Thanks, Jeff. I think we are all worn out after the last two days.

Gonna go watch a movie and call it a day. Market Cast was great as usual.


Randall and Michelle

Jeff,
Until you pulled a vanishing act, that was the best Master Talk I'd heard in a long time. Thank you for another job well done! Sorry about your technical difficulties but I know it wasn't your fault.

Jeff,
I totally agree with Doji girl. Repetition is key. I finally saw what you meant about adding to your position as you raise the stop as a way to increase the stake in your winners and at the same time limit risk. I get it now in theory. I will practice it now. By the way you were absolutely right about posting to the blog. I have learned so much the last few days thanks to all of you guys.

Just got in from an dinner of $0.15 wings and $14.95 buckets of Corona (4 to a bucket for those who MUST know.) It's been wild couple of days and I count myself lucky to have ended up down only a little bit these last two days. I've got two options in the red and the rest are all in the black still... just skimming a little of the profits off the top with the last two day's action.

PCU is at a perfect entry point if anyone's interested in some South American Copper. PCP pulled back today after being up yesterday. It's a veritable smorgashboard of stocks... all just ripe for the picking. I've sold nothing today and one thing yesterday. Everything's staying in it's trend.

Tim, I hate to say it buddy, but taking profits for the sake of taking profits is a little premature, I think. This market has made a habit of bouncing back big time after sell offs and I'm not ready to take any of those profits off the table just yet. I'd say I hoped you were right, but that would make me wrong, and that would just never do. As I said last night... Rule #1: the Captain is always right. And if you think the Captain is wrong... see rule #1

Jeff Kohler's been missing in action,
but my losses are just a small fraction,
of what they could be.
If it were not for he,
my account would just be a small fraction.

I must to bed, as it's another long day in the air tomorrow. I will miss the day on the market which annoys me, because some of my options are getting close to their trendlines and I wouldn't mind keeping an eye on them. Oh well, I will leave it in the hands of the Great Mystic One.

Cheers to all, and to all a good night.

Thanks Chris. I hear you, and I agree that I don't have this figured out exactly right, but I could use a little more info from you or anyone else out there.

I'm getting pretty comfortable with when to enter a trade, and when to exit if it goes against me. But it's exiting the profitable trades that is now the challenge. I didn't know this was a challenge before because, well, I never really had that many profitable trades.

So, some say set a target and exit at the target, but I don't like that because that seems to go against "let the winner run". After all, how do you let it run if you take it no matter what at a target point.

The choice, as I see it, comes down to this -- do you ride the trend, or try to get out short term.

Riding the trend means letting it go up, make a new high, and then letting it come all the way back down to a trendline or other support area, being willing to give back all or most of the profits for the opportunity to still be in the trade when it makes its next leg up.

Going more short term is what I have been doing, meaning once a trade has made that new high and is getting extended out there to the upside, I start looking for the short term weakness. Short term trendlines, and the ATR method and 5 day EMA have been tools I've used but it's still a little subjective.

I can see that doing this short term thing will cut some potential profits short. But, I can also see that riding the trend can turn some big winners into losses. It just depends on the trade.

Which is better? What do you guys do? How about a little blogitty discussion on selling for a profit!

(I should mention that I am almost always trading bounce trades, but I think this same discussion would apply to breakouts)

Tim,
I'm with you, buddy. I have no idea how to exit a profitable trade. It seems to me that it's more of an art-form than a science. I am pretty much going on feel. If I'm getting close to expiry, I tend to get out when I feel an uptrend is losing momentum. Then I watch it for a re-entry in some nice long options. But I have to admit it's pretty much a crap-shoot for me. I set profit targets and watch them slide by, as the stock keeps on climbing. PCU is a perfect example. It's far exceeded any target I had for it and I'm stil in it. What a loser! Except I'm a huge winner on it. Go figure.

Right now I have 2 losing positions and 18 winners. I have no idea when to get out of those winners and get some actual profits. I keep thinking they're going to go higher. Yesterday they did. Today they didn't. Tomorrow I'm in the air and who knows what'll happen?

Not me. My brain hurts and I'm going to bed. Good luck tomorrow, addicts. I will tune back in right after the markets close tomorrow.

Oops, I just read Jeff's post after I posted my comment. Perhaps I'm getting a little too far into looking at everyone else's rules.

More than anything, I guess I'd like to hear from the experience of others who have done this longer on short term vs. trend trading and which seems to work best over the long run. I don't feel that my experience is vast enough to draw any conclusions.

