Amy,
Thanks for the "clean cups." I lose track of the updates if somebody doesn't give us the heads up.
Jeff,
That was hilarious. Your watch lists have been a great learning tool for me. I don't take most of the trades, because my trading style is a little different, but I LOVE studying the stocks and watching them for weeks. It helps me learn. And the ones I do take, I usually make money unless I have a wrong entry or exit strategy.
Thank you for all you do even if others don't appreciate you.

Michelle

Jeff,

Even with the rally the past three days, the VIX hasn’t dropped as much as one might think. Would this another reason for your skepticism on the current rally?

Yea, I was basically sitting for the closing bell waiting to see which way to go on the S&P(good thing I waited too). I was going to buy puts because it looked like it would finish under 1490, but then it rallied and finished at 1497. part of me still feels like this is a fake out, but I can't exactly argue with it breaking resistance and previous support, I ended up not buying calls though figured I would wait for the market cast and what happens tomorrow to possibly take a position. Would anyone think a straddle would be good at 1500 with some time to take advantage of the volatility?

Hope people are fairing better than me as of late, haha.

Ben

I was very bullish coming into today. In fact, I was playing a big bounce from Friday into today, and I must say I played it perfectly. However, I began paring back my bullish positions as the rally faded in the final hour. Perhaps it was because of the week I had, and I didn't want to give back. I know the market shot right back up, but that selloff was a reminder that there are bears out there and they're flush with cash. They're going to try and sell off this market again.

So am I still bullish? I'd say I'm neutral. I think there's as likely a chance that we shoot up and test old highs as drop down to test recent lows. However, the risk is definitely to the downside. The best thing to do here is be aware of the volatility, make sure the trades you're in are SOLID trades with established trends/breakouts. There are some great bullish trades to take, and also some great bearish ones. Work hard and find the best ones.

My suggestion is this: This is not an easy market. Don't overtrade. Don't take on too much risk. If this is a correction, great, the bull trend will be re-established. But if this is part of a top, you can get washed out and washed out HUGE. In many books it says the hardest trading points are the tops and bottoms of trends. Be aware that we may be at one of those points now. It's not about being right and wrong, it's about preserving capital. Careers aren't made in a week, or even a month. They're made by surviving and making money over the long-term.

That's my rant. Hope someone gets some value from it.

Stupid question.... what is "clean cups"?

I echo Bretts comments.

I value Jeffs Blog.

I LOATHE the jerks that are complaining about Jeffs watchlists and trying to make trouble for him.

Sorry to rant about that earlier too. It just gets me going that some folks want to blame their poor decisions and inability to make there own decision on the like of Jeff.

Who do they think they are anyway? They are LOSERS, capital letters, LOSERS LOSERS LOSERS.

Get out of here if you cannot LEARN. Call up Schaeffers Investment Research if you want someone to auto trade for you. Give them your MONEY, then call and cry to them, but get out of here you low life mutts.

As matter of fact, instead of crying about Jeff, meet me in the junkyard lot and I'll give you a reason to whimper like the coward, low life, turd smelling, pot bellied loser that you are.

Sorry addicts, but this really has me peeved..

Really peeved.

This is one of the best communities I have seen for traders to share ideas and learn, and the balls someone has to fricken complain...Man o Man would i just love to have a few minutes with you, whoever you are, that would stoop as low as pig shit.

Sorry Addicts...

I really dont mean to rant and rave, but this is nonsense. the nerve of these people. Can you imagine?

You want tips, jerks, heres one.

Bite me.

I apologize for the rant to all the good addicts here..

Wow Raimo! Tell us what you really think! C'mon now, don't hold back. :)

I hope your guns are locked up!

Beer.... may help.... may

Well said Raimo, all I can say is this is a very good forum and Jeff deserves all the thanks in the world, I wouldn't be up 40% in 3 months without him and the marketcast.

PS. Jeff nice call on HLYS I wish I would have been in this one!!!! Shoes with wheels, ya right!

PerryP

GUNS!

I dont need no stinking guns. I am due for a good old hand to hand HAGANAH based beating to give one of these MORONS that blame Jeff.

Then a yuengling in celebration afterwards..

I still cannot get over it. Where do these guys come off anyway.

Jeff, I am BEGGING you, just give me names buddy...

I used to do odd jobs for cash and make things go away.....

Brett,

CME baby..

mdoggm,

"Clean Cups" means Jeff has posted a new article (thread). It's a reference from Alice In Wonderland and it has stuck.

Raimo, you vent for all of us. Thanks.

Joel R.

�Raimo�� �Long Island�� �odd jobs for cash and make things go away�� sold your �business� at 42 and moved to PA�.

Hmm Hans gapped up nicely today - question - do you use stocks that gap as an entry if there looks to be more a move involved?

Pt

I will have to wait on HANS to retest the gap or support. Old resistance is right around 50 which the price action touched today. Just a thought...

Jeff, where do you find those videos? HANS that is a interesting one I will have to evaluate myself but I have seen their WOW vans around and wondered what it was. Not an energy drink consumer yet.

Ramio, as I watched that video I could only think of you jumping across that desk at those complaint creating ungrateful...anyway was a nice visual.

Brett, whatever is causing you to write what you are writing I hope it continues as somehow it is connecting with me and I think we should title you Addict Oracle. A few months ago I would have read them and said yep I know that. But now I have experienced it, there is a big difference. I am sure a few months from now you will say it again and I will get it even more. I am working hard to get there as fast as I can and thanks all for your help.

So Grant/Liz did you break bread with the big guy?

