Jeff,

Thanks for the list..I can print it and keep it on my computer screen...

Thanks for the list jeff too bad we dont get to see you.

Did anyone catch KSS at lunch hour, crazy

Thanks for the list Jeff .... We'll need to buckle down those hatches over the next week I think. Your reduced list makes great sense to me because 14K may be a mental resistance for many - at least temporarily.

GREAT PIX! However, Chris and Tom can't compete with Mr. OA in Training ... Great shot Tonya! And Chris, pumping that iron huh!? One of those body-fit OA T-Shirts for you ... and maybe a cap! :) Tom - the low budget thing works! :)

Thanks to you all for the comments on this blog .. I continue to be amazed at the new names and HELPFUL posts on this thing ... I am personally grateful for what you share! I'll try to do my part!

VA Beach Girl,

Hutspa??

I like the wine idea....

DWSN retesting the 6/19 breakout..

Hutspa= idish (edesh, jewish and german dialect) meaning cojones, pardon my french.

we hear you loud and clear

Jeff,

Hmmm, I don't see BSC in Da Bear list.......

VA Beach Girl,

I am in JOYG also and like you see half of my paper profits on this trade gone. I can't find a reason so I will rely upon the charts and see if my support at 62.80ish holds. Being able to hold this level should be a pretty bullish signal as it closes the gap from 5/12/06.

I am thinking the wine idea is a fine idea.

Scoot

KLAC..no hiding that in a thong..

Ahhh…the elusive two-headed H&S. Thanks for the list, Jeff.

C&C, does that shirt come in men’s sizes?

Cheers,
Dave

Raimo,

Don't take offense to BSC not being on the list. It is in the "positions" folder. Since I went the spread route I am kicking back and waiting for expiration.

KIM..

someone brought this trade up a while back, C2 was that you??

Anyway, I have it drawn as a bear flag forming, and the stock price today bouncing right off the upper line (resistance) of where I have my flag lines drawn. Also, good HZ resistance at $41...this for me fits one of my rules..buying at the exit..

Jeff, Thanks for the watchlist.

DRYS is on fire today.

KAS

Jeff,

Current postions folder eh...I'd like to get my hands on that!

Asking for this folder, does that give me this Hutspa I have heard about?? LOL...

REG with its back against the wall...

Jeff,

I'm sorry, did you say you traded a SPREAD?

Who do you think you're kidding?

Its not just DRYS on fire today. Check out EXM and DSX. I have been watching all 3 for an entry and I guess yesterday was it????

Just kidding. I realize that it would have been very risky yesterday. Its just frustrating to choke on their dust as they drive off without you, know what I mean? Oh well, patience and discipline will persevere.

Scoot

c2 Congrats on earning back your Feb. losses. Onward & upward.

Looking at VPU with ST break Fri. 4 pt. triangle. Low vol. retest of break. Today looks like good entry.
Loretta

______________EXCUUUUUUUSE ME!!!_______________

Benton, the only iron I pump is the pewter tankard I drink my beer from. It was a hot day in Halifax (notice the tall ships behind me) and it was the best I could do... and no, Dave I did not borrow it from Catherine. And yes, Benton a hat is at the top of my list of mandatory OA gear.

Bob R. I thought I was responsible for CIB, but it was Brett, so I'm not taking any responsibility for KIM. Considering I'm not in it (yet) it couldn't have been me. I'm actually going to buy in this afternoon.

GRMN and WNR are killing me today. Thank the good trading gods for DRYS, DECK, CIB, and PCU. WNR has gone from winner to weiner and if it crosses the line, it's a half bag of hammers to it's rotten little head.

SNHY is something that's worth looking at if you're into making money. If not, I've got some good ones for you... LIKE WEINER!! I put SNHY into my RRSP a couple of months ago and it's up 22%. Wish I'd bought me some options at the same time. But it's at a good entry point.

Jeff, if you're running a bit short on cash this week I have an excellent idea for some extra income. It strikes me that your kids are sitting idle these days and the boys especially should be thinking about their careers. I would suggest that Amber opens a sweat shop to produce the OA gear and you employ the three children there. Strikes me as a win-win. Gets the kids out from under your feet and provides a solid 10 to 15 cent an hour income. As your VP of marketing (and now Human Resources) I strongly recommend this tack.

No, no... you can thank me later.

GRMN .... right at support....

Benton, I'm with you, man. GRMN has done so well that it's killing me to lose this much in one day. But you know what? If you forget how much you've made on it (and I'm assuming you've made a small fortune) and just look at it unemotionally, it is well within it's trend. This is a small correction to a very strong company in a strong industry (and strengthening.) Forget that you've lost almost two grand on it the last two days. It's a keeper.

Scoot,
I am in DRYS since the stock price was 37 and it has been an excellent ride ( over 400% profit so far ). Too bad my long call expire in september :-).
Kas

Brett,

The market priced in the Enron effect into those options. There was no way I was buying those. Rather than skip over it, I decided to sell the spread, so my co workers could make fun of me. I was hoping to hit the max loss so I could blog about something interesting this week. Oh well.

TSO

I like Jeffs pick on this, really breaking down today

Love those pics!!! Especially that adorable baby!

Hey...nobody told me it was clean cups so I've been in the other thread talking to myself!

Sheesh!

GLF - looking good but concerned about ivol of options. If I buy now and hold through earning am I going to get killed even if the stock rallies?

