Wow! Chris nice work and nice yard too. I had one of those before kids and a dog. Thanks for sharing them Chris and Jeff.

Ok, what is going on with MLM? Up and down then down...

KBR blasted out of its channel today.

I hope some of you took that LXK bearish play, looking sweet today :)

Amazing: this guy can write and bust everyone up, trade with the best of 'em, fly bus-loads of people all over and now we find out Chris does awesome Japanese Architecture...! Hey Chris what is it that you can't do?!!! Great work and Thanks for sharing!!! We have some talented people in this community!!!

Don't know what's going on with CMI (thanks to Brett), it is ON FIRE!!!

As Michelle stated SBUX is starting its next leg down, good time to get in.

VIP is still making a good showing

And BSC is finally breaking back down!

AMG and RL pulling back, although are still above support.

BWLD blast off..

I guess materials are down today, what do you guys see on EXP?

If it bounces off the 50 mark it should go higher.

I see a mini cup and a handle and if you put some lines down you can see a break of an ascending triangle. what say you?

X forming a H & S ?? time will tell, keep it on the list..

I want revenge on my X....(I can't complain, she has made me a lot of money...)

Watch CME. I expected it to pull back. After news and the deal goes through, I am looking for it to bust through 590 and move. Just keep an eye on it for some quick bucks (if you're into that kind of thing.)

Michelle

Ramio, I am with you on X.
Hey, my trades are all doing what they are supposed to so far today. Only MLM acting up. Yes, I am in GMCR too but as a stock as I wanted to hold over earnings so I am not getting those explosive increases that others are but still really nice! BA is now making the move I thought it would but it dropped me out and put me on the sidelines awhile back.

I know some of you want to take profits on CMI after today's rocket ride. Just remember my original target for this one was $130.

And take a look at ZOLT.

I like the way x is setting up, keep an eye on it. Someone asked me about ATI, I forgot who...I have not taken the trade as of yet, Brett brought up RTI, another nice setup. I am watching both..

Brett also told us about BID, hope you all were paying attention!!

I never took the casino trades, but going through my watch lists today. WYNN and LVS turning over. I will watch and wait until they head down another day or so before contemplating a trade. Just thought I'd mention them to look at for bearish trades (maybe) sometime this week.

DE looking good. Holding its move today.

Michelle

Bob are you having Buffalo wings for lunch!

Wow, Brett, CMI (nice trade.)
Too extended to enter, but if it pulls back and flags or something, would be a great trade later. Congrats to those in it.


Michelle

Bob Raimo,
What say you on CME? You have been spot on with it. You helped me hold to my convictions when I was wavering. I value your input.

Michelle

Where do most of you get your news? I feel like I need to do more research but am overwhelmed as to where to find it. I have been reading the blog for about a month now and am very appreciative of the education.

BTU

Retesting the 6/20 breakout today..I see at least a 5pt drop...and it the trade goes against you, a minimal loss, you are entering right at the exit...

BXP also rolling over nicely..

Elevator going up for CME

There is no trade to take on CME right now...especially with the markets in need of another small pullback...and earnings coming up on it. ICE not going to up it's offer on BOT, so I would follow the chart and take a trade again at a good entry point, and for me, this is not the time...Too far way from the $560 support area..

Nice yard, Chris!

I jumped on CAT earlier and it seems to doing what it's supposed to do.

ABC is just about ready. Maybe by the end of today for a bearish play.

Thanks for the analysis, Bob.
You have a good eye for charts.

Michelle

I am googled over BWLD..

Hello Option Addicts,

I would like your opinion(s) on the following stocks:

HON- in a channel for a couple motnhs.
DKS - at resistance
SNDA - at top of Bull Flag?
BCSI - bounce off support

CF - approaching support

CMI what can I say, stay with it!

Thank you,
Glenn

With oil prices moving up, I would have expected NOV, SLB and TSO to make some gains today. What say you, traders? Am I misinterpreting the news?