Thanks again, Chris. I remember a quote Jeff shared once about how most people are hopeful for their losers and fearful for their winners, but that's the opposite of what we should be.

We need to be hopeful for our winners and fearful for our losers. To me, it sounds like you've got that going on. I hear it when you say "I keep thinking they're going to go higher." Good job, man. I need to get a little of that, especially in this bull market (may it continue tomorrow!)

lets try this again......

"I PREDICT A RALLY BY THE END OF THE TRADING DAY THURSDAY"

i guess my crystal ball was not working, so tonight i used my majic 8 ball...it says "it is decidedly so"

Finally got back in front of my computer and after too much wine and cheese not sure I am fit to be of any use to anyone or any good a evaluating trades tonight. C&C I am just upsidedown from you. I had only two green trades today and ALL others were strong red losers. I know what it is like to have to be away when you wish you could manage your account better during the day. I think need more wine...after a day of talking to builders and investors all day - fun as that is.
I have to read the blog comments I missed tomorrow.

I hope the post wasn't taken personally. I mentioned using the ideas of others as starting points perhaps, but the best trading rules are found through expereince. I will continue to share mine, but like I mentioned, there is the possibility they wont fit another trader.

Kohler,
The April 2 Marketcast is beyond epic! There should be a Steve Jobs podcast of the century award for that one! Thanks for the head-fake.....and drawing the foul. Great show.

Your masterstalk tonight was solid. Some of the weird sounds during the technical difficulties were reminiscent of scoring some POT and X. I commend on a great comeback.

Thanks for diversification it made the difference today. And whatever you do, stay the same wonderful person you are today.

Cheers

Anybody looking at the major H&S forming on DKS?

If it breaks the neckline at $50, I am jumping in.

Joe

Tim,
Your discussion of exits is very timely. I'm sort of in the same boat. I have winners and i'm not sure when to exit. However, the question I'm writing about is your earlier one about long term vs. short term.
I have to agree with Jeff, none of us can say if either is best. It's different for everyone. I was a short term trader for the better part of 2 years, and have recently become more of a long term trader. The short term wasn't working for me.
I was fantastic at day trading, but lousy at money management, but now that I have the MM more under control, I've lost my edge in day trading, because I found that the shorter term trading led me to trade more emotionally.
My "short term" trades are now shorts against my long positions. Jeff laughed at me last month when I sold calls against my Long position in DECK, but that worked out very well for me, and as it turns out, I'm still in DECK this month with a 250% profit, not including the profit on the short position I held for 8 days.
Jeff was also appalled when I left positions in place while I was on vacation over the last two weeks. But at this point, my winners have no downside risk because the stops I placed while I was away were above breakeven. I saw no overall weakness in the market, and I felt that the only thing that would be a problem was if the world came to an end, and in that case, I had protected myself.
As it turns out the market continued to go up, and I'm am still in great positions in DECK, SLB, PCAR, and a few others.
I HAD to change my strategy because I was trading emotionally. Every time I've examined my trading (read: losers) I realized what the problem was and changed what I was doing. So at first, it was money management and then it was trading emotionally. Those were the most obvious reasons i was losing money in the market. I know that I'm great at technical analysis, so I KNOW how to pick a trade, I just didn't know how to manage it. Changing my trading style helped me accomplish both.
I started going ITM and further out in time, and it's paid off. Jeff would NEVER do that.. Doesn't work for him, but for me, it's helped me trade more unemotionally. I have lots more time between trades. I no longer have to think so quickly about my trades (day trading required quick decisions).
I've also back tested a swing trade system that gets me out of a trade in two days no matter what (as long as I'm not stopped out). This system is simple and I can trade it unemotionally, so I'm testing it live with small positions. As I continue to trade it unemotionally, I'll add more contracts.
There was a lot of discussion about diversification but I haven't caught up on all the comments... I want to diversify by having a long term trade strategy and a short term one. I think I may be on the way to figuring this all out, and everyone here has been an important part of my journey... Thanks to all. Hope this helps.

I must say, I wish we had the discussion on diversification about a week ago! I go SLAMMED in my account the past two days. I lost 7% of our equity in 2 days. That bad part is about half of our positions closed outside our trend line, so we closed them out (our rules).

That said, I think I need to reduce our position size during this learning curve (who thought the learning curve would take so long, 14 months and counting!). After taking the 3 day live, I have become a master at the Options Navigator sheets, but I am learning that just because my risk levels say I can buy 5 contracts, doesn't mean I should.

