Jeff,
HANS finally popped. I had it on my watch list, bought some stock and got sick of it going sideways and sold it. Just looking at old stocks and checking to see their status, and noticed it popped up.


Randall and Michelle

Still working on the patience thing, like OIH. I could kick myself. Oh, well. But I won't be doing that again so I'm learning from experience. Sometimes it sucks making mistakes like that but I do believe you become better because you're determined to not make the same mistake again.

Once again, thanks and have the best weekend ever!

liz

Julio Kohler,

I know most of my correspondence is delivered in the vein of sarcasm which helps keep trading fun. But, since you started it I would like to dive deep into the human spirit and ask for you to expound on this assertion if you would.

You have said, "Music that stirs emotion is an important part of getting my mind right."

(By the way that really hit home for me)

I have found in reading many greats like London, H.S. Thompson, Tolstoy, and more recently, Lefevre and Taleb, that introspective authors can really help you get your mind right for trading. Have you found that to be true? (stupid question)

And if so do could you share any great examples?

I am now just a new trader waiting to go on vacation that can't enter any new positions.

Long: GRMN, NOV

Short: Work

Cheers,
Arty

I forget (sorry) who mentioned The Secret on this blog but I bought it from Audible and downloaded to listen in the car as I drove the parking-lot streets they call freeways in southern California. I am now listening to it again as I did my once through yesterday and it has many, what seem to me, to be great parallels with the trader's mind or any successful mind pattern for that matter. Strangely I see parallels to some of the most successful and most down times of my life in my thoughts as this book points out. Worth a read or a listen...
Again got to the blog late in the day and am trying to catch up with comments. I may not have caught them all though so if someone responded to me and I did not acknowledge, I just probably missed it.

On another topic - CANADA, thanks to Eric and Jeff... Could our northern friends provide any enlightenment to their southern neighbors on good Canadian picks. Chris I have one on the list from you already, thanks for that! You can look at it as supporting your country with imported U.S. $$$

CME?? What say you, traders?
I know the news could move this baby, but it looks to be in a good uptrend, although it hasn't moved well on the up days this week.



Michelle

Bob(and Pam)-

I mentioned this yesterday on one of the threads when I was saying I was bullish on Canada. I kinda have to be since I married a Canadian... Anyway, CNQ. It's in an uptrend but you might want to wait until it re-tests. It just bounced up and broke above a previous high. Check that out and let me know what you think.

liz

Wow....i feel like a stray cat that is just coming home, i have been "absent" almost all week.
There is a commercial that says "LIFE COMES AT YOU FAST" and man does it ever....

Jeff....love the video !! I am a visual learner and this is great stuff that you do for us.... so thanks ;-)

DavidS....thanks for the heads up on the launch, we watched it from the Halifax. I have been here 11 yrs and that was the first launch i actually saw.

DECK...i had to sell my option (due to exp), but looks like it is flagging, could be setting up for good re-entry

oh, i want to know more about the audio version of "THE SECRET".....can't recall who mentioned it, but tell me more (where to get it)

"ALL THAT WE ARE IS THE RESULT OF WHAT WE HAVE THOUGHT"
~BUDDHA~

have a great weekend!!!

Tonya,
I checked it out, and just be aware that it is New Ageish. Don't know what your religious belief system is. I am a Christian, so I had to pass on it. It sounds like positive thinking type stuff with a weird religious twist. There is other stuff out there that I think is better (Robert Kiyosaki, Zig Ziggler, etc.) Just be aware.


Michelle

Jeff,

Thank you for continually providing fresh, insightful and important lessons to this site. I believe the only way to get better at trading is to constantly work on yourself...finding your strengths and controlling your weaknesses. You continually push us and support us in that endeavor.

Does anyone care about the College World Series? This is truly the best time of the year here in Omaha. Drunk college kids from 8 different schools partying and tailgating day and night all around the stadium for over a week. I'm not even a baseball fan and i LOVE going to these games. You guys should watch it on TV. It's a really fun event.

Brett,

I love baseball but follow MLB (Go Cubs)through the entire season. I make room for the College WS now that they are into the elite 8 level of the comp. You're right, fun stuff. I'll be watching.

Too bad NCAA baseball bracketology hasn't yet caught on.

Have a good weekend.