Michelle

Chris of C2 fame! YOU ARE THE MAN! What gifts and we all benefit from them. Those Catherine hammers have worked for your benefit (we won't tell her!)

Anyone have any idea what's the push up on CMI today besides the fact it's one of Brett's great picks? (which I jumped on days ago!) Guess the fact that it's one of Brett's picks is enough to surge it! :)

Thanks Brett - I don't know how you are doing what you are doing but so far - you are doing it right and we're blessed you are posting it here.

Here's to a burrito lunch in honor of Brett!

Nice to finally meet you Chris. Wheres the lady-friend? Excellent work on the stage setup.

Benton,

CMI was just upgraded by Bear Stearns to Outperform.

Scoot

VMC getting close to breaking out of its channel to the downside. Possible 10 point move.

Scoot

Chris nice carpentry work! It's made with 2"x's looks heavy, what kind of wood is it? How did you keep it from falling over.

This comment has been removed by the author.

Its do or die for FAST I think it will be do but who knows earnings around the corner only invest what you can lose or think of reversing the trade if goes the other way


AOC same scenario
Volume creeping up on JEC if it closes near the high good stuff.

Benton (and others)-

I appreciate the kind words, but it's nothing different from what Jeff preaches every day. Here's what I do:

1) I work VERY hard to find opportunities
2) I make sure I don't miss them when they trigger a signal
3) I make sure I know when I'm wrong and I take action the moment I know I'm wrong.
4) I fight the urge to take profits too soon.

That's really about it. You never know when you've got a tiger by the tail and you don't want to let go if it might explode later. Buy enough time to enjoy a surprise move.

bret or anyone

I am having a hard time picking which option to buy. ITM, ATM, OTM. And also how much time to buy for breakouts and bounces. Some of them seem so expensive and I haven't done that well with them and the same with the really cheap ones either.

Any suggestions or rules you might want to share that might help me?

C2, very nice work. That looks like a great backyard to BBQ in. When (almost said if) I make enough I'll take the trip.
I can draw stick people and color between the lines in a coloring book. I am still working on paint by numbers if anybody would like to see that....but I can go GOOGling with Raimo.

Scoot, or VMC could be a long entry for a trade back to the top of the channel before earnings.

Karen, which CAT options did you select ?

Jamie

Optionfanatic... It's all styrofoam and sono tubes. the whole thing weighed in at about 30 lbs until I anchored the sonotubes in cement. Then it went up to about 150. Believe it or not the top foam part is split in the middle and I held it together with big tooth picks, then supported it off the middle beam which was 1X4" wood. Until it was all together I lived in fear. Thanks for the nice words, folks... it was fun.

I just arrived in Toronto from Edmonton (where I will meet Liz and Grant in four days) and am heading out to New York (NY) in an hour. Can't get into my account so I'll just have to sit here and look at all of you raking in the cash. I read something today that I thought I'd share with you all...

"If you have a lot of money, and you're still not happy it doesn't necessarily mean you need to re-assess your values, it just means you need more money." Man I laughed when I read that. Kind of contrarian thinking, huh?

Have a good day today. I'm back tomorrow.

Chris.

Amy,

I tried responding to your private e-mail to me, but it keeps getting bounced back...

Jamie,

I got the Aug 80s. They seemed really cheap this morning and, in fact they are up nearly $1 since I bought them.

MLM- I'm getting ready to toss this one, though I know as soon as I do it will take off (just like SLB and PCU did right after I dumped them). It is sitting right on my lilne in the sand. Any other opinions out there on this one?

Brett,

I'll call that the 'Brett 4' ... good enough for us all to adopt .. One would have a hard time losing much money and not making quite a bit of dollar gaining trades with that philosophy. I certainly labor on 2, 3 and 4 as I progress in this!

Great blogging today guys! Thanks!

Doji Girl,

I am also long MLM but I will not sell unless we get a close below $160. I see both horizontal and diagonal spt is this area.