JOYG - I bailed early this morning but for the trend traders, it isn't broken.

MRVL - finally making the move I've been waiting for. I was about to bail on this one.

Can anyone enlighten me where airlines have gotten their recent strength? Is LCC simply following the strength of the market?

Amy

Kas,

Congrats on the nice trade.

I was in it at $38 and got out on an intra-day dip on the 27th. The calls I sold are currently up 442%. Did I mention I was choking on the dust? :-(

Scoot

Chris,

GRMN .. I'm more of a trender ... and agree that it is a keeper ... I'm just adding to the position at this spot ... It will come back ...

Pump that pewter tankard and celebrate! It's a great stock in a booming market! :)

Amy,

UBS upgraded UAL, DAL, and AMR this morning.

It will be interesting to see how the price of oil impacts earnings which start next week I think.

Scoot

I'm liking DRYS also. UP 500% with Sept Calls.

I think CYMI can go off the bear list for now....

Rd

I guess I am a party pooper. I just don't see GRMN as a good entry right now...too over bought for me, needs a good correction, and between yesterdays candle and today confirming it..too risky for me..I don't want to chase a trade..

wish I was in it though...

Um, in my previous post I meant
GSF. (not glf)

Bob R,
After 5 or 10 Yeunglings GRMN will look like a much better entry. C'mon buddy, we need your support.

Amy,
I believe there comes a time where the market simply says "Well, we've beaten the #@*! out of that stock long enough, let's move on." and they take their profits and run. The summer is historically the airline's best quarter. Oil's down today, and people are filling seats. I got out of LCC a couple of months ago because I believe the summer's a bad time to be shorting the airlines.

Arty!!! Welcome back. Did you find my sports bar in Denmark? Hope you had a good time.

I don't get it!

The market is going up and 4 of the 5 stocks I have are going down!

Is anyone still holding TSL & MLM?

I just got in and I'm confused. Is there something I should know about?

KIM....not trying to say I am bullish...I am not, but in the very very short term it has made a couple higher highs, higher lows

Good point Chris...thanks for thoughts. Now that you mention, it seems like a no-brainer.

GSF looks like a low risk entry. The Aug. 67.50 looks good. I usually buy more time, but Oct. seems so far away. Any thoughts?

AMG recovered nicely

Amy,

I have found that adding more time has helped me to be more successful. The last 30 days prior to expiration will see the time value bleed off the fastest for an option so it is a good idea to not own it then. Plus, if you buy more time, it opens the possibility that if the stock trends well, you reap those rewards.

Hope that helps.

Scoot

Sorry Chris, I hope GRMN holds, I'll even wear a thong and drive you up a truckload of Corona if that would help..

But...too risky for a new trade right now...

I raise a yuengling and pray to the navigational Gods that I am wrong..

Scoot,

I considered that, but I won't hold over earnings. This is a short term trade. Earnings are Aug. 1st. I am probably better off sticking to my rules.

Thanks, Scoot.

GSF - I bought October. Of course I won't hold it that long but at least I will have the, um, option.

Ladd,,

So KIM is bear flagging nicely then? ...doing what it should..

And YES, this would be an anticapatory bear flag trade, but I like the resistance at $41...so if the trade goes wrong, out with a tiny loss..if it goes right..

DG and Scoot,
...just bought the Oct of GSF. What's a rule unless I follow it. Low risk entry. It looks like the 30 day MA has acted as a good support level in the past.

Bob R,
That is the beauty of chart reading. Every one may see different things.
I see a bear flag break on July 10th that has failed on July 13th.
But you have defined your risk prior to entering, so very nice. Love the dialogue that is offered up here (I think I spelled dialogue correct)

Amy,

Sounds like you did the right thing then. I also think you are right about it being a good entry - I just bought some stock in it for my IRA about an hour ago.

Scoot

Ladd,

I hear ya buddy...and I like the dialogue as well. Many times someone elses analysis helps me see somthing that is staring me right in the face, yet I just don't see it...

For KIM, the top of my upper flag line starts at the top of the candle on 6/21 and goes to the top of the candle on 7/5, and the bottom line (having used the channel tool) runs across the bottom of the candle on 6/27...so for my flag, it bounced off that upper line today...

cheers Ladd!!!

Raimo,

Good opinion on GRMN .. and agreed that it is overbought... I got in light today ... If it drops below my stop tomorrow,... I'm out... It did this on 6/8 ... and recovered in a less motivated market ... Those were my thoughts to participate a little... If it moves up a buck .. I'm in for a little more.

Thanks much for your thoughts! Always appreciate your posts!

Thanks Benton, same here buddy..

GSF,
I love the entry but what's with all the stingy players on the market today? I've put a few options on the block today and only one sold. C'mon people BUY MY CALLS!!! GRMN just killed me today and it's killing me to hold it. This is a true test of being a trendie. Still have 200% profit, but... sniff... I'm down over two grand from where I was on it yesterday. That's a lot of Coronas.

DRYS (the stock) was up 11% today, so my calls were up $4.45 Hmmmm let's see here... a million calls... carry the ten... multiply by four... add Amber's cost of goods on the shirts... looks like I made a cool four million bucks today. Naw, that can't be right.

Is anyone else finding that their options are up and down wildly during the day? It's driving me crazy. But virtually everything's staying in it's trend.