This is a funny business. 6 months ago, I thought I had the hang of it, then got beat up BAD. It took a few weeks for me to start again, then I went to the 3 day, and really thought I had the hang of it. We were up 20% in a matter of a few weeks. Then over the past couple of weeks we lost all of it. Some to the diversification issue (buying puts in a bull market), and some to the recent pull back when I stopped buying puts.

I was like a zombie to my family last night. Just starring in the distance. I feel better this morning, but man o man, I am still licking my wounds.

At least we are able to get up and go hit it again! Thank God for learning position sizing, and risk management. The damage would be twice as bad.

Lisa,
Your post really hit it home.
Thanks

Thanks for clarifying, Jeff. I wasn't sure if you were speaking to me personally since I was, indeed, soliciting input on other people's rules.

I definitely understand and agree that it's not one size fits all. I never adopt anything until I own it. But one of the greatest helps to me is to hear from everyone on how they approach trading so that I can consider different approaches.

Thanks Jeff and thanks everyone!

Thanks, Lisa. I appreciate all of your insight. I guess I could say that I am really practicing short term strategies pretty exclusively right now, and I'm finally getting to the point of having at least one strategy working fairly well. I want to expand and learn and practice some other ways of trading. I think the trick is keeping them separate somehow and not mixing and matching the rules on a single trade. Sounds like you have done a good job with that.

$TNX is at 50.41 (5.41%). Today should be...interesting
Ladd

Good morning everyone,

I just wanted to let you guy know about a couple positions that I stumbled across that might have some nice potential if they fit your rules. Apologies if these have been mentioned before - I am certainly not trying to steal anyones thunder:) I know there are a lot of pullbacks, but these stood out to me.

PLCE: Retesting Double Bottom Breakout (Target 1: $60.50)

SID: Bull Flag (Target 1: 55.02)

FCX: Bull Flag coming off Hammer Formation (Target 1: 80.00)

USU: Bull Flag coming off very small Bullish Harami (Target 1: 25.65)

Lisa,

Great post, lots of info.
One question, when you say long term positions you mean ITM and more time (6 months +) on uptrending stocks, just curious!
Do you do this so you can own options instead of the stock for better returns and then play the pull backs short term?
Thanks for any info!!

From Gladiator..

HOLD, HOLD HOLD THE LINE....

Addicts..

HOLD,,,,HOLD,,,,,,

Throw things at your computer, but HOLD>>>>>>.......

HOLD..

Keep GOOGling if you must...

$TNX. I meant 5.04% earlier
Ladd

Where is everyone??

guess I'll go grab the bull by the horns myself..

I have had such limited time to watch the market it is driving me a bit nuts and looking at another day away from the computer. Eric I can relate to you sounds just like my account. Chris thanks for the positive comments and I know you are right. Jeff, buddy I am sorry but if JBX does not do a 180 I think we are going to have to part ways. Surprisingly my account is up a very small bit today. I need big moves to make up for last two days. Just got alerted on $TNX too so Ladd I think you are right, should be interesting...

I have been trying to come up with a comfortable way for me to take profits and cut losses too. I have tried moving average crossovers and using the DMI crossover.

The way I trade now I put the stop loss and trailing stop at 3 times the ATR(average true range) on the stock. If I have some winners I will adjust that UP and know that I won't be giving back too much profit should the stock take a turn down. I like this style because, except for a gap down, I can see the locked in profit on the winners that I currently have should I get stopped out at my SL.(this is true for the stocks...options are a whole different story...I never can tell what the profit will be because the greeks mess me up.)

I do like profit targets and I didn't feel bad about taking 100% profit on CROX...EXCEPT if I had used the 3xATR trailing stop I would still be in with nearly 300% profit. You can't complain about 100% profit..so I'm not complaining. Just gotta follow the rules.

This blog is great!

Crystal

Bob,
Yes, GOOG is awesome. I am waiting to sell my June options. It just keeps going, so I am trying to eek out all the profits. Bought a July option to stay in that awesome up trend. CME looking good.



Randall and Michelle

For anyone who missed the MICC trade on Friday - today looks like it could be a great re-test of support.

Time to buy......

J

Okay addicts

I have had about enough of this. I am going to step outside and step in some dog !#@#, since there is no bull@#$ to step in. Lets see if that helps, be right back..

Don't know why but the DECK in on fire and it is rocketing up.

Everything else in going 'down' in flames...except HNI and PAY.

Okay, I'm tired of this correction, can have some more incorrect action?!

