Great story Arty!
Short Harry Potter, my family would shoot me.
Thanks Ramio for the viewpoint, now that I have had time to look at it (without running last minute errands before the trip)I agree. Wanted to jump into MTN, FTO and maybe BEAV. Was looking at exits for PCP and GRMN but this laptop and wireless card is soooo slow it is killing me. All I could do was finally pull up TOS for the closing bell.
Well did recover a bit at the close.
Yes, I am a REAL addict as I am checking the site in the van as Pam drives, my turn soon.
Have a weekend everybody.

GREAT story Arty !!!
Have a great weekend everybody !!

Hey everyone. Just wanted to say that I miss very much being more actively involved on the blog. So glad I got to be on the conference call for a bit today and hear how everyone sounds!

Things have been pretty busy for me both day and night. I've tried to keep up with the posts and comments but haven't been able to post much myself.

Trying to get a schedule/routine worked out that I can deal with. In the process, trading has been a bit tough.

Added to MSM today at 54 and feel good about that one. Here's hoping!

I am super long the market right now as bearish plays just haven't been looking right to me lately. That's part of the reason for my struggle as my deltas are all positive so when the market is negative, well ... you know.

But most everything is holding its support. Haven't exited much, so how about a nice rally next week, eh?

Saw someone comment about TGT. I took that trade yesterday, betting on 68 holding, so I had to exit today as it doesn't look like it's done going down.

But that's the only thing I exited.

I hope you guys are all doing well. It is funny how calming it is to read through all of the posts and comments. All is right with the world when there is poetry about trading to read.

You guys are all great. Thanks for everything.

By the way, has anyone had much success with analyzing trade at night and entering in the morning. Since I mostly play bounces, I figure I ought to be able to do this, but I have mostly entered things end of day until now and for some reason it's hard for me to come up with a good way to enter otherwise.

If anyone has some good thoughts about taking bounce trades based on what you see the night before, like how and when to enter, I'd appreciate it.

Thanks again and have a great weekend.

Arty, Great Story.

And my sides still hurt.

Bob/Pam, not sure what viewpoint you agree with, but I raise a Yuengling and salute you!

Have a great weekend....

Tim,
I am struggling with analyzing at night and trying to buy on the open myself. the market just moves so fast in the first hour.

Short idea: Addicts easy with this one - CB (Chubb)

This one maybe a little hot right now but it is headed DOWN.

Cheers,
ARTY

Oh and I am honored I was able to share my story of Danish stock market follies!

JK - thanks for all you do!

Long: Impromptu Web Ex's with the Addicts!

Short: "Fooled by Stupidness" By ARTY the Ass

Cheers,
ARTY

This comment has been removed by the author.

Ode to the cast!

Ironic I'd say - A donut without holes is a danish!

Cheers,
ARTY

Great story, Arty!

Here it is midnight and what am I doing? Checking the blog (I just almost typed blob - I swear I am not drunk) before going to bed. Who wins the addict award, huh?

My take on CB - I think it just fell to solid support and could bounce from here, depending on market conditions. I would not trade this now.

Just my 'pinion.

Tim,
I have not found a comfortable rule that I can live with regarding when to jump in to a trade. I prefer to make decisions at night and will write down the stock, month and strike that I want but I don't buy at the open. I give it at least 5 minutes and then I decide if it needs to be bought right away or if market conditions say to wait.

I headed to Kansas to visit family for the weekend.

Great posts...

Arty, your GSF comment was hilarious. I laughed out loud.

We survived another week...congrats!

Have a great weekend.

All was quite on a Friday night
The bloggers were gone and out of sight
Markets closed and nothing to do
Another poem I have written for you

I went out to the bar had too much to drink
Yuengling you know to help me outthink
On my mind the poet of lurk
Smart and clever like that Captain Kirk

The Phantom resides in the JK blog
I am beginning to think he’s mystagogue
I headed home for the night after drinking my beer
Gonna hang the Phantom on my wall like a deer

To identify the Phantom will be extraordinary
Seems a good time to hire a mercenary
Got my man Chip searching county by county
I am offering a lot a very big bounty

I need the help of the bloggers but who do I trust
The Phantom is quick he disappears in the dust
I will outsmart him he has given some clues
I am putting together a smart little ruse

So lurk and hide you dastardly PP
I will enlist the help of Jeff’s bloggers you see
I will post again later when my hangover is clear
Whoops got to run think I have diarrhea

Hi Tim......I have been able to do well placing trades at night and letting them fill the next day.