I've got to do the all nighter to Halifax again tonight... so I'm off for some dinner (no beer) and a snooze. I'm waiting to see if OA Gear ships to Canada, or if I have to come down to the States to get it.

Just a thought. Let's call it Great Option Addict Tack. GOAT. That way when someone says they've got your goat... you can say you've already got it. Or if someone asks if you'd like goat cheese, you can assume they want to take your picture in your Great OA Tack, and smile. In my mind, it would simplify life dramatically.

Chris (VP of marketing, human resources, and acronyms.)

Denise,
I exited TSL based on yesterday's bearing engulfing, but I've been in since the horizontal support bounce at 42.50 - I'd be holding if I had the stock, not the options.

MLM seems to be challenged by 165 resis. Beth Ann

Chris,

I got your Goat, and corona too. Heck, I'll even slip into a OA thong and ....never me mind, too much Yuengy...

Off to baseball yet again..

UPS...for the longer term traders.

I see UPS breaking out of a massive symetrical triangle using the top on 6/30/06 and the bottom on 7/30/06. It broke out the other day on 7/12. 16 point target.

Anybody care to comment.

Jamie

Jamie,

UPS is usually a slow mover. It has gained about 8 in five months. I like trading the options starting in October-November. The Christmas season is a busy time and usually pushes the stock higher.
That's my $.02.

Denise, I'm still in MLM. Still in the channel but making lower highs and lower lows. Sitting at the 30 day moving average and hanging at a previous support level. What say you all?

Dan Phillips

Raimo,

"Hutspa" is my nice way of saying: guts, brass, intestinal fortitude, or just plain old balls...

Raimo,

The KLAC comment....hysterical...you all MUST check out that chart.

Chris,
Thank you and I did find the sports bar. They served us copious amounts of Danish beer with every course. What I am saying is that I could not find it again. Copenhagen was awesome!

Cheers

Don't look know but

BSC

just TANKED it dropped 5 points after hours. A little trouble with loans defaulting?

I see that on BSC. Very nice. But you know what else fell $5 after hours? GOOG. Not good.

GOOG Fell? Ouch. What was Yhoo earnings..I have not ..checked just got home from baseball..

I sold some of my GOOG calls today..maybe I should have sold more.

Raimo, I can not disclose
the name of who posts this prose,
to do so would cause a fuss
and no longer would I be anonymous,
I am sorry your thong causes you pain
and that your back hair looks like a mane,
perhaps an OA sweatshirt would be better
or maybe Amber could find you a sweater,
Please remember the West Coast Creedo
and NEVER,EVER wear a speedo,
to the beach or while you blog
because here we can see through the smog,
and notice that when you're fronted
your "position sizing" looks quite stunted,
so now you see it is your turn
to respond in rhyme so we can learn,
who is this man we call Bob R.
who waxes poetic like a star,
and helps us trade many positions
so we can earn back our tuition.

The Phantom Poet

Phantom Poet,

When I stop luaghing and my sides stop hurting I will try to respond.

Too dang funny...

VA Beach Girl....

I think I like plain old balls better...

BSC is reporting that one of the hedge funds has sustained a total loss for their investors. $5 down in after hours with more to go I bet.

Rd

Denise,
I have TSL, but it is a small stock position. I have sold all my MLM except one contract. If it goes below 159, I'm out.

Michelle

Things are setting up for a much lower open but, not sure it holds. It should be interesting. Yahoo down on expected earnings and revenue growth lagging.

Bob,
Four points is nothing for the GOOG. I wouldn't worry too much.

Michelle

Wow, it is difficult to read through everything when I am gone for the day...anyone miss me?
Michelle shoot me an email (if you would) on what you are doing with CME that seems interesting. I am kind of glad that our new poet is not Chris as that would make him just too talented!
I have to evaluate the watchlist, review my trades, listen to the CAST, review the trades Pam is looking at oh and have dinner. Pam and the kids are off at band and art class so I am an Option Addict tonight.
Just sorry I am always too late to get much conversation going. Hopefully will be around more tomorrow.
Oh and Chris we have a van too but they are cool now. Storage for everything under the seats, doors that open with the push of a button, on board movies, NAV system, heated seats (that was for Pam) all kinds of things my car and truck do not have. I do not drive it much but am taking it to Sacramento this next week with the family and I say it is like driving your family room.

Just listened to the Marketcast.

Ha ha very funny Jeff... Toyota Prius.

I may have to post a picture of me on my red Vespa wearing the new OA butt floss.

MikeH

Seriously, how ticked do you think Jeff is now that his gains in BSC have been capped by what I can only guess was his one-and-only spread in over 3 years.

Ok, now that I’ve jinxed the move, prepare for BSC to rise to 144.99 by Friday’s close allowing Jeff to retain his entire premium and putting the rest of us firmly in the red.

My bad…

Cheers,
Dave

…uh, I mean Sam…this was Sam, not Dave. Sam.