Steve K.

ps. The one down side to college baseball is the aluminum bat...ping! Yuck.

Steve K.

Thanks Liz, I missed that one. I have relation (kin) in Canada in fact my Grandmother was a Canadian citizen so I guess I linked there too. I will check out CNQ. Tonya I know exactly how you feel as I just can't keep up with all the posts if I am gone all day. I agree with Michelle on the book. I however have seen first hand how important attitude and our thoughts are. The book has that new age feel to it which is a bit strange for me but I think still worth the listen. I went to Amazon and they had a link to download now through Audible.com and that is what I used. As I am iPodless I had to burn to CDs and that was a pain.

Liz, thanks I like CNQ and will wait for a retest and a new entry signal. Hopefully I can do so patiently.

Jeff, I see that you are working on your site and there are now Ads or maybe there have been and I have just been absent or have not seen them. Are these random Ads from Google or aids that you recommend? I assume that those in the Option Addicts Store are recommended reading...

Steve,

I'm a Chicago boy through and through (lived there 30 years), and the Cubs and Bears are my teams.

You guys need to see this. Cramer basically acting like his idiot self, and Conan making him pay for it...

http://gorillamask.net/cramerconan.shtml

Brett,

Being here in Oregon the college world series is pretty big. My girls are all beaver fans and love sports so we hit the games once and awhile. I would love to be in Omaha, I bet it is a great time!

GBHARDCORE

Brett or anyone else,

Until this video, I'd never seen Cramer and his stock picking antics, especially after all of the comments I've seen/heard. Is this guy for real or is it an act?

If for real, he's a wacko!!!

Thanks, that was enjoyable in a blithering village idiot sort of way!

Bob and Pam.
Interesting that you bring up The Secret. One of the writers of that book is Bob Proctor. I worked for him in a small company for about 6 months and left because I found him to be a snake oil salesman. He ran seminars and basically got people to mortgage their houses to buy computers and then sold them a sales course (which leaned heavily on what has become The Secret) to sell a computer that was completely useless. The company went under in 10 months and about 200 people each lost close to $40,000 (and this was in 1983.) He walked away with a million dollars and moved on to his next scam. I will never read the book, but can probably quote a good percentage of it, as his seminars were very convincing.

As far as other good Canadian stocks, have a look at CNI. It's available on both the Dow and the TSX (Toronto) as CA:T.CNR Like POT, buying it on the TSX gives you the oportunity to get in on the Forex side of things as the Canadian dollar is appreciating dramatically against it's US counterpart.

Jeff.... Thank you again for an awesome teaching aid. I never would have read a blog posting that long... but watching the video over and over has been a tremendous lesson. Somewhere out there, the moons, the planets, and the stars must have lined up when I stumbled onto this blog. We grovel at your feet in homage.

Brett... thanks for the link to the wacko. Chip, what you saw is nothing compared to his show. The man is truly bizzare.

The girls are in the pool, it's hot and sunny outside and our youngest is three games into a four game soccer tournament. A case of Coronas sits by the pool for Chris, and a pitcher of Margahrittas for Catherine. Yes, it's a Mexican fiesta at the Brown household. Anyone care to join?

Life's good (LG... that's the name of our new plasma TV. Whoever says size doesn't matter, didn't understand the question. 50 inches ROCKS!!! (and High Def on 50 inches Rocks even more!))

HANS,
Those who are doubters, have a look at the 2 year chart. This stock made us a lot of money in our 401k a year ago as it went from $10 in Oct 2005 to $50 in six months. It's been sitting idle for a while now, but if you look on the 2 year chart you'll see that $40 has been very, very strong support and resistance. This has finally been broken on FOUR TIMES the average volume. Climb aboard, folks, this could be quite a ride. (No, I haven't had any of those Coronas yet. I don't drink and navigate the web.)

Chris and Catherine,
What other stocks (if you don't mind my asking) do you guys have in your 401(k)? I started studying some of the ones you mentioned and finally got into POT. If you look at how much it has moved in the last year, it is a great stock to buy and hold onto. It moves. I also think MLM is a great stock. GS (the jury is still out) since last week it stopped me out and didn't hold the short-term support of 225ish. When the market goes down, that one tanks.