My 120lb pet horse (dog) knocked my laptop off the side of the chair a few weeks ago and since then it has only worked when it feels like it.

So basically I have been checking my current trades when i get home and placing sell orders if they closed below support. And then checking my watchlist and placing buy orders at the mid price for the following day.

It has actually worked out better!! there is less emotion b/c the market is closed and i can not adjust my limit orders to get filled quicker, so i get a better price. So far i have gotten filled on everything at the price i wanted (on both entry and exit).

I remember a while back, i was upset about thinking i was at a disadvantage by being at work all day and away from the computer and Brett had said to me that sometimes being at the computer all day is the actual disadvantage b/c it is hard to stay unemotional to the intraday price swings.....he was right.

Now, i did drop the computer off at circuit city on tues, but when i do get it back.....well....i can't honestly say i will not check my trades intraday, but i am definitely going to try to stick to this method of placing trades in the evening or maybe around 3:30.

I hope this helps.

When to place a trade.

I place my trades depending on what type of play I am making. If a bounce play where volume is not needed, I will make my entry intra-day and look for an intra-day bounce...if possible. It does not always happen. It also depends on where the price is at the open, and which direction is it heading? My favorite entrys intraday for a bounce, when possible, is when the stock opens lower than the previous days close (if going long), drops down to my actual exit price, then I jump on it, regardless of the time of day. More often than not, the stock price closes that day above my exit price, and I am good to go. If for some reason that day the stock closes below my exit (also my entry)...I'll take the tiny loss.

For pattern breakout days, the ONLY time I take a trade intra day is if the stock is at a support/resistance area within the developing pattern...then I buy as close to that support/resistance area as possible, which can be considered more risky then waiting for a pattern breakout confirmation...which usually you have to wait towards the end of the day to get in to see if the price holds and there is sufficient volume.

An example of this would be on this past Friday, I went long MTN. I got in right at the lower support line of my triangle pattern. If it closes below this line, tiny loss. If it rallys and breaks out over the next few days...I got a geat entry on this pattern breakout. Aggressive, yes. If playing the pattern like most, you will wait for the breakout.

Everyone trades different with different rules.

This is just one example of how I enter a trade. Hope it sheds some light

Of course this is easier to do when trading full time is all you do to, you can watch charts all day and really try to fine tune things. OR, like Brett said, for some it can screw you up!!!

Jeff, do you get some sort of "credit" when we order from the Option Addict bookstore?? Well i hope so.....i just ordereed a years supply of reading....

Anyone see the news late Friday on Bear Stearns being sued over their hedge fund disasters? That can't help the stock Monday.

Thanks everyone for the thoughts on entering strategies. Raimo and Tonya, you guys hit on exactly the things I've been considering, so that's great to hear.

I made a rule a ways back that I would only enter or exit anything at the end of the day, but I mostly just made this rule to help with intraday emotions. I just know that I won't do anything until the end of day so I don't worry about it until then.

I'm very happy with the idea of exiting at the end of the day. That, to me, is one of the greatest things I've learned, and it doesn't take very long to just look over things real quick and make a decision on whether to stay or go.

But, the trouble for me has been trying to search through everything and make decisions on what to enter at days end. It's very time consuming and also things can get rushed and I can be forced to make some quick decisions that might not be best.

So, I've thought about the idea of putting limit orders in at night and just letting them fill if they are fillable and, if not, letting them go. The hard thing there is just being ok with the idea that you may not get filled if something gaps up and you miss it, but from what you say, Tonya, it seems that hasn't happened to you very often.

Raimo, I don't have the ability to watch things intraday as closely as you, but I have been thinking a lot about the idea of buying things when they pull back to support. My fear there has always been "what if i buy and it just keeps going down". But then I think who cares? my rule is to exit at the end of day so if it's under my line, i take the exit, no big deal. Small loss, and when you're right, nice entry. I like that.

So, I'm thinking about trying to combine the two approaches. Maybe calculating a Theo price for the option based on my support level and putting it out there to see if I get filled.