Bob (and Pam),
Don't have your e-mail, but here is what I have done with CME. I'll try to spare some of the details.
I have a diaganol trend line from 500 up (dates are 5/10 and 5/11.
You should see higher highs and higher lows.
I bought a call (call me crazy) on 6/15 and sold it on 7/6. Bought a call on 7/9 and sold it on 7/12 (reason being that it moved from -10 to + 20 in that day. Didn't think it would sustain the gains the next day. Then bought 7/16 (fake out). I saw it move past resistance and bought only to watch it retrace. I have Septembers, so I think it will push through the resistance and make huge gains. You have to watch the stock closely. If it starts moving, it's like a train. But it tends to move in the mornings, so you have to beware of the fakeouts. Anyway, I am prepared to wait out some retracement as long as it doesn't break my trend. Hope that helps. If you can't see the diagonol lines I'm talking about, I'll give you more specifics. Keep an eye on GOOG. They have earnings late tomorrow. That one moves, too.

Michelle

That was supposed to be plus 20.

Sorry.
Michelle

Bob,
Also, I would not enter a trade until you see it breaking out and holding. It could consolidate and take a breather for who knows how long, and it is painful to hold on during that stage. I am already in, so I'll have to see where it goes from here. But I guess my advice would be WAIT.

Michelle

Michelle,
Thanks, this is probably not suited for my schedule right now as I am away days at a time but I find it interesting. Forgot the email sorry: bdheinrich@yahoo.com

Have you been pleased with your results?

What a day!
Jeff trading spreads, scrapbooking and now giving us trade examples that for the life of me I cannot find. Where is XYZ, you will be glad to know I found ABC.
Just when I was getting that thong visual out of my head you all have to bring it back. I must be really old as I thought thongs were for women.
No I did not have too much wine tonight, why do you ask?
Just kinding, just had to show that I am reading the comments...

I read about BSC before I went out and first thought Wheee! While I was out dancing I started thinking that things are starting to crack. Lots of perfectly good stocks are dropping 3 or more points for no particular reason.

Then I thought that what if BSC was the catalyst that made the whole house of cards come tumbling down. So I came home early to tighten some stops. True addict, huh?

Then I looked at the futures. Uh oh. This could get ugly.

Bob R,

I was thinking that everyone has heard enough of our dialogue on KIM, but apparently I can not help myself. Hopefully others might evaluate what you and I have been discussing and find our dialogue worthwhile.

For me, on a bear flag break it needs to break out of the flag you have drawn (with volume).

Also, I like to see decreasing volume leading up to the break out.

When I draw the flag (channel) you describe, it seems to me you are playing more of a bounce down off resistance than a bear flag break out.

Anyway, all that being said, it would be nice to be able to sit with you so we could talk about these stocks w/o having to type our ideas (you know, just like emails, sometimes one can be misunderstood).

Anyway, enough from me, Cheers Bob R, It may not be Yuengling that I am toasting (actually, its an ice cold Miller Lite)....but Cheers all the same.

Let's just continue making money :)

Tonya,

Your son is adoralble. My father is Francis Xavier and my brother is Francis Xavier Jr. so I have a feeling about your background. My advice as a 49 soon to be 50 year old is to savor your moments with the young'ns (not the Youngliengs). I just moved my son to another state and I can kick myself for working too many hours while he was growing up. I will not make the same mistake with my other 3 daughters. Work less and enjoy the family more. Perhaps that is why you are trading???

Catching up on some reading I see some of you are in CME - fwiw, the After Hours on that one doesn't look good either.

A little help for the jet lagged guy here. I picked up a little of the July paper on EXM. I really want to sell it exactly where it is right now but it is after hours. How can I be sure I get the closing price on the open tomorrow morning? Can I get a fill after hours? This may seem rudimentary but as I trade more often and more $ I am feeling slippage and the spread a little more. I am a TOS user. What sat you'all?

Cheers

Options don't trade after hours or in the pre-market either. In fact on TOS you can't even get a quote in the morning before the market opens. But you can see what the stock is doing and have an idea.

DG,
Thanks. If I place a market order for the open won't the market maker take advantage of me? And if I plcae a limit order there is a possibility it will not get filled yes? Plus I am noticing that the moves in the first hour are huge. What to do?

Cheers

Bob R,
Most importantly, I have been looking into a piece of property in So. Iowa, very close to where the record "Lovstuen Buck" was taken. If all works out, I will try to talk you into getting here. Corn fed Iowa white tail...what a gene pool.

Ladd,

On KIM, yes, the entry is a bounce off resistance in what may be a bear flag forming....I like entrys that can be made at a support or resisatnce line AND that entry is within a pattern that is forming as well. If the pattern works out, you got in at a really good price. If it goes against you, you were at your exit based on support or resistance.

This had been an excellent discussion.

Cheers, Rambo..

Ladd,

Property in Iowa...good gene pool...now you are talking dirty to me buddy...

Have you been to my website to see the gene pool at Stone Mountain Lodge??

Bob,
Good morning. Two things, did you see my earlier post about selling on the open? What is the best way to sell my options to get the closest price I can to previous close.

And what is the Ranch website?

Arty

There is new pulldown menu on Prophet Charts. It is on the left side of the chart. Patterns: Symbol? What is this? Mine is currently turned off. Is this supposed to find price patterns? And, can I turn it on?

Bob R,
Yes you posted your website here a few months back and checked it out then. Very nice place!

Jeff, Brett, Bob and or all OA,
I have a question about what to do when you are in a price pattern trade and the trade is working in your favor you are up about 50-80% of the target you had predicted and now are seeing a pullback in the price of the stock. With having reached so much of a profit what do you do? DO you continue to hold with the possibility of giving back all or most of the profit you have made or do you get out and if you choose to get out what criteria do you use? As I have been playing the patterns more and more, I find myself up like 50-60% in the option and have a pullback and am not sure what to do. There are times when I have given it all back but others when I exit only to have the stock continue back up. If you have any suggestions I would really appreciate it. I know the rule about waiting for the target, but do you guys hold on always even if you are up significantly?