Scoot

Raimo, I am looking at the financials. Obviously BSC is rolling over. THe XLF (ETF) looks to be rolling over also. I am kind of seeing it in GS. It is struggling with the 30 and 50 day as reisistance. IT seems like you could enter a put with a tight stop.
What do you say ?
Jamie

ESV - I'm looking at this as a retest of last week's breakout and a possible good entry here. On the other hand, that breakout could turn out to be a fake-out and it's a long way to support. Anybody care to take a look at this?

Brett,

Thanks from this first time poster.

You gave me quite a ZOLT last week. Fun ride.

DG,

I agree with Scoot on MLM, support at ~$160, its moved well up from its lows of the day...you might consider hanging in down to that area and go from there. I'm in it too and am doing the same.

Doji Girl:

What is good about that ESV trade you have a clear signal on where to get out. It should bounce. Most of the drillers are about to break out look at DO and Rig

I am sold

Jamie,

I we3ny short BSC on 6/25. $145 is obviously a a price it has been struggling to get above. I think this is a low risk entry here, and the markets are due for a pullback..but I could be wrong. Either way a good entry with a clearly defined exit..

PS DG

I think a good entry is closer to 63 I would wait until that gets closer or stops going down.

MLM went through a similar consolidation in Feb-Mar when it was trading in the $120-130 range. This appears to be a similar pattern. The only other issue is earnings at the end of the month.

Joel R.

Chris you are an Artist and a Man of many Talents, Thanks for sharing!

VIA.......

FYI ...

Old buddy PCAR broke out today ... up almost 5 from that channel ....

JOSB which I entered last week is moving nicely now. Some volume too. Still fairly close to support for an entry if anyone is interested.

How about ETN

I would keep AMX on radar for a bounce, I am tempted but I think the 30 day or trendline is next stop

David$ I told you before about when I traded COGO, I let you know how it would turn out. I sold the front mo. for 10.00 loss and bailed on Sept 15 put Friday 30.00 loss. Today it was down .43. but being in ETN today definitely made up for it.

Optionfanatic I like how you write my name I think I am going to change it David$.
I am still in COGO patienltly waiting for it to break down, ETN is working.

TMB is flagging I'll keep an eye on this one as a low volume stock It moves, and I rode it to the first target.

Chris!! Now that is a sweet set up!! There is nothing quite like a nice water view to calm the mind!!

Jeff, Your wife is a totally stunning!! And your kids!! So adorable!! Now I know why you have so many children!!

SusanFM

Hey addicts,

I know I am a once in awile poster, I have no idea where people find the time to post so much a day...maybe when I am done with all my certification crap at Merrill I will have some time. MLM has broke the trend but is still bouncing off it's support even today, we'll see. After all of the reading this blog, listening to Jeff and the Utster, pulling profits to early I can say one thing has helped me. Don't look at the acount unless your opening or closing a trade. Only wach the trade to see if it is doing what you thought it would. It has helped me and maybe it will help you. Yes Brett is right, too eager to take profits and not buying some extra time. I still struggle with getting out or staying in a flag or symetrical triangle once the pattern is done, for now I will get out and re-enter it as a trend trade if it seems the wave of the future...Until someone else can show me I am on crack!!! Nice call on CMI by the way Brett!! I have seen JEff and Brett call great trades several times and all it took was some time for it to make the move.

Long: Patience and the blog

Short: Looking at your account balance daily

GBHARDCORE

Hey addicts,

I know I am a once in awile poster, I have no idea where people find the time to post so much a day...maybe when I am done with all my certification crap at Merrill I will have some time. MLM has broke the trend but is still bouncing off it's support even today, we'll see. After all of the reading this blog, listening to Jeff and the Utster, pulling profits to early I can say one thing has helped me. Don't look at the acount unless your opening or closing a trade. Only wach the trade to see if it is doing what you thought it would. It has helped me and maybe it will help you. Yes Brett is right, too eager to take profits and not buying some extra time. I still struggle with getting out or staying in a flag or symetrical triangle once the pattern is done, for now I will get out and re-enter it as a trend trade if it seems the wave of the future...Until someone else can show me I am on crack!!! Nice call on CMI by the way Brett!! I have seen JEff and Brett call great trades several times and all it took was some time for it to make the move.