By the way, I heard from TOS last week that they are building some improvements to the contingent orders where you will be able to put an order like "when the stock hits 150, enter a limit order at .05 below the ask." Things like that might help to get better fills on automatic orders.

Anyway, those are the things I'm thinking about. Thanks for sharing your thoughts, they are very helpful.

Yeah, Brett. The spread I sold on BSC expired worthless (hooray!), but those of you in it directionally might be in for a treat. Congrats!

Brett..did not see the news...but now I will be looking. Thanks!!!

Okay, iti s1 am EST here in PA..what the hell am I doing on the JK BLog?????

I am truly an addict..BUT, I will not wear a thong....LOL

Have a continued great weekend, time to go to bed and dream about this Phantom Poet who is making me nuts!!!

Hi Week-end Addicts,

Unless I'm away from home, I can't resist the pull to check the blog-so thanks for the wk-end posts.
So much good info this wk-end.

arty&tim...

i have found that avoid doing trading the first hour of the day works out best for me....head fakes seem to happen mostly during the first hour

tuck

I, like, Bob, trade whenever the trade looks good. Sometimes early in the morning is the best time for breakouts. If a stock moves 7 points in a day and you don't catch it on the first couple of points out of the gate, you've missed it. So if you incorporate into your rules to only trade at the close, you miss a lot of opportunity.
I think it depends on your personality.

Michelle

Anybody buy any AMZN? I bought some Friday, along with FTO.

Michelle

Love your story, Arty!

No one mentioned entering a trade at the 9:30 a.m. reversal period (if you can be at the computer at that time). Most stocks back off in price around that time to let you hop aboard. It's great if you are watching just one stock that didn't get filled at the price you set for the open. Just a thought.

--Patti

Tim.....I am going to try my best to prevent this from becoming too wordy....

About 6 weeks ago i majorly simplfied my trading (and i have had the best 6 weeks so far). Basically all i do is look at support and resistance for my entry and exit points. I pull up my charts on profit charts only. I no longer look at the corp snapshot (this prevents me from getting involved with the MACD,stoch, news, phase1 and2, etc).
On my profit chart i have price, volume, and imp vol and that is it.
I drawn my support and resistance lines.
I have my watchlist on a separate piece of paper (which is kind of a pain....i have not figured out a way to go through a saved watchlist/portfolio with out having to go to the corp snapshot first).
I check every stock that i currently have a trade on and exit only w/ a break in support/trend. Then i go through the watchlist and enter anything that has presented a buy signal.
It only takes about 3 seconds per ticker to eval the chart, since my lines are already drawn....it is almost mechanical....all the emotion is taken away....i buy if there is a buy signal and i sell if there is a sell signal......if i totally miss the entry on one trade, i do not chase it,,,it is no big deal (with 14,000 stocks to pick from....don't sweat it if you miss one trade)

Before the dog broke the laptop, i was checking this on my lunchbreak and it was working well...but like i said the other day, it has been working just as well when i check it at night and place my entry and exit orders for the next day.

You can not expect to get in at the very bottom and out at the very top of every trade, you will make yourself crazy just trying....just try to get in at YOUR entry point and out at YOUR exit point and be happy.

I have spent the last 2 months focusing on psychology and it is truly a major factor in trading successfullly.....you speak alot about "fear". If you focus on what you fear, you will subconsciously make the wrong decisions (i can say this b/c i was in the same boat at one time). You have to KNOW and BELIEVE that you are a great trader and you will be. I remember a long long time ago when Brett said that everyday he wakes up KNOWING that he is the best trader in Minnesota (or wherever he is from).....that statement is what got me thinking, then researching, reading and listening to things related to psychology.

Whenever you have a dreadful or negative thought about yourself, the market, or anything.....don't log onto your acct, go do something else, get your mind straight, do somethings that makes you happy, then come back to the computer....(if you are unable to shake the mood, then don't trade at all for the day....it is better to miss a good trade than to enter 4 bad trades b/c you are in a "funk".....you do NOT have to trade everyday.....that is one of eric's top 10 mistakes..."over trading")

It also helps to write your short term and long term goals out and tape it to your monitor (this will keep you focused).

Well i was "dreading" being the queen of long posts and look what happened....i should have focused on keeping it short and sweet....oh well

Anyways....i hope this helps...

Brett....i am sorry to keep using your name when i post, but what you say seems to stick.