Randall and Michelle

Randall and Michelle,
My RRSP (equivalent to your 401k) used to be handled by a "professional" who managed to increase it's value by a toatl of 3 percent over 10 years. That is what led me to investools. He had me in about 15 Mutual Funds that all cancelled each other out beautifully. It was poetry in motion. The first year with IT I increased it by 80%. This past year I actually went all to cash for a while, while I focussed on options. I just recently got back in to my RRSP and It's now up 13% in two months. I decided to go with only 4 or 5 stocks at any one time and tend to hold them for as long as they keep trending up, although I use very different rules when buying them (and selling.) I do tend to look at the fundamentals of these companies and their industry numbers come in to it as well. Right now I have two Canadian stocks and four US stocks.

CA:T.POT
CA:T.CKI
X
STR
MLM
SHNY

I just added SHNY recently (a small position) but am contemplating replacing it with TNH (and wish I had at the beginning of last week...)

Incidentally, I talked about CKI (on the TSX) a few weeks ago when I bought it. It's a low volume stock because the fellow that runs the company owns the vast majority of it. It's not one that I normally would look at, but it has done phenominally well this past year, and tends to trade in a realatively small range each day. I got in at exactly the price I wanted, and anticipate getting out won't be a problem. I got into it on May 11 and it's up 17.6% in that 5 weeks. I'd research it well before investing in it yourself. I went with a fairly small position, just because of the low volume. I have 1400 shares (it just split 2 for 1... I originally bought 700) so I think getting out will be pretty straight forward.

Chris and Catherine,
Thanks. We have two accounts, too, one we do more aggressive stuff and one 401(k) we are just trying to get better returns than the mutual fund. Thanks for the stock picks. I'll analyze them and see if they fit my style. I think POT is a great stock and MLM.


Michelle

HAPPY FATHER'S DAY, TRADERS!

I think Cramer frightens me...is he for real?

Happy father's day everyone. My six month old is wearing his "I love Daddy" shirt today which is all I need for a great day!

Just now got to watch the video on adding. Thanks, Jeff, that was great and very helpful.

Chris, thanks for the great insight into your retirement accounts. Longer term stock investing is something I need to work on in my IRAs. I'm pretty focused on learning the shorter term with options right now and I just keep the majority of things in cash while I play with a small percentage in options. I like your approach of just a few strong trenders and holding on. And I love all of the stocks you mentioned in there. Also like the look of HANS. Thanks for your thoughts on that.

Michelle, Bob & Pam, and C2

Thanks for the "heads up" on The Secret. I absolutely love Kiyosaki and think everyone should read "Rich Dad, Poor Dad" at least once before graduating high school.
Zig Zigler has come to the area, but i have never been to one of his talks....any recommendations on good reads ???
I was born and raised catholic (don't hold it against me). I even went to a private catholic college, but a am a firm believer in the power of postive thinking, it kinda sucks that the guy is a scam artist !!!!

weekend finds:

NMX.....has been in a channel b/n 120-140 and it broke out friday w/volume

CRDN.....broke above its resistance on friday w/volume

MSM....bounced a few days ago

ATW.....broke out of sym triangle on average volume, but i'm going ot watch it anyways to see if it retests

BUCY....watching for break above $72 w/volume

GVA....nearing 52 wk high, watch for close above $70


well that is all for now, hope everyone had a great father's weekend day

Goodmorning, I stand to be corrected on the post of the MNX, it is being bid for not being a bidder. 9 pts. for the SPY & 34 pts. for the DOW. Could be an interesting week? Finished Way of the Turtle a Fantastic read, a little dry in some parts.

Conan takes control! Thanks for sharing the link Jeff.

This comment has been removed by the author.

Hey, didn't mean to put people off The Secret. Like trading styles, everyone has to make their own mind up about what works for them. I'm sure there's lots of good stuff in there.... it's just that everything that has Bob Proctor's name attached to it will always have a bitter connotation associated with it for me. And I don't trust myself to be able to approach it on an even keel. I take stuff personally... which is why I have to work so hard to keep my emotions out of my trading. Like when PENN tricked me in to selling it the day before it soared. @#%&**@

Had the best weekend ever. I am truly blessed with a delightful family. Hope all Dads had a great weekend, too.