Anu

Bob and Pam,
Very, very pleased with the results on CME.

Michelle

Well, here's our correction day.

Michelle

BRY looking good

did anyone get in ORB

BSC...how could that news be good and send the stock soaring? 5 down pre market and now at yesterday's close...

Comments for educational purposes.

Travis

Wish I had not been so busy yesterday and added to my BTU put. Oh, well, I added this morning. All my put plays looking good. Thanks, Jeff, for all your instruction. This is why you hold onto your puts in a bull market, because you will get correction days, and they will move in the right direction while your stocks struggle some.
Michelle

Anu-

Hold until your target or your set trailing stop. You should figure that point in advance of taking the trade. Look at EXM. Would you have sold on Monday?

Addicts-

CONN triangle retest alert. Drop it like it's hot!

Brett,

I am confused...why would you drop CONN..or do you mean take the trade??

Brett,
Your opinion on reentering the Beav around 42.40.

By the way the straight tie and vest was a big hit at the captains table.

Thanks for your assitance.

Cheers,
Arty

Anu,

You must define the pattern, how long it took to form and what the price target is. Then, and this in my opinion is the biggy, be properly position sized, like the Phantom Poet says, LOL...

Once your PLAN is defined according to you rules BEFORE you are in the trade, then get in. Then let the trade play out according to the plan, not your emotion. Sell when you hit your target, if that is your rule.

Me, when I reach my target, I re-evaluate the trade, and depending on what I see, I may let my winner run, or take half off and let the rest run...depends on time left on my option, and what I see on the chart.

Brett,

I see exactly what you are saying on EXM. When using a trailing stop, what do you usually use to figure out where to exit. For example do you use a percentage of gain or do you use a dollar amount drop of the stock or do you look at a new/recent support or resistance?

Brett, do you typically have nice gains like 50% or so and risk all of it to get to the target?

Anu

Arty,

I am still in BEAV and see some support at $42 ish if that helps. It may drop lower than that to a diag trendline.....

Bob,
I sold it before I left and I have been looking to get back in to some like the BEAV that treated me so well.

ARTY

Anu,

50% is what my losses often are. I aim much higher for my gains.

good morning...2 cents worth....never do an options trade the first hour of the day...to much "froth" going on

Bob,

I see what one of my problems has been. I have not been properly position sized. If I was then the emotion would not cloud the decision so much. I have lost alot of money doing this in the last two years. I think probably from what you wrote earlier about your experience close to what you had. I was trying to get it all back in a few short plays the same way I had lost it. It is a huge shift in trying to accept that to succeed you have to manage risk by proper position sizing as in picking the right trades. What you wrote nailed that fact in even more.
Thanks again

Anu

BTU: Burn, Baby, Burn

Brett,

I see. So if you are going to allow the trade to have the room to generate a 50% loss then you have to give it the room to have a much higher win to make money so you may not in this case start using a trailing stop until you reach the gain you are looking for. If I were not willing to lose as much I could start using the trailing stop once I have made less. Is this kind of right?

Amy,

There is new pulldown menu on Prophet Charts. It is on the left side of the chart. Patterns: Symbol? What is this? Mine is currently turned off. Is this supposed to find price patterns? And, can I turn it on?

Go to the menu item Patterns and click on Find Patterns. This should bring up a pop-up window. On the General tab, check the box labeled Find symbols with patterns and set any other settings you're interested in. Once you click Apply, you'll see symbols fill the left-menu bar in Prophet.

This was the new search Jeff covered a few weeks back in his MasterTalk.

Cheers,
Dave

Take a look at COP. That flag is so pretty I feel like standing up and saluting it. Watch out for those earnings though.

FCX, Yet again bounce time.

James H.

anybody seeing the invs H& S restest on LVS and WYNN?

Anu,

Yes, that's the essence of what we do. Size your risk accordingly. If you do get an explosive initial move, you might consider using a tighter stop.

Also, don't necessarily sell when you hit your target. It could move much further (BIDU).

The best advice I can offer is to analyze all of your trades a month or 2 after exiting them. That will help you develop a feel for your exits and how stocks can behave.

Arty,
Be careful about looking for stocks that have treated you well before. I think my largest losses have come from doing that. It tends to cloud my powers of observation, and I see stuff on the graphs that isn't really there. As every financial website in the world will say in their disclaimer..."Past performance is no gaurantee of future performance."

By all means look at the charts of bast winners, but do so with "clean cups" or sparkling, virgin-like eyes.

Finally out of all my MLM. I say good riddance. I am not willing to wait a month or two for it to get back on track. Moving my dollars elsewhere. I think it is out of steam. RTP is moving up today.

Michelle

Good morning, all. Sorry I'm late to the party. Just did the red-eye from Calgary to Halifax and my eyes were... strangely enough... red. So I slept.

I would love input from everybody, but especially Brett, Rambo, and/or Jeff on GRMN. I'm getting frustrated here. I bought Aug $75 calls on it for $2.45 a while back and am busy watching huge gains disappear. Because it's still in it's trend, I'm leaving it alone, but my exit point has become cloudy... nay even completely obscure. I've now lost $4.00 off of it's high (unlike POT) and I'm wondering if any of you would have tightened up their stops with us being down to the last month in the call, and would you have bailed earlier, risking more profits, if it had turned back up.