Time to run a few searches and get a list together for the week, hope everyone had a great weekend!!

Tonya,
Good post. I agree with you. If you are negative or fearful, it's better to step away for a while (maybe even weeks) and readjust your thinking; otherwise, you make more mistakes.

Michelle

Tonya,
Thanks for the post. Very helpful.

To all addicts,
I am trying to find the link that someone posted recently to check on after-hours trading. I thought that I saved it but I can't find it. Would you please post it again. Thanks so much.

I posted that Judy. Here it is again...

http://money.cnn.com/data/afterhours/index.html

Raimo,

I thought that it was you! Thank you again. And thanks for all that you share with us-you have helped me so much.

JUDY JUDY JUDY
I THINK THAT IS MY DUTY!!

LOL

My nemesis Raimo, I do declare
Composing on the weekend just isn't fair,
I was relaxing when I read your verses,
and at you I directed many curses,
'cause now I have to respond you see
to defend my title which is PP,
I got up from the couch and put down the clicker,
cleared my mind 'cause I know you're a stickler,
for punctuation, inuance and lastly grammer,
and I know if it is bad Catherine will bring out the hammers,
So here it comes, I hope you are ready
My penis in hand and it is steady,
OOPS, in the last line I meant to type "pen is"
and I might add yours is steady only on Cialis*. (editor's note: we apologize for the last two lines).
I will dodge your attempts to find my real name
because truly what I seek is not fame,
I am here to provide a relief from trading
and don't want to forced into grading,
your prose you submit, I am not your teacher
but I do think you are in need of a preacher,
to forgive what you write because in most classes,
you would be preceived as a threat to the masses,

So Chip/Raimo, use your bullets and gear
for you two are not the most that I fear,
I am definitely more scared when I lose an amount
that is greater than 2% of my account,
so use others on the blog, put them in your employ
I will dodge your attempts at discovery because I enjoy,
this banter which is occasionally quite witty
but on weekends, Raimo, I think that is Sh*tty.

The Phantom Poet

PS. I am very sorry about your diarrhea,
but it must distract from your raging Gonorrhea!

Ramio,

The post on the details of entry was great. It really struck home with me.

Tonya,
I agree with you totally about the psychology of trading. I think it is not so difficult to learn the rules but the fear and greed we have prevents us from acting where we know we should. Also I think trading makes us confront and master our own demons. It is truly about self mastery not the mastery of the markets.

BTW on the issue of managing and assessing the watch lists without going through the corporate snapshort. I think I have a solution for you if I understood your issue correctly.

1)Go to the trading tools tab
2) Click onto the Prophet charts under the graphs link on the left hand side.
3) Once the prophet chart come up look on the top left hand side. Right click on the "Chart Settings".

4)GO to the bottom of the scroll down menu and click on "preferences"

5) this will bring up a box in which you can check all the options you want to display on the left hand column of the prophet charts. These options include "my watchlists" and " my portfolios" IF you click these you can then access alll the stocks in your watchlists/ portfolios from the prophet chart itself once it is open.

I hope this helps you out. If you have any question on this you can email me at aum@thinairnet.com just post to this site. I check in here almost all the time. I am not the best at explaining things like this but wanted to give it a try if it is of any help at all for you. Let me know if I can help you more with this.

Anu

Thanks again everyone. Tonya, great thoughts.

Well, it's my goal to be more active on the blog this week. If you missed the conference call, I relayed the results of my completely scientific experiment in which I proved that time spent on this blog is directly proportional to account performance. My study will published soon in a very scientific journal.

See you guys tomorrow.

PP,,,awesome poem,,,made me laugh out loud and scare the dog

sue

Thank you Sue, it is all worth it then.

Raimo, BRING IT ON!!

I know some of you think Jeff K. is the Phantom Poet. I'm sure he's too busy with IT and the blog.

I have been thinking for a couple of days (since Benton denied it) that Chris is the one. He is witty like Raimo and I don't think it would take him long to come up with the poems.