Bob Raimo, tell me how to help you with the Bulls.

Hello Jeff and Bloggers -

A couple of days ago we were discussing why one might want bearish positions in a bullish market. Yesterday we were discussing the $TNX. So, after seeing it this morning I created a nice bearish watch list I thought other bloggers would be interested to see. These may or may not be optionable. I'm still analyzing them myself.

Do I think the bull market is over? No. But, I do see a lot of value in diversifying by having bearish positions in downtrending stocks in a bullish market.

Let me know whatcha think of these bearish candidates.

CC, AGP, AU, GHS, HMIN, IRF, ISLN, LVS, MOD, NT, OTTR, PSA, RHI, CKH, SIMO, SIRF, TSFG, SWS, TCO, UNFI, LCC, UNQ, OXM, HNI

Brent in San Antonio

I love this blog.

LCC is the main reason my account is not under water again today. Not sure it can withstand the pull of my bull trades but so far is doing exactly what I planned it to do. Two weeks ago my puts went down with the market and just compounded my bull losses. At least it is working as diversification this time.

erichaiss,

I blew up my account because of position size last year. I KNOW your pain... I heard everyone talk about position sizing, and while I was position sized correctly for my portfolio, I was not sized based on THAT particular account. Sounds like an obvious thing to do, but I had to learn the hard way.

Tres,

Yes, I am long in an uptrend with directional positions ITM, 4+ mos out. I have been selling against those positions when the technicals told me to. Unfortunately, I'm in a June DECK, so I have to figure out when to buy the next month out. But I'm up nearlly 400% on that trade (after the open today).

Tim, you're absolutely right. Keeping the different trades seperated by strategy is VERY important. I have learned to make my notes on the strategy I'm using directly on the chart, so that anytime I look at that stock, I know exactly what I was thinking when I got in. That alone has helped immensely... AND, I also mark where I got the trade (initials of the person who referred it if there is one).

If any of you optionaddicts will be at the Advanced Options class this week in Boston, come say hi! I'd love to meet you! I'll be at the back table.

Jeff,

Love the milk carton.

Monica M.

Hmmm,

Nothing happened. I 'll go back out and step in it again.

Brent,

I agree we may want to diversify some more.

I heard on the radio this AM that Morgan Stanley has a model that they use with 3 indicators. When all 3 indicators line up (so to speak), that indicates a correction is coming. These 3 indicators have flagged 5 times since 1980 and all five times a correction of at least 15% has occured. They are projecting/predicting a 14% correction in the market within the next 6 months.

I am only reporting what I heard. The sky is NOT falling or even at this point with this down-turn, although wanted to ensure that we were not deluding ourselves into thinking that the market will go up and up and up.

In addition to needing to learn to be a better trader, which I'm struggling over these last few days, I also need to learn to diversify much better than I have been.

Looking at Bearish plays will help and maybe other things that Eric Utley brings up, DBV, SHV, INF, etc, along with anything else. I for one can't afford to lose too much more and certainly this will be an invaluable learning experience no matter which way the market moves.

Hi,

Does anyone else see a broken H&S pattern on MNST today? Target should be about $42 - a previous support level.

Stephen

Tim,
Diversification is what is keeping my account in the green. I have options, stocks (long and short-term), puts, fast movers, slow movers. Thanks to Jeff and Eric harping on this, I am finding this week not nearly as painful as it would have been and WAS a couple of months ago. AAPL looks good as well as well ad BIDU, GOOG, RIMM and X holding well. Just some relative strength stocks to look at. I hope my GS holds support. I would like to hold onto it, but my rules say when they break support, sell. Still looks okay, but needs an up day for sure. There are a lot of good put ideas out there, too. Don't lose heart, traders. This will stop soon and the market will head up again. Look for good entry points and keep an eye on stops.

Here is an article about the Morgan Stanley warning if interested:

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/06/06/cnmorgan106.xml

You'd have to copy the pieces into the address bar and remove any spaces, etc.

Thanks for sharing your bearish list, Brent. I am on the hunt for some bearish trades.

I don't think the sky is falling, but I do think that we have to acknowledge that this is different than the last three pullbacks we have seen during this rally. In each of the previous cases, the market snapped back up sharply to the upside. This time, we have gone through the trendline and are nearing an equal low on the SPX.

No reason to panic, just prepare.

I'm not making money these past two days, in fact, I'm losing some, but I'm thankful that the losses are much more manageable due to some bearish diversification.

