that the other day and I thought it looked pretty good, especially if it breaks above that 125 level.

Stephen-

I would like to go anywhere and everywhere. I was lucky enough growing up to travel quite a bit. And in college I lived in Spain for a year near Valencia in a small coastal town. I also, during that time, was able to travel around the rest of Europe for 6 weeks backpacking. And before my mom job I use to work in the entertainment industry and I traveled quite a bit but when you're traveling for work you don't really get to see that much. I would love to go back to Australia and I've never been to south America and I would love to travel around Asia. My favorite place though is Florence. And I love the U.K. I also have friends over in Europe that I'd like to see again sooner rather than later. My husband hasn't done any traveling at all so I'm excited to drag him around the world as well. Okay, so that's enough time blathering...


The markets don't seem as crazy today. They seem to be slowly and steadily going down. Because of this my positions aren't all over the place today. Not so much of a roller coaster ride as maybe as a kiddie ride.

I sure wish I was still in OIH. That was a very bad exit. I learned a lesson there. Do not exit too early.

liz

Raimo,

thanks for the push to look at goog,,,i have been burned by this one before so i avoided it like the plague,,,well,,it and pvtb are what are holding up my account today,,,thanks,,,,

sue

oh,,,and spwr is rocking also

sue

I checked with support to see why it hadn't showed up yet on my searches page (Masters subscriber here) and that is what they told me (thought maybe something was wrong with my account).

Active Investors subscibers only is what I was told. I asked, is there maybe something in the works where they might open it up to others and they said no.

So I have no clue other than they said they would have my Education guy call me and explain it further to me, but I talked to on support guy from student services, and one of the Education counselor/sales guys they forward you to and both said the same thing so ...

I hope Jeff is right and they are wrong. But its not looking good. I'm still rooting for Jeff kicking them in the shins though.

Long: Jeff wearing cleats.

Short: IT shins.

James H.

Is anyone on orbc you got to love that action


infy good short right now low risk

Tim-

I'm in STR (I got in at the bounce up off the trendline) and I think this looks really good today. Yes, a pullback but we're right at a trendline support and a horizontal support. I love it when stocks give me two exits right next to each other. And my personal opinion a low risk entry. Not too much nail biting on this one. ;-)

liz

This is why I love GOOG.

EXPLODING out of that triangle.

The new search only being available to "active investor" subscribers is typical Investools. I, too, am a Masters student, and don't regret any of the money I have spent. But, it drives me crazy how there is always, always an upsell.... I'm still fuming from the fact that I no longer have access to Mastertalk.

Sue,

Glad you got in GOOG. I have done fairly well trading GOOG in the past. GOOG moves a lot, so you really have to keep emotion out of it. Just treat the chart like any other stock, ignore the $$ moves..just watch the chart, not your account...

Aye upsells suck, Jeff is the single reason I added on the AT trading rooms add on - (which makes no sense why it isn't included with the masters program - but anyway)

I'm glad I added it on, I think it has been well worth the money.

I'd probably pay a little extra to get the price pattern searches added on but man, active investor ... geez. I've only got so many kidneys to sell ya know?

James H.

CEG and TOL moving nicely..

ALB...love todays price action...look at that candle...

ah....ah......ah.......BIDU


BTW, is there a way to log on automatically w/o signing in each time???

Anyone still in BUCY? I had support drawn at 71.25 and it looks like it may finally break on down through that today. It has been trying to do so for a few days.

As usual I am going to wait for closing time, but... anyone see anything I don't to keep me in if it breaks support. Only good thing I see is that volume has been light on its attempts to break down through support.

I'm holding July 65's

James H.

LisaG,

I know Master Talk is only a one-year subscription with the PHD program as well. Mine expires in a couple of weeks. It's around $850 for six months to renew it!

--Patti

Jamie, your rules are your rules.