Thanks in advance for any foresight on this (or "hindsight", I suppose.)

Chris.

NTG low risk entry

David,
Thanks for your help. I didn't see the patterns tab at the top...I wondered how to access it.

Amy

Chris-

What goes up fast comes down fast. However, I see GRMN holding trendline support nicely, and i probably wouldn't exit the trade unless it breaks below $75/76. I sold this around $68 on my ATR violation (stupid) so I haven't enjoyed nearly the gains you have.

WCG, on fire lately, broke out of channel, today broke above $100 (so far)
Can't find news....

GS, Symm. tr. break

C2

GRMN..

Just like Brett said, up fast, down fast, which is why I did not get in yesterday..I did not think the steep diag trendline could sustain..and today it is broken.

So, we look for clues for support on this, and with such a steep rise in price so quickly, it gets difficult to find them.

Using Fibb lines, I get a 62% retracement at about $77.50..which it bounced off of so far today. The 50% has it at $75 and change...

With the markets in need of a breather, I would agree with Brett on the lower price range, which is where I will be looking to perhaps get in.

Anyone else notice the symmetrical triangle on the VIX? We touched the upper line today and eased off. I'm watching for a breakout either way.

Brett,
Thanks for your input. I presume you sold back in mid June. That's exactly the fakeout I've been fearing... so I've held on. I find it easier to play a loss and get out than watching profits melt away into their little ruby slippers.

RTI reminds me of a little kid running around a restaurant in their (non OA) underwear. C'mon folks, either dress it up, or move it out. This stock is steadfastly stuck at $80 and needs a serious talking to. On a day like this it should be breaking down on big volume. Today makes me think it may be time to go mining somewhere else.

Ladd, WCG has big volume today and is up significantly on a significantly down day. Sort of makes you think there's gotta be news out there... it's just buried right now. Perhaps it's sick and is in intensive care.

Chris, I have had the same experience with going after past winners. It is becoming a rule with not to trade them unless the chart is very clear. I am in GRMN too and have my stop at just under $77.50 now.
Brett, you normally take 50% losses? We have tried to limit our losses well below that and in the process I think are limiting our gains. Just had a couple trades stop out today that only occured because I am tried of gains turning into losses so I had raised my stops like on GMCR.
SNHY is making me wonder as it has been a great up trade adn I do not want to turn it into a loss. I am staying in until it breaks the current support I see that it is sitting on both horiztonal and vertical.

Desperately seeking good bearish entry play(s). I sold all of my puts except for AIV and BSC when they made higher highs. Some of what I'm looking at has crazy spreads and super high volatility. Any and all ideas are appreciated.

Does everyone have the patterns function on the phrophet charts? I think you have to pay extra for that correct?
I dont see it on mine

bear try CSH and Arna close to expiration but low risk right now

Mr Robert Q Raimo,
Thanks for your thoughts. I had forgotten about Fibbs but have used them in the past with some success at predicting support. I find exactly the same support level (but mine's a 77% Fibb line) using the low on May 17 and the high of two days ago as the Start/Stop lines of encouragement. And you're right, it bounced directly off that line a couple of hours ago with lots of enthusiasm. Thanks for the reminder on Fibbs.

Bob (and Pam) looks like $77.50 is pretty much a common border crossing. Once you're on the other side... proceed with caution. Brett's sizing is obviously a bit smaller than mine as I tend to limit my losses to about 35%... to keep my 1% rule intact. Once I'm over about .9% I start to get a wedgie from the puckering that's happening, and the whole project gets uncomfortable. Having an older brother made me very wary of wedgies from a young age, and I still carry the mental scars that running him into a lamp post in our go cart created. I'm hoping the money I make from trading will help cover the psychological assistance bot of us so desperately need.

If CROX holds today, it could be a nice low risk entry for a support bounce.

Why do people keep calling me don't they know I am trying to watch the market? Pains of other business.
Well, Chris you finally put the pieces together for me but unfortunately not related to trading. Now I get the whole thong thing with guys - no wedgies. As I am the older brother I do have have the same emotional scars but we did have a go cart too and drove it into all kinds of things, buildings, my Dad's gas pump, his heavy equipment, people...
I am wondering if I could widen my exit to more like 50% and trade smaller positions although in many cases at 1% of my account I am at 1 or 2 contracts now. I try to stay around 35% as well.

TSO bouncing off support and heading up. (I'm bullish on it.)

Michelle

It's been awhile, addicts. It's been a few weeks, actually. It's burrito time. Strap yourselves in.

Chris - GRMN ...

Raimo was right yesterday .. I should have waited a little .. but I'm still in .. not suffering too badly .. I'm in until $77 . .then gone .. It has held steady at the $78.30 or so mark for the last little while ....

I still believe ... 'a trend doth not a day make' (or something like that ...:)

Michelle-
I see TSO breaking down out of a channel yesterday on good volume, a retesting prior support today. I'd be careful being bullish on it.
Peter

Michelle..you sure??

TSO a lower high and a lower low...through support yeseterday on increasing volume..

Bob R....excuse me, Rambo. Love the name change, I say you drop the Bob and the Raimo, we will know who you are.