Whoever the Phantom Poet is has alot of talent.
I think he should come out of the shadow of 'Anonymous' and take his praise like a man. ;)

--Patti

i don't know Patti,,,it seems to me that some of the PP posts have been when he has been flying,,,although,,i agree,,,who ever it is ,,,they are very creative,,

sue

Arty,,,,why do you feel like an ass for exiting your trade for a profit on Thursday instead of holding until Friday....dont take this the wrong way but is sounds like you got bit by the fear and greed bug,,,,you exited a trade for a profit,,how would you have felt if you gave it all back on Friday....trading is full of shoulda, woulda, coulda trades and moments. unless you broke your rules with the exit,,you should consider it a successful trade.

sue

OMG !!!!
Anu...thanks you !!!
It was right in front of my face the whole time !!! Boy do i feel dumb !!! well this will make life so much easier, i will no longer be the keeper of scrap paper !! thanks!!!

ps. I second the vote ....C2 is the phantom poet...he has always been quick with his words....and i must say his posts have not been as creative since the phantom poet has been around....hmmmmm

BEARSIH:

OMX (break below 38ish)
ROG
FORM
SKX
SPG
DTG (break below 40ish)
KBH
DDR
TOL (break below 25)
REG
UDR
EGP

BULLISH:

GIVN (maybe ??)
CMCO (if it turns up from 30)
CMI (with break above 120)
IR (with break above 56.50/57)
JCI (if it turns up from here)
BUCY closed @ support friday
DK
ROK earnings monday
WRNC
AMSC
NTG
DOV
RATE
CF

Just somethings to watch this week...hope everyone has a great monday...

Tonya,

You are welcome. Glad that it helped you.

Anu

The Phantom Poet
should be aware
the one who is Raimo
is always fair

For many a verse
the gaunlet thrown down
for all to see
now...we go to town

The challenge will be done
with Chip to be blunt
the "Merc"...a "Consultant"
who will terminate this hunt

Jeff, you've done it once again...

GSF rockets higher on merger with RIG.

Jeff, can you enlighten us on how this affects GSF options we have currently. For example, mine are Octobers. Do options get converted if the merger closes before then? This is unlike a buyout where the price is pretty much determined at the buyout level, since this company continues on.

Any insight would be appreciated. And oh yeah, THANK YOU!!

Happy Monday,

For those of us who have GSF, I just read that Transocean is merging with GSF (Transocean being the controlling co) - the stockholders will get 22.46 per share and .4757% per share of
Transocean.

Question - Does this mean we should sell GSF on the first sign of weakness and take profits?

also, those of us in NVT, WOW! up almost $3 in the premarket on industry consolidation.

I came in here to post about GSF but I see Brett and Judy beat me to it.

I echo Brett's question and thank you!

I too am in October GSF's and would would like to know effects with merger vs buyout. THANK YOU Jeff! (this guy is gifted - reminds me so much of Livermore in Reminiscences....)

Oh and while I am at it... anyone hear the Friday 'CAST' where Mr. Kohler said he would be doing a little 'reading and poetry' over the weekend ... Chip, that's as strong evidence as I have heard in your search for PP!

Good week trading everyone ... Took me a half hour to catch up with the weekend Addicts! :) What a blog!

Good morning, everyone. Congrats to those who are in GSF! That was another one that I "almost" pulled the trigger on last Thursday, but alas, I did not.

But no regrets. Looking forward to a good week.

Good morning all! Like to see all the merger and acquisition news this morning. It's time for a mimosa while I watch my account gain back some of its losses from last week.

Anyone still in BNVI? I bought back in last week.

has anyone ordered any ladies items from the option addict store? i am wondering how the sizes run,,do they run big or small? is see they say "standard fit" but just want to make sure before i order.

thanks
sue

ATW up $2.10 in pre-market.

Just looked at some watchlists and see a potential monster H&S formation on ACI here. If ACI breaks $33 neckline could be a $8-9 point mover down. Anyone else seeing this, or do I need more coffee?

Sue,

I received the standard fit pink t-shirt. It's a Hanes women's brand if that helps. It looks like a true standard fit, all cotton, straight up and down cut.

Kim

I ordered a tank but haven't received it. Was hoping to have it by now so I could bring it to Orlando and wear it for the AT workshop. It has about 4 hours to get here before I leave.

ESV - yes indeeedy!

Brian,

ACI posted earnings this morning. So far, looks like investors don't like the news. I like the setup.

Kim

Looks like my time premium in GSF got gouged today.

Anyone watching NVT this morning? HOLY COW!!

Brett,
I have Oct GSFs also. Please to be explaining what you mean by time premium getting gouged. Is this the sign of weakness that we should sell it?