Long: Patience and the blog

Short: Looking at your account balance daily

GBHARDCORE

nice set up Chris,,,talk about a great environment to trade in

while i was dealing with a lost internet connection today,,my husband shot a 64 at our country club,,making a new coarse record,,and it has been there for 75 years

sue

JASO,

Mentioned it here on Thursday, anybody else take this trade by chance?

Eveyone,
Take a look at ANR. I have been watching this stock closely for a month.

Specifically look at the open interest on the Sept and Dec $20's and $22.50 calls.

Every few days 5000-10,000 contracts or more are being purchased. Today was another one of those days with over 20,000 more contracts bought. The stock keeps going up.

I have been in this trade for a month, stock and options, since it was at 18 and adding regularly.

Someone is awful bullish on ANR or possibly a takeover?

What do you think?

Rd

Rd thanks for the heads up on ANR, i will definately look into it

sue

Rd,
I am not sure how big your account is or what kind of plays you do. Maybe you are looking for a steady slow uptrending stock for your
401(k). But if you look at the last few months, it only moves about 2 points a month. For me, that is just not enough movement to justify tying my capital up. I am not trying to slam you, so please don't take this wrong. Just wasn't sure if you were aware of that. Happy Trading.

Michelle

Thanks Michelle,
I would suggest looking at the price movement as a percentage rather then a dollar amount.

A $2 monthly move on a $20 stock is 10%. This would give you an annual return of 120% just owning the stock. Actually more then that through compounding. Of course the return on the options would be substantially more.

My current return on the Sept 20 call is 68% and I have owned it only 3 weeks.

I am interested in others opinion on the option volume and activity at those strikes. My instinct is a takeover bid...

Rd

I'm on the road this week, so internet connections are sketchy and slow...

GRMN - what can you say, did you get in on the retest of $75?

BWLD - Ready to go up on a post split run? Get with Bob Raimo on this one...

AXE - pausing before earnings?

WYNN - one more down day to confirm resistance at $94/95 area

Chris - what nice pictures! Je suis jaloux!

DKS - I am waiting for this one to roll over here

JASO! Holy solar power Batman!

Brett - nice and simple. Maybe add this one "if it isn't obvious, don't trade it!" I read a lot of posts where there is uncertainty about a move, if that's me, I look for something else, or just wait.

Thanks for all the blogging everyone!

I don't know much about how to pick stocks that are about to be takeovers but I see that ANR just completed an aquisition of their own. They bought mining assets from Arch Coal. Not sure how that would impact a potential takeover of ANR. I also notice that there's been some insider selling in the month of June. You'd think if your stock was going to be taken out, they wouldn't sell their shares for $20.

Just my $.02, since you asked.

on ANR

the insiders that sold did not include the top guys. also,,the percentage of shares that they sold in comparison to shares owned is just a fraction of their holdings. i personally would not see that as a reason to not take the trade. i dont know if i will take it or not,,,chart is bullish and the industry is bullish,,especially if oil continues to rally like so many people think. i guess my $0.02 is that i am leaning more on the side of liking it from the long side. looking further into the acquisition that they just made,,,that looks like it could boost their bottom line.

but,,,what do i know????

sue

Looking at ICE for a cup & Handle - thanks to a previous note earlier. Sorry, I forgot who blogged it, but thank you.

How do you pre-determine your move on a cup/handle? Is it the trough of the cup?

Looking forward to Chicago.
Chris - excellent wood work. I see the blue spruce in your yard - you must be up north. We have three giants up here in Orange county, ny.

Trade on
Christine Lumia

MLM - Buh-bye! (Shoulda done it yesterday - lesson learned)