Michelle, TSO, I may pick up more puts on it myself.

Thanks for all the ideas as always everyone

MLHR low risk put play

Ladd,
Hey, it won't be the first time I am swimming in the other direction of other people. I only have one call and it is November. If it breaks down any more, I'm out. But I see oil and oil services picking up in the next few months, and TSO usually follows that crowd.
I am willing to risk the one contract. Bob, are you still holding onto your GOOG? I see support at 540.

Michelle

Michelle,
I'd have to add my voice to those who are spouting caution on a bull play on TSO. Double top, lower lows, lower highs, and skyrocketing volatility. A bad timpe to be buying... let alone buying calls. I'd be selling calls right now. Hey... you want to buy some calls? Have I got some calls for you. All shiny and new. Veritably glistening, they are.

Just my nickles worth. Don't want an Angry Traderette running around poking people in the eye with stale crusts of tuna sandwiches. Not only do the crumbs attract birds, which in turn have the nasty habit of poking people in their naughty bits, but it makes the janitor's job more difficult and he's already threatening to quit.

Thanks to all the responses on GRMN. It looks like the line in the sand is holding. It'd be nice to get a bit of a bounce to calm my troubled mind.

VA beach girl throwing down MORE WINE!! Maybe I will switch from yuengling. Will this give me the Hustpa you speak of?

I am liking where CME is..

REDF showing support, bring up the two year..

Like RIMM to..ready to pop higher..

Sym triangle breakout to the upside on the DIA.

VIX easing back from resistance.

I am eating my burrito fast.

regarding the DIA, i was referring to the intraday.

Michelle,
I agree with your analysis on the
industry, but perhaps a trender
might get you more bang for your trading buck... such as NOV?
Just a thought, Beth Ann

TNH: Potential bounce play. Nice trend. Non-optional though.

Peter

Bob,

I'm holding my GOOG calls until tomorrow. It's bouncing off my trendline here. You never know what can happen. We're going to rally today in the afternoon and perhaps into tomorrow.

Rambo, somehow I think you are not lacking in hutspa. As a matter of fact I heard that the Department of Offence suspects you have a hutspa mine on your property and are training a helicopter assault team to secure it. Beware.

HIG. Originally it looked like it had taken out it's resistance at $97.50 and was ripe for the plucking, but it's doinking (TM) around late in the day. Watch it in the last hour (or... The Midnight Hour) and attack if it stays below 97.50

David,

MLHR looks interesting - I will keep my eye on this one.

Scoot

Rambo,
Are you saying RIMM should pop
because it's supporting at the top of the 7/13 breakout candle? I'd appreciate your analysis, Thanks! Beth Ann

Hey, don't look now but my weiner from yesterday is bouncing back. WNR hit it's 30day MA (and nearly it's $55 Horiz supp this morning) and is now moving up nicely. Could be a nice entry, especially if Brett's alleged rally occurs.

Brett, you better eat fast there, chum. I make support around $86 on CMG and it's sitting at $85.68. You'll need to find a couple of friends to join you in your burrito-fest. Sorry we don't have CMGs up here in the great white north.

Brett,

I sold off a small amount yesterday (GOOG july exp), and am holding more until tomorrow as well..I have some Aug I think I am going to hold over too....

I just went long TSL and RIMM..

Check out REDF...

Beth Ann,

I entered RIMM on the intra day bounce off $228.75..A close below this point and I am out. I like that earnings is behind it, and this is an aggressive enrty with a tight rein. I don't reccomend it for those with no hutspa...

any one think it looks like a good entry for COP especially if there is a post burrito rally?

Cheers

BSC is really pissing me off...I will keep holding since the price is down and the volume is huge...let's see what transpires over the next few days.

REDF looking like a rocket ready to take off...

The strange thing to me about BSC is that even though they came out with really bad news (now both funds have practically no value) they are actually doing better than some of the other financials. GS, JPM, LEH, and MS were also downgraded today. Top that off with Big Ben's comments about too much inflation and yet BSC is holding on. Hmmm.

I am thinking that MS is setting up for a nice entry if we can get a close below 70.

Scoot

Hi Guys,

I need to buy some puts. I only have BSC. I'm looking to buy TSO, HLYS and HIG after 3:00 (from Jeff's list yesterday)unless they change direction. Anyone know of others?

BSC needs to beat with an ugly stick.

Beth Ann and Chris,
Thanks for the input. I do value everyone's opinion. I am not buying calls. I entered the trade a week or so ago. I am just holding on to the one I have. No, if I were not already in the trade, I wouldn't be looking to enter it now. I see what you guys see, too. Lower highs and lower lows. When I got in, I saw it bouncing off support and the industry looking good.

Brett,
I am holding my GOOG, too. I think GOOG and CME are looking good. They are taking a breather and getting ready to spring higher. Now, if they break support, I will have a different opinion. Will suffer the draw-down in my account for now.

MIchelle

Rambo,

Thanks for the heads up on REDF. It looks like it will be a good play up to earnings.

I'm not sure who mentioned ANR, but thanks for bringing it to my attention. It is bouncing off its trendline today. It has some legs on a down day in the market.

Jon P.
OC, Oregon

svu anyone

Sorry I've been AWOL (not a stock symbol) from the blog ...busy with preparing to leave the military...taking up all my time... You know Work, House, House work...wait a second...!