Kim (VA Beach Girl),

Still in BNVI for months now...still waiting for the FDA announcement...hopefully to push this puppy up to a Great Dane!

Not sure how to handle GSF's price action. I don't want to make an emotional decision and i don't have an exit strategy for the news.

DG,

will you hold ESV through earnings?

j.M

DG-

It means that due to the merger, the time component of our options just got chopped and the profit we SHOULD be enjoying today isn't nearly what it should be. I'd like Jeff to comment on this if he would. Also, what happens to our october options going forward if we hold them.

Brett,

In mergers, the options are adjusted to reflect the merger. That might mean a certian number of shares of each company, and/or cash. I haven't fully read the terms yet, but here is a little snip I found a minute ago...

GlobalSantaFe (GSF) shareholders will receive $22.46 in cash and 0.4757 shares of the combined company for each share they own, and Transocean (RIG) shareholders will receive $33.03 in cash and 0.6996 shares of the combined company for each share of RIG they own.

Your options shouldn't have lost too much time premium.

Jeff

PS- You are welcome. It is nice to have run through so many of these this year.

Brett,
I think I understand...that means that because the merger is supposed to happen before October, we aren't getting as much now since the time will not have value.
So maybe there is no point in holding?

jM,
I will not hold all of it. I may leave 1 contract.

I am leaving today at 2ish and need to be out of a lot of stuff by then since I won't be around for the close.

ATW just hit my $5.00 price target in 2 days. I'm out!

Kim

KIM ARE YOU NUTS !! TOO MUCH REISLING!! OUT OF ATW>>>>!!!!!

Kim,

Sell them to me!

THANK YOU on GSF!! But is today the exit point? little confused on an exit plan.

TSL..good entry now.....

Brett -

Thanks for mentioning NVT and saving me some time as I was going to do some research in this area today. I read an article this morning where TOMTOM bought out Tele Atlas. Tele Atlas not only is a provider to TOMTOM but also to Garmin. TOMTOM said they would continue to honor the current contracts with Garmin but who knows about the future. NVT happens to be a competitor to Tele Atlas so this could be interesting should Garmin switch to them.

Scoot

Sarah,

We aren't supposed to admit to getting into trades without exits planned!!!

Sorry Jeff, they're already gone. I don't hold over earnings and never expected ATW to move to my target in 2 days. I figured more like 2 weeks which would have put me out just prior to earnings. I also couldn't find any news to support such a large move. Because of my acct. size I was also only holding one contract, which didn't leave me any choice to sell half and keep the other.

Can you critique my move here? I don't offend easily so bring it on....

Kim

GSF..a gift, take it...

Shadow Trader just said to see the GSF move as a gift, take it and get out.

--Patti

I want to see BSC TANK TANK TANK

Raimo,

Yes, I am NUTS!!!! Nuts about options! Have you all ever tried the Pecan Pie Pecans from Del Monte? Yummy!

Anybody notice how crazy the spread on GSF has become? $1.60 as I type this. I wonder if I could even get out at a decent fill if I wanted to.

Kim,

If the stock has moved so much in so little time, wouldn't you think it is likely to move more?

DG,

I just got filled at 14.20 for the Oct. 65...
When I talked with TOS, they said just make sure you don't put a limit order under the intrisic value. When I sold the intrinsic was 14.03, so I set a limit at 14.20 was filled within seconds. You probably know about the intrinsic value, but it was new to me.
It is a great Monday!

I had an exit plan. Just was wondering w/this kindof news if it will contiue to move. Sorry guess I worded it wrong w/ all the excitement.

I already sold half.

Amy,
That is interesting but it won't help me. I had bought OTM which are now ITM but the intrinsic is less than the bid. I guess I'll just have to pick a number in between and see if I get it. I have a couple of hours before I have to leave so I can aim a little high now and see what happens.

Nice work. Gifts like this go away sometimes, so it is good to at least capture some. I also sold half. I am likely to sell the rest after I figure out the details.

Brett,
Are you still in ICE?

Michelle

Jeff,

To be honest the market overall just seems to be so equally give and take lately that I decided to take while it was giving. I was concerned that today's excitement in ATW would turn against me with a broader market pullback. I didn't want a 2 day 100% profit to dwindle away. It was easy money. I like easy money once in awhile.