Let's get reeaaadddddyyyyy to RRRUUUMMMBBBLLLEEEE!!!!!!

Sorry I ment Thanks Brett!

I truly enjoy listening to analysts. They're very entertaining.

Somehow, that moron last week DOWNGRADED PENN only a few days before it was bought out. Wonder if that was in any way related?

Then today, X is downgraded, including some comment about how any takeover premium is already PRICED IN! Are you freaking kidding me? How many takeovers have you seen where there isn't a premium to the prior day's closing price? Virtually none. That's just hilarious to me.

good morning everybody, great father's day weekend.

FMX keep an eye on it as if breaks 40 it could retest previous highs

I have found that a lot of downgrades of companies that have a lot of upside, follow with a break to the upside. It also reminds me of the Cramer video on how the hedge funds manipulate the market.

Sometimes they even drag the stock beyond major support levels and then the buying starts.

Brett I was just loking up the X for news, 10,000 shares after hrs. not much, could escalate? Looks like another support bounce possibly, your take.

C&C thanks for your personal insight on The Secret and agree with Tonya. I have seen this all to often where new ideas are used to just make money for unethical individuals. I am again out most of the day today so will catch up with you all and the market later today. Chris thanks for sharing about your 401k investing. Congratulations on that 80%! Brett will have to watch that Cramer video as I normally ignore him other than his picks email that I get now. Although I have not found a trade in them yet.

Optionfanatic, I am almost finished "Way of the Turtle". Really enjoying it. Some of it is a little cumbersome but overall a great read.
Happy Father's Day (a day late) to all you Dad's out there.
Thanks Jeff for the video.

Time to make some $$$$$. Looks like energy is still looking good.

Jamie

Tonya,
See You At The Top (I think) is one of Zig's books I like. I have some of my old books packed up. I'll search for other titles for you. Since you are Catholic, I'll throw out a few with a Christian slant (and hope not to offend ya.)
Becoming A Millionaire God's Way by Thomas ANderson (Forward by Robert Kiyosaki is a good read. And If You Want To Walk on Water, You've Got To Get Out of The Boat by John Ortberg. I found these books to challenge my spiritual walk as well as my life to move into harder and better things.

Have a great day,


Michelle

Jamie glad you like the book as much as I, Read pg. 224 & 225 does it strike a cord ? I know it did with me.

Anybody have any stocks right at support? I am looking to enter new positions, but all on my watch list are overextended and my good movers don't show adding points yet.


Randall and Michelle

P.S. X might be a good entry point today. Still watching CME

For most of what I'm watching, it seems to be a slow start to the day/week...except for X being down, DECK up, MLM up and VIP way up!

I had been burned a few times within the past few months on VIP not moving out of the range it had been in, so I vowed not to get into it until it broke above 104/105...well now it has in a big way and I haven't been able to get in!

Next time I vow to 'not' to do something, I'll let you all know so you can get into it!

Ah well, always something else and/or next time!

Chip,
I have been burned by VIP more times than I can count. Who knows what it will be by the end of the day. You might be able to get in anyway.



Michelle

Michelle,

You're right, it could come down a lot by the end of the day, although for all of those VIPers out there I hope not. I'd like to see it continue what it was doing last year, so we can jump on it later.

While I've been burned, I've also made a lot prior to those times of getting fried too.

My problem for now is not it blasting off last week and today, but...how should I say...not enough cash!

Thanks for the encouragement!

Chip,
There will always be more opportunities. I missed a lot being out of town last week when the market turned back up. Oh, well. There will be new plays today and in the weeks to come.

Michelle

Good Morning Option Addicts-

Here's my goal today. NYX down below support with volume. Oh, and I'd like for X to stop re-tracing. I'd also like to add STR to that as well.

liz

optionfanatic, yes p. 224-225 do really hit a nerve. I'll have to read the book again and see what else I pick up.

I also think VIP is a good example of some of the things explained in the book.


Jamie

Hope you googlers held on. I added early this morning...

Are you back Bob? Does this mean we get some poetry today?

Brett-

I just watched the Cramer video. I watched his show once and I never watched it again but on Conan he seriously sounds a little koo koo! Add the "roo" on that and you have chicken. (for those of you who don't have these places where you are, "koo koo roo" is a place to eat where they focus on the bird).

liz

Okay, it sounded funny in my head. I'm still feeling a bit sleepy this morning.