Anyway...BNVI (Stock only) was originally brought up on the Marketcast many moons ago as having a couple of drugs that are awaiting FDA approval supposedly sometime this Summer...and yes, we've been waaaaiiitttting for that to happen! It was projected to make a move to the $15 - 20 range.

It had been steady dropping and settled at around $3.00, now all of a sudden it's making an unusually big move up for a single day.

It might be nothing, rumor or could be the pre-news build-up...don't know, just speculation. Keep one eye open for this puppy...

Raimo...er...ah...Rambo...the name fits...just don't come after me...unless you have plenty of Yuenling with you!

Hopefully I can come out and play (read and reply) again on a regular basis after July!

Michelle,

I see - you're right, different set up, different story.

Rambo,

Thanks for sharing. I got in at the 120 breakout, so after the stall here I was interested in what you're seeing. Beth Ann

Rambo, HA HA, I wish!
Make that the 220 breakout...

Hope I'm having visions of trades to come!

Beth Ann

Rambo, HA HA, I wish!
Make that the 220 breakout...

Hope I'm having visions of trades to come!

Beth Ann

Chip,
I need you to hunt down and identify this phantom poet..

Beth Ann..$220 breakout, what we talking here, what stock??

Is that a 'Direct' Rambo Order? It'll cost you...!

"Git er done", as they say here in PA..

JASO is trending up again after bouncing off horizontal support of 37.50. This has been a volatile stock, it makes huge moves up or down. Learning to keep emotions out of the equation on such volatile moves.

Jon P.
OC, Oregon

It may take a few more 'appearances'...Roger-that!

Interesting article on Bloomberg on JPM and GS regarding the recent buyouts.

http://www.bloomberg.com/apps/news?pid=20601109&sid=axKl6VX_lcco&refer=home

May spell a downturn in the financials.

Joel R.

Brett:
CTSH cup and handle? what do you think?

I was hoping to see some strength into the close...

Chip, I'll supply you with guns and ammo, night vision, GPS (yes, GRMN), topos, even a thong if needed....get em..

HOC - support bounce today; refinery play.
Loretta

I'm waitin' fer the supply drop...but you really have to do something about GRMN...I'm not pleased with its performance lately... It better get back up off of its *ss or I'm gonna boot it!

UA is a very good example of why you never sell when your initial target is hit.

Wow.

David- I don't see a cup and handle but i like the flag.

FTO looking like a good entry, bouncing off the $30 day. It was mentioned on the MarketCast a few days ago.

Joel R.

Oops. I mean 30 day MA on FTO.

FRO also bouncing today. It's showing some support of the last breakout around $48.

Joel R.

If you wanted to get some FTO highlighted on the Marketcast, today's a pretty good day.

MikeH

Joel, I entered FTO about 20 minutes ago. Low risk...

I entered CTRP a few days ago...I was little anticipatory of the flag breakout. Obviously, I have a few days to wait. I have support around 82.25 which were the prior lows until today. It seems to be testing this level on little volume.

Thanks all...great blogging today.

All those in GOOG and considering holding over earnings,

I was looking at the calls and even the out of the money Jul's are a bit expensive, am considering selling against my Sep 510 calls as a bit of protection. Anybody have any input on this strategy. Any decision will have to wait til tomorrow.

Rambo (I agree one name, Rambo seems to fit) I too cannot believe BSC. It seems to be holding. Actually I got frustrated with it last week and sold a 135 call against my 140 just to squeeze a little money out of it since it won't fall(and my patience won't go up). I thought I'd made a big mistake after hours yesterday but again it tested but did not falll. Technically it still looks like a good trade, I think it is going to need time though.

Rene

Mike,

Besides being mentioned on the Cast, FTO fits into my Six Month Fast Movers list. Thanks for the tip on how to look for stocks that make strong moves for short term trades. It has improved my returns.
Amy

Addicts-

Check out the breakout and larger pattern on OSTK. A little pre-earnings nibble perhaps?

Also, enjoy the breakout on CBEY too.

AMY, I've had an itchy trigger finger for FTO for weeks. It is definately a fast mover. I bought it this morning.

MikeH

Clean cups...is that it?

Nice little run at the end make me happy..

Rambo,

Va Beach Girl is nearing "whine" time...I mean wine time. I raised my stop on GRMN today and promptly got stopped out. I think I'll sit on the sidelines until after earnings based on our rules.

Chickened out on some other trades that had tidy profits or small losses and raised the stops on those as well. Got stopped out of HOC, JOYG, POT, KMX.

Oh well...tomorrow is a new day. Riesling, anyone?

FCX bounced off support nicely today after coming out of a semi-flag looking sorta-thingy - not alot of volume but it fought well against the market today. Support at $90.68-ish. PCAR got stronger all day (support somewhere between $93.30-$93.50).

I like days like today, if only to see which stocks are really strong and which ones are kind of fading. It doesn't tell you every thing, but it can sure point out which stocks of yours have weaknesses you didn't see, and some you didn't have that are stronger than you thought (or hopefully that you do own).

Long: AAPL, CIB (Brett), DAKT (stock goes up until spokesperson opens his mouth) [GREAT strangle], DECK, ESRX, FCX, FCX (yes I know), PCAR, PCP, POT

Short: Earnings season

James H.

Rambo-

It's all about the Burrito. Quit doubting it.