Okay the DOW is now down to my trendline which starts on 3/13. This is where I am hoping it will hold. Come on now buy the dippers - come out and play. Dow just hit 100 points down.

Still looking at those bearish plays though and I am sure glad I got into two yesterday. I'm still way net long and my account is way down.

Chip (and others) you may also be intereted to know that Merrill Lynch's Elliott Wave model predicted this correction as the E wave of a 5 wave pattern a couple of days ago.

Brent in San Antonio

Hmmm..still nothing aye..

OK, now I will go outside and try ROLLING in it..JEEEEESH

Well my 2xATR stops are triggering today on TSO, VIP and yes JBX. If I ever say I am going to buy VIP again someone shoot me - way past hammers!

Some ideas for you bloggers;

I bought some cheap puts in IYT to protect my position in BNI, working great.

I also bought XHB as it broke trend and of couse UAUA when Jeff recomended looking at it!!

A few things to smile about today!

This is a great Blog Brent

I've been mulling over Lisa's comments on different time frame trading rules. I may have 4 different time frames that I'm working on-yikes! (So, here goes, using calls as an ex.)
1. Shorter term might be to exit on the first sign of weakness, either ITM or OTM, 2 months out
2. Short term might be ITM for 2 months and exit below support (OTM with a strong break-out with good volume)
3. Longer term might be ITM for 3-6 months, allowing for higher highs and HIGHER LOWS
4. I have a 3 MA daytrading system which I learned from INVS instructor Josh Black which I am paper trading right now-takes out much of the emotion.
I hate LEAPS-boring!
I need to work on all of these. Hope that I haven't confused everyone. I love this blog. I've been an INVS student for 15 months and have been following the blog for 3 mo. After listening to many trading rooms with Alan Keate, Kelly Allman and Jeff, I decided I preferred Jeff's style of trading the most. I am learning so much. I started live trading last Oct and have done very well. Over 50% of my trades have been winners. I use good money management and risk management and am so grateful for INVS and especially Jeff Kohler! Sorry this post is so long.

Tonight Greenspan speaks at a dinner......

I thought I put this up earlier but here goes again...

AIG as a bullish candidate with cheap options.

AIG made a bottom a couple of months ago around 65-66. It moved up to 72 where it hit prior restistance. Now it looks to be ready to make a move higher and breakout. On a move above 73 I'll look at the Nov 75's.

Jamie

Bob, easy there, the Yuengling will be a calming influence later.

When Greenspan talks...people run for the exits...(typically)...

I swear.....

Oh, also, I swear I can not figure out why anyone cares about Greenspan? They dude needs to go away

Ladd

i feel the same way about Greenspan...

Addicts..

I have tried everything. Walked in it for good luck, rolled in it. There is only one thing left to do..gotta do what I gotta do.

Time for a WM and a Burrito..

Where is Brett..maybe he can throw some down too. I'll be back..

Yes, Michelle..

Keep GOOGling...I am still holding on ...

Ode to CVH

You are the only green in a sea of red. Oh, how I love thee.

When the market goes down, you go up instead. Oh, how I love thee.

My company almost signed on with you, but your premiums were up in the sky.

Please don't be offended, just take those padded profits and let's go make a higher high.

Amen.

Good Morning Addicts-

Diversification and position size.... working well. My account has fluctuated but not by much.

Am wondering about the VIX. It's up $1.22 (okay now it's up .99) and TNX is up to 50.82. FXE is down, SLV down, GLD down today but CEF is up.

And POT is up!!!!

Everybody is talking about Exit Strategies today. Well, I still have a hard time with when to exit winners. I still feel like I'm learning this part. This is harder for me as well. But otherwise my exit strategies are fairly cut and dry. I feel like mine are way too simple compared to what everybody else is talking about. I draw support and resistance lines and that's pretty much it. Though I do look at each stock individually and let the stock tell me what is "normal" for it to do.

liz
pasadena, ca

Please make it stop.




Randall and Michelle

Judy in FTL,
We are neighbors! I'm in Delray and run an Investools user group that meets monthly. If you'd like to join our little group, email me!

Question - I'm looking at the ProphetCharts Chart Toppers for the NYSE under percent and dollar gainers and most of them are actually down. Is it broken? I know there are some gainers out there (POT for ex.) so what's up with that?

Man I am seeing more red today after a brief recovery.

I am trying to figure out what to do with apple, I can't decide if I should buy in after missing my limit the other day at 3. Do you bloggers think it will hit 130 for options expiration or be held to 125? The trend seems unstoppable upwards but does anyone think there will be a pause or manipulation?

thanks

once again GOOG and AAPL are my only green, wish I wouldn't have diversified now, haha.