I think NYX may give me my wish today though I am highly doubtful about X granting me my wish or STR for that matter. But good 'ole POT is still kickin' it.

liz

Hey there Liz!
I am back today
Look at the charts
and check out PAY

what do you think on ACN i think it could be a nice trade as it is close to support and volume in the last two days is pretty nice.

What say u?

ACN

Nice overall trend, but for me, a little late for a bullish entry on this. It has good support at $39, which is where I would have jumped in as a support bounce. It has already moved nearly 2pts, so for me, I will put this on my radar and wait for a better entry. Nice one though...

Bob-

Thanks for the poem. I was just checking out PAY. And I got to thinking... Do you ever have problems with the lines you've drawn as support/resistance/trendlines, etc. sometimes "slipping"? (I swear that sometimes they don't stay where I've drawn them!) Where do you have your trendline drawn on this. I want to double check my accuracy.

DavidS,

I think it would have been better to have gotten in on Friday when it was at that 39.50 level. It would have been closer to its trendline. ACN does have a nice little trend going and it's bouncing but I guess it depends on how you're going to take this trade. If you're just going to ride this is up to a previous high, I wouldn't do it. If you're planning on staying in longer, then maybe. How are you planning on trading this? How are you looking at this stock?

liz ;-)

I cannot type this morning. I need to make some coffee and right now!

X

Testing my will......

Until it breaks its trend though, I am letting this trade play out.

are you still in it Brett??

ALB......

Ok, I watched the Cramer video and am still glad I do not watch him. Liz sometimes I have lines on my charts that were drawn before I even had access to them. Sometimes I have notes from one chart show up on other completely nonrelated charts. Oh and if Log is checked (or not)it can move your lines. I noticed that one watching one of Jeff's videos and my line would not match his until I clicked the Log box like he had. I asked about this and he said pick one and stay with it. I normally do not see much difference but now do log.

Thanks for the comebak on ACN. I have a price target to 44.

I will see what happens at resistance, and I will use 40 as a line in the sand.

I did not take the trade on Fri because that retracement kind of looked like a head and shoulder.

So today I received confirmation and I bought Sept calls.

time will tell

PCU is breaking out maybe and pefully.

Good morning addicts,
Keep a eye on BSC, it's breaking down out of a large flag pattern, and it's below a strong support level @ 147.50. If the volume picks up this could be a great move.

Don't know if any of you played LCC when Jeff pointed it out, but it has been going steadily down. I just added to it, today as well as KIM, too. GOOG, looks like it is heading back up. I got back in today.

Chip,
See, VIP (as usual) can't hold on and it slipping. Might be a time to look at the end of the day.


Randall and Michelle

I wanted to type hopefully and I bought NOV calls

Bob (and Pam)-

I have log checked. But good to know that I'm not completely crazy about what happens to prophet charts.

liz

PAY

Liz,

On a diag downtrend resistance line, if you use candles with their wicks, today the price is right there at the line. If you use the top of the bodys of the candles, today as of now shows the stock breaking up through the resistance trendline. I am overall bearish on this still, unless it makes a higher high. I am not in the trade, but watching it for a bearish play.I see support at $35, though unsure of how strong that support is. A lot of volume broke down through it, then a lot of volume pushed it back up...

I want to see what this does later today an dperhaps tomorrow before I think about taking a trade. But I am still bearish on it, cautiously..

Bob-

Thanks. I usually change my prophet charts to "line" to draw my support/resistance/trendlines and then switch back to candles. But it did "slip".

liz

I hear ya Liz..

I use support and resistance lines as areas, not always definitive. Price and volume help me decide if a line really is broken or not, and I will use candles for "hints". But If I make a good entry, close to a trendline, it is easier to to stay in a trade giving it a little more wiggle room around my trendlines then if I took a trade that is further way from a trendling. This of course on trendline bounce trades, not patterns..

STR low risk entry as you could use 109 area as new support.

Also check out BWLD split and could attract new buyers at a lower price.

I am waiting for COGO to go kAkA

Jeff congrats on the new store !!

you deserve the best!

Bob Raimo,

I have Resistance for PAY at 37.67 if I recall, don't have access to my charts at work. I'm getting a little nervous, although will cut it free otherwise.