GRMN and CE are two examples of recent major pullbacks that took from me. I had profit in each when I sold based on my exit points, but not what I expected to have.

Kim

Well, that was interesting. When I placed my order, the spread was $1.40 so I placed the order at .10 over the mid. I got filled instantly which makes me think I could have gotten more. Hmmm...

If intrinsic is less than the bid, exercise! Don;t give away free money to the market maker.

KIM,

Did you get into GRMN when I last recommended it, or was it a later entry?

Late entry might be a reason these winnings are not lasting long.

SOLD 75% of my GSF this AM .... holding on to 25% .... the price variance from open looked like 'time to take it' to me ... I may sell the other 25% in the last hour based on the tape ... There was a $1 spread between BID/ASK ... I asked for $.20 below ASK and got it (in 3 separate sells within about 2 minutes).

Just FYI!

Jeff,
I'm trying to understand what you just said about if intrinsic is less than the bid I should exercise. Intrinsic was $3.75 the bid for the Oct is 5.70. It's too late for me now since I sold it for $6.60 a few minutes ago but I don't understand why exercising (something I've never done so haven't a clue) would have been better.

Jeff,

Got into GRMN 6/12, was stopped out because I put the stop too tight on 7/5. I jumped right back in on 7/6 and was stopped out 7/18. I'm not touching it again until at least after earnings.

Kim

Oh, I was thinking bid less than intrinsic. Intrinsic is always less than the bid. Maybe I need to re-read the comment to see why that was mentioned.

Back to Starbux...

Michelle,

Yes I am, why?

Speaking of Starbucks, glad I sold my puts a few days ago. That thing is on the move. Now if I could unload my GOOG and CME, my account wouldn't be bleeding.

Michelle

Because I show target at 180, so I'm still in it, but is one of the plays pulling my account down. Just having a hard time with all the red in my account.


Michelle

Re: GRMN - don't you think a stock that has moved as much as GRMN has in as short a time needs to regroup a bit before going higher? Looks to me like GRMN is just forming a little trading range here before blasting off again. I could be wrong and it wouldn't be the first time, but it really hasn't violated any significant trend lines has it? I have the OCT 65 Calls from back in June on the breakout, so I have a lot of time in these yet...I'd appreciate any comments on my analysis.

Thanks everyone for the bullish day today. It is certainly helping and I'm glad I held in with my trades and rules through all of the pullback last week. Wish that things were rebounding a bit more than they are in my account, but hey, at least for today we're not going down anymore.

Brian,

RE: GRMN, A felt that its strong uptrend was violated enough last week for me to get out with the profit I had because of earnings next week. I didn't see it recuperating within the next 5 trading days back to its previous level. I had no intention of holding over earnings. It was also hard for me to define a clear support level.



Kim

GSF - thank you Jeff! I expected this move in the next month or so, not a week. Now the money can earn somewhere else!

I'd say GRMN all hinges on earnings. The market is obviously expecting something good which fueled the big runup. If it gets what it expects, it probably continues to trend higher. If it gets a good surprise, it could explode higher. But, if it misses expectations, I'd say it could fall down as far as 70ish or so?

My gut says earnings will be good, but I don't know if I'd play it.

RE: GRMN - let's ask Jeff if we should hold over earnings! (just kidding JK!). Anyway - my thought is that I will sell half of the position on a rebound to the $80 range - assuming that happens, and let the other half ride over earnings.

Kim - I like your reasoning on your play here- your money, your rules! I also am a bit concerned about the drop from that $85 level, but like I said, I have time to burn...

I'm pounding the table on WTW. Last stop.

LFC

I hope lots of you are paying attention.

This just keeps creeping..

TSL-

We've got the cup

We've got the handle

Now, bring the bubbly...

Anybody else take the RTP trade?
It is still looking good.

Michelle

Brett,
WTW, heard you talk about it on conference call as well, did not get the chance to ask then. Do you like the support bounce, asc triangle (anticipatory) break, or both?
Thanks

hey raimo. i'm in LFC with stock. looking nice!

Brett...


Pleaes make it a lot of bubbly! I have been waiting patiently on this one.

Yes Tim, LFC is playing very nice these days..

Check out ACH....

Brett,

Is the handle on TSL connected in some way to the RIMM ??