Ben

If it goes back down to around 13,350 again today and starts to bounce that would be a double bottom.

Would show 13,350 might be our support for now.

Good time to go in and buy.

Randall and Michelle,

I second that!!!


Jon P.
OC, Oregon

KIM and BG making new lows. Wheeee!

'Fonely CYMI would get with the program! I might have to ditch that one. If it can't fall on a day like to today, it won't happen.

Kinda quiet today on the blog. I think everyone is trying not to panic and not to be negative. Are we seeing a trend reversal?


Michelle

After big pull-backs, in my personal experience, I'm very cautious about jumping into new positions until the market settles down and begins to move back up with conviction.

After Feb 27, the market was choppy for several weeks.

There's nothing wrong with being in CA$H for a while.

If the market continues to move down and you are trying buy a dip, it may continue down.

And of course the converse may be true too.

I'm not the expert, just personal experience and caution to preserve capital.

(Was burned big-time back in 2000 - 2001.)

If more of my positions bust support today, I'll bail on them and will probably wait to get into other positions unless it's something like SHV, DBV or INF (short).

Trend reversal, maybe, maybe not, it'll take more than 3 days to determine that...this is just b*tt ugly!

Looks like their is much support at the level of 13,350. Looks like we will see soon if it holds

bob, im going to go outside and try rollin in some too..be back
brendan

Bright sides of the market:

• DECK

• Puts are doing what they should be doing.

I feel that I am properly diversified because my account ups (Tuesday) and downs (Yesterday and today) are a wash at this point. If this wasn’t the case, I would be really pissed, yes emotional, right now because some of my long position home runs are only doubles or infield singles or ground outs right now… although my puts that were strikeouts are now extra base hits in most cases… So if the $TNX ever stops going up, maybe, the bulls will come back to help my long position homeruns a bit if they don’t violate their trend lines too much.

Oh yeah, my borderline calls from yesterday are no longer borderline making my decision to kick them to the wind, well, unemotional.

Has anyone else's prophetchart for the daily activity in $TNX straight lined in the past hour or so?

Maybe someone at Investools doesn't want us to see that it is today what X has been since it made it to Jeff's case study a few weeks ago.

Stephen Colbert from the Colbert Report was right.

Bears are the #1 threat.

Everyone, throw out good thoughts for a repeat of 3/14's price action while there is still a chance!

13,250 STOP !!!!!

OKAY, I'll go eat it..

Anyone else in OIH? Thoughts?

Thanks.

Grant

And Jeff STILL hs on those red glasses. Was he telling us something?

Jeff has a new Post if you want to check it out...

Jeff,

For sh#ts and giggles, change the red glasses and see what happens. I’m not superstitious, but there seems to be a lot of red since the glasses have appeared. I don’t think Dude would want all of this going DOWN. AND, Bob will feel much better about it.

Thank you for the consideration.

IMO - A double bottom would occur in a downtrend. We're in an uptrend (at least we were).

Once we do see a recovery I'll be watching closely to see if we have a lower high on the dow. We have our lower low (after today - unless things change dramatically). A subsequent lower high and we're looking at a change in trend.

I wish I would have listened to myself yesterday when I was talking about $TNX. Look at $TNX today! Two days ML's Elliott Wave analysis predicted a correction. I read it late and then ignored it when I read it. Oh well.

Anyone like anything out of my bearish list above? I'm only in two and looking for other bearish opportunities now. Nothing there I was really crazy about. I'm too late on most. I'm glad I bought puts in OXM and HNI yesterday. If OXM breaks below 42 I may short more of it. OXM is still an opportunity for a bearish play IMO.

I'm thinking about buying some puts on RHI but it's far from idea. I don't want to trade for trading sake. Also, thinking about shorting ITG, MCRS, MSTR, PSA. Any opinions on those? Anyone have any other bearish set ups they're looking at?

I love the blog. But, I hate taking losses.

Sorry for the rant. It made me feel better. (Not really - well, maybe a little).

Brent in San Antonio

Grant,

I rode OIH up and got out at long term resistance I saw at around 167. It broke through that and now seems to be pulling back to make it new support, maybe? It scares me because it seems to be trying to break trend in this pullback, but I dont think it has yet.

Just some thoughts, I am actually looking for a good point to re-enter.

SPX & INDU have hit bottom of their Bolinger Bands - Will they hold ?

psssss! CAH