I didn't know you were taking personal Poetry requests now?! I'll save mine for a special occasion or when the market tanks...we all might need it then!

Always enjoy, thanks!

Looks like AKAM might be bouncing down from the neckline retest of that massive head and shoulders today. I love the low-risk entry and if the pattern does eventually complete, this could yield some amazing profits.

ARO - potential bounce play close to trend and horizontal support.

Thanks for the heads up on AKAM...looks really good...

Brett:

Jeff called AKAM as a triple bottom.

Also head and shoulder pattern is a little distorted, how true does the pattern have to be in order to be successful?

time will tell

Brett:

Jeff called AKAM as a triple bottom.

Also head and shoulder pattern is a little distorted, how true does the pattern have to be in order to be successful?

time will tell

David,

I called my Jayhawks the best basketball team in the country. Obviously things can change.

Just kidding. Yes, if AKAM was a triple bottom, then it's already hit its target. Back out long term and you'll see a h&s with a sloping neckline and the stock is bouncing down from there. It's a stock making lower highs and lower lows and this was a low-risk entry. Take it for what you'd like.

And if you don't like that one, there's a lot to like about ALB.

Holler.

Brett-

H&S patterns are not my strong suit. I keep looking at them so that I will eventually "see" them better but I don't recognize them unless they're pointed out to me. So now that I've explained myself away... Do you have the neckline drawn at around 45.68 or so? Thanks!



NYX is looking better and better. Still need some more volume. Come on volume!

liz

Liz,

email me bdatlas@yahoo.com and i'll send you my chart.

Also, keep your eyes on LEAP guys. This stock has been weak recently, broke down from a sym triangle and has failed to re-enter. I'm looking at a break below $81 as a sure action point, but now would be an aggressive entry.

I took ALB when I posted it, I really liked it's setup....

Will we clear 1550 on the S&P ?? that is the question...

Jeff
Did you end up writing about "protecting profits" a week or so ago? I could not find it...Love the video idea
Long: AAPL
Short:UNFI

HNI....keep this on your radar...

Bob Raimo,

Since you've been a long holdout on X, thought I'd ask your opinion.

I have trend support at ~$114.6 and horizontal support at ~$113.3.

If X closes below trend support are you out or are you holding to the horizontal 'area'?

Tentatively I'm thinking if it stays approximately where it's at for the close, I would hold. Just curious, Thanks.

So, how do you see AKAM? You see it as a short? Thanks for anyone's insight.
KELLY

X

$113 is where I have a thick line of horizontal support. Idag support pretty obvious. A close below that area and I will have been busted....

YEAH for PCU & POT

liz

Kelly,

That's how I see it. If you see it differently then certainly don't trade it.

Regarding AKAM you have overhead resistance at 48.60 and you have extreme support at 45.

I played the triple bottom and I am protecting my trade to 47.40 intermediate support. if this holds I say it continues its upward trend if it fails it could bounce of the 45 support.

I would not take a bearish stance until that breaks.

Sorry Brett, that is why there is a market everyone has their own perspective.

Thanks Brett, I will watch it and try to understand the "insights" you have. I am an addict in training.
KELLY

David,

Apology not necessary. If it weren't for the market of differing perspectives, I would probably have a 9 to 5 right now.

Bob,

I certainly would like to see this puppy bounce (not a dead cat either), although certainly want to keep an eye on it with all the news lately.

Appreciate the feedback, Thanks, not surprised!

Hi All, LOL that Cramer Conan video is so silly with the bafoonery (sp?) maybe they were showing off for each other who could be zanier. I sometimes listen to hear what Cramer thinks of certain market events, but I think that if you cant read stock charts yourself, you shouldnt be trading until you learn. Eventually people figure that out.

Thanks Jeff for your videos, so invaluable all you give! You are like a lighthouse on a tall cliff over a rocky shore.

And thanks for everyone who is writing. Y'all rock!

Long: ARO, RIMM

Anyone else interested in the RIMM chart?

SusanFromManhattan

susan

RIMM looks a litle to over extended I'd wait for a pull back to entire.

Grant

I have several positions testing my patience today. They aren't going up or down...just stagnant and have been for a while. Thoughts?

P.S. There is a new post.