BUCY, I see it making higher highs higher lows. kind of consolidating (asc. triangle) with 72.50 as resistance.
Is it going your way right now, maybe not, Is it breaking its trend...I don't think so

this is only my $.02. it was not my trade

Happy Noon, I'd like to comment on brokers. I have Fidelity, TOS, Options Xpress. Of these, I like TOS the best. However, I have been papertrading daytrading the SPX, using a 3 MA system. To buy 10 contracts using TOS costs 24.95-and another 24.95 to sell. I place about 3 trades a day-this amounts to $150. I just opened an acct with Interactive Brokers-they charge .75 per trade - so 10 contracts will cost me $15 instead of $150. Has anyone else used them. I am curious to know how quickly the orders will be filled when I amtrading live. Time is of the essence when daytrading. Also, Options Express offers price pattern trades for free when you have an acct with them.

Those of you in Google, would you say that it is also breaking out of a cup-and-handle pattern? Cup is from either 11/22 or 1/16 to 6/5-ish - handle from 6/5-ish to today - today it's breaking above that rim line.

Yes/no?

If it is, the longer term move could be closer to...gulp...Cramer's expectation of 600.

That was me...Dave

Hey, I missed part of the conversation and don't have time to re-read through the blog. What search and where? We are Master's students. Although, our Master's Talk subscription expired and it is 1500 a year. We can't go that much right now as we are still not making money and lost money last year, plus the thousands of dollars for training last year. I would like to look up that search though if someone would be so kind as to point me to it.


Michelle
P.S. What's up with the down day again today? Is there some news?

Michelle, Jeff talked about the Price Pattern Search on Wednesday's Master Talk which he summarized in yesterdays post to the blog. He said it wasn't out yet for the masses but we'd be getting it soon. Seems that it is only for Active Investor Students.

--Patti

Hey guys, just so you know, i have heard from the folks at TOS that they are working on adding the price pattern searching to their platform, so unless they've changed anything, you might be able to get free access to it there when it rolls out.

I heard this from the TOS instructor at a class I took in April.

Dave,


i saw a cup and handle,,along with a bull flag,,,the whole chart just looked really bullish to me,,,,just my 2 pips(currency talk,,much less than $0.02)

sue

With the DOW down 128 pts, i'm going to get a burrito. I have no idea if that will spark the market, but i'll try something that has worked OFTEN in the past.

Boy, this market is pounding the crap out of my account (even with puts in it.)

Michelle

Ladd I think you are right, I had been reading Technical Analysis of the Financial Markets, and maybe too literally and too at the moment for rectangular formations when BUCY through late April and most of May - I drew my support from the last peak on June 5th and was worried the stock might fall back into its last rectangular consolidation area from May between $66 and $69 - I wasn't paying attention to the triangle forming - good eye. It is a nice one at that. Thanks. (5-6 point move in approx. 1 month or so? that about what you get depending on when it breaks?)

James H.

Hey all, Jeff has a new strand started.
Just to let you know, my accounts are just opposite of what they should be, my calls are down and puts are up....go figure. I am hoping they correct themselves, or else I'll have to do something drastic, like sell them and start over.
KELLY

Michelle-

The VIX is up over a $1.70 at this moment. EEM is down over $2.00 and even the FXI has gone down slightly. TNX looks like it's teetering.

Tim-

Thanks for the heads up. I think STR may test my patience today.

liz

Michelle,

I share your sentiment on getting out of positions that are weak or you don't like them for some reason.

With the market this jumpy, I want only trades I'm very comfortable with. I just bailed out of a bunch of trades that have gone nowhere in favor of something stronger.

Raimo,

Regarding GOOG: I hate it, won't trade it, don't want to learn it, intend to spurn it. So Raimo, Good Luck, I'll look for something that don't suck.

Regarding TOL: I hate home builders. They can't find a trend and stick to it. I'm break even at best on every homebuilder trade.

My favorite longs: Scooby DO DO DO, STR, SLB
My favorite short: KIM

Ok, so I've shared my experience today on entering bounce trades intra-day on STR. It's recovering pretty nicely today and all is well.

But, my timing was a bit off as I bought it when it was at about 54.75 and it traded down all the way to 53.32 and now is back up around 54ish. I'm not worried about the trade long term, but wondering how I can improve this entry method.

Anywho -- I'm looking for a little input from those of you experienced with this. What do you look for to take the trade? I would like to keep working on this technique and your input is appreciated.

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