Crox is bouncing of support today
Anu

yes Michelle i'm in RTP and loving it's price action

sue

Ladd,

I like the triangle retest, and i LOVE the volume inside that triangle, particularly on the most recent uptrend. I will stop short of saying it might get bought out, but i think there is evidence of strong institutional buying.

hey Raimo,,,it was interesting to see that you used to be an EMT,,,i am a CCRN, work mostly in er and icu,,,it makes sense that we are option addicts,,same kind of adrenaline rush! love it

sue

Anybody like the way HOC is sitting right near support?

Sue,

As a kid I always liked to play doctor, LOL....

Raimo,


lol

sue

Anyone have an opinion on SPWR as an entry point here?
Kim

Brian,

Thanks for the kudos, Kim

I sure hope everyone is watching FTEK.

Brett,

FTEK

Why? Inquiring minds want to know...

Kim

Brett,

I have been watching FTEK. It looks like one of your calls like GTRC in the making.

I wanted to run ICE by you. I am in in it from the breakout of the C&H Today it is trading below the support. The volume is light on these down days. But earnings is just around the corner. If it closes below the support today, do you see any reason to hold on?

Kim,

Look at the happy flagpole on FTEK w/volume.

No Hiding that in an OA thong...

Actually GTRC was Jeff's call.

I like ICE still. It's not a textbook pattern, but I still like it. If you have defined support, and that support is broken, then you should definitely exit the trade. Don't stay in because I'm still in. I'm planning on holding through earnings.

Speaking of OA thongs,

My package came today. (Man those 2 sentences read together don't sound too good!).

Expect photos forthcoming. And no, I didn't get a thong.

FTEK

Yes I in FTEK and liken todays action very much

Brett,

Got it, see it (now), it's now on my list. Tks.

Tks too for DRYS and CTRP, got in on the dip Friday.

Kim

Brett..

Don't scare me buddy..

Brett,

Just read your last comment...Oh, the mental picture. I was excited about my OA gear, but you've far surpassed me!

Kim

Thanks Brett,

I just wanted to see what you were thinking on it. I still come out of trades early and I am trying to fine tune where I would exit and why. I completely agree with you no one should stay in a trade just because someone else is.

Anu

Blog slow today..

Leaving now for Orlando. Was hoping to have my OA tank top to wear for the folks there at the workshop but it hasn't arrived yet.

Will check in to the blog when I can.

...and they will remember this as the last week TSL traded in the $60's.

Brett, You sound like Beanie on Tim Knight's Blog. As you probably know, he's always pushin' those solar stocks!

--Patti

FTEK does look like it is setting up good but the last time I played that one I got F TEKed ;^)
Jerryboy

Brett,

From your mouth to the market's ears ....TSL

I need some more eyes on SHLD. Does anyone see a bear flag breakout?

Debbie

Raimo .... TSL .... Credit to you also ... I made note of your comment on 7/16 ... "With todays volume pushing it down, I'd look for it to bounce off of $60 ... " Today, it bounced right at $60 ... and it's up $3.22 as I write this .... Good going sir!

I'm in TSL and everything I see looks like the perfect jump upward from here ... and actually I may get a little more before close today!

Take a look at BTJ continuation triangle


SPWR is also breaking out after earnings

Debbie,

Yes, I think SHLD is definitely a bear flag and seems to be breaking out of the flag. I would like to see more volume but volume is lacking in the summer months. What does everyone else think?

Debbie,

SHLD not doing it for me as a bear flag. Just a stock falling..look out below..

ANR and TGT look to be sitting at support and ready to bounce. A little disapointing that they are down on such a nice day, but I still like the setups and volume. Any thoughts?

I’m just getting back to my computer since this morning and don’t know if this has been mentioned yet today.

FYI for all in BTU – it just came to my attention, from a co-worker, that they report earnings before the open tomorrow. It doesn’t show up on my prophetchart so I never thought to check…

I will be taking some profits home tonight.

GVA..if not for earnings, a nice retest..

I'm scheduled to be in an Investools infomercial filming tomorrow and I wanted to wear the Options Addict golf shirt I ordered last week. Alas, it didn't arrive today. Maybe next time!
Stan
Long- AAPL
Short- Shirts

The White Mocha Monday special:

MTL

Be gentle with it.

Clean cups.
Anne