I just read that GS rumors are what was credited with the sell off late in the day. Made it sound like the rally would have kept going if not for these rumors as proof, it was pointed out, that as soon GS said the rumors of a negative report was not true the market continued the upward trend with due speed.
Just found that interesting. Who knows the why or really cares just interesting how the market reacts and if a boat load of people believe this...

Raimo,
Thanks for the rant. It's the kind of thing that sits in my belly and there ends up being a dead skunk in the middle of the road and no one knows why. I too, can make things go away, my friend. Only I think my things are smaller than yours. Perhaps my crystal ball is smaller than yours. I'd hate to admit it but it is possible. I think all of us were thinking it but were lacking the testosterone to actually say it. Like Bob I could just picture you being the guy leaping accross the table and asking the other guy for his sister's phone number. Or something like that.

Bob (and Pam) very interesting. I have no idea what caused it but I'm thrilled it happened. I'm down to 6 plays right now, and had a good day. Same in the RRSP.

Thanks to Brett again too. Your posting on your June and July was a real eye opener. I sometimes get down on myself and it's nice to hear that everyone has those times and you can recover from them. Congrats, too!! That's a big deal to go through all that in your first month and a half of trading full time. Nicely done.

hey jeff,
been away for a few days. just wanted to say pay no mind to those that cant take responsibility and know that you have helped many folks including myself. stay well man!
brendan

Great Marketcast! How many times does a man have to say "if you take this trade, make it your own"?

Looking forward to Mastertalk...session 2?

Amy

HANS - that one did me in big time just about a year ago. If you look on a 2 year chart and see that big gap down in the middle of your screen? That's because I had just taken a position 2 days prior when I *thought* it was at support. Not sure I have the guts to face that particular monster again.

Jeff, in your GS link I believe that is a monster Doji not harami, no?

my god raimo....what kind of sh*t are you posting...save it for someone who cares at the local red neck bar

Bob(and Pam)
Would you please tell me where you heard the GS rumor? I am having a hard time finding news during the day.

Thanks

I have had enough of people who want to attack but don't have the ovaries ;) to add even a made-up name.
Go ahead and make anonymous contributions to the blog.
Go ahead and make behind-the-scenes phone calls to IT.
Cowards snipe . . . people of honor make public statements of who they are.
Lori

Couldn't agree with you more Lori. There always has to be bad seeds that spoil the bunch. Pretty poor behaviour.... (love the ovaries dig tho!)

Hey anonymous,

First off, have you ever met a redneck? I wish I was a redneck, they are the most AMERICAN and GOD LOVING people I know, and sad to say, I am not a REDNECK, though I would love to be one.

Second, it is YOU who has complained about Jeff, because you are so STUPID, YOU lost money ..and I am so glad you did. I would never wish ill fate to anyone in all reality, but for anyone who posts anonomyous, has nothing positive to present, your true colors, you true cowardness is revealed. And the best part of this, YOU KNOW IT!!! the laughter is on YOU!!

So go ahead,make your coward remarks, live in fear and shame, hide in the hole you deserve.

I however, will defend what is right and just, and I will go out of my way to help all of the Option Addicts on Jeffs blog as best I can, and defend not just Jeff for kindness and knowledge, but for his willingess and desire to help all of us here that are family.

And thirdly.....re-read one and two.....

It is unfortuante that on occasion a cowardly turd like you finds your way here...

Know that when you respond to this, we all know it is out of jealously, arrogance, and just plain being a jerk.

My esteemed colleague Raimo has it correct. I second everything he said (save, of course, for the wish to be a redneck).

Why are we wasting blog space responding to an idiot? I have enough trouble keeping up with the solid posts on this blog, do I really need to scroll past some cyberdork too? Ignore him, and he will eventually go away.

raimo

well said

sue

Nice commentary Brett. Your insight is appreciated, as you seem to be in sync with the market.

HANS got me too Doji Girl. That is when I JUST got started in the stock market. That was before I had begun reading & studying about stocks, etc. I was just looking for good "growth" stocks to put my money in while I learned about stocks lol. Oopsie!

I decided to dive into learning pretty hard after that. I, like you, bought HANS just a few days before the huge drop.

I didn't know about the risks of earnings or anything at that point.

Luckily, I've learned a good bit since then.

Now... what is this crap about watchlist stuff and people dissing Jeff? I leave for a couple days and ... trauma. I noticed no watchlists last week or this but didn't know it was because people are complaining.

Jeff, there will always be goobs who will blame you because they get their dorks caught in their zipper. However, they have nothing to do with the rest of us. Bring on the knowledge! My spongelike brain requires some learning dropped on it.

I learn more from how and why you pick the stocks and charts than the actual picks themselves, especially the puts. I have a built in human resistance to buying puts, so it helps me to hear you go through put trades on your watchlists. It seems I can always talk myself out of put trades.

Anyway I hope you don't quit putting out watchlists, I know it was the #1 thing that pulled me in to this website in the first place. While it definitely is not the only thing keeping me here - there is plenty of good discussion here without the watchlists, but, the watchlists are such an awesome part of the experience, it would be a shame for you to stop doing those over a few bad apples.

Most of us appreciate you immensely, know the routine, and do our own homework, and even god forbid look for our own stocks in addition to yours.

But God knows we sure appreciate the heck out of your watchlists!!!

Thanks for all you do!

James H.

Jeff, Brett and fellow Addicts,

I apologize if my recent raving posts have detracted from the learning that goes on here.

It's just that those scum sucking rats that attack really get me pissed. I will go have a yuengling and come back tomorrow calmed down.

Thanks Brett...

Anonymous and Jeff attackers, one last time, piss off.

This may be the rumor that is going around GS
http://ftalphaville.ft.com/blog/2007/08/08/6416/whats-going-on-with-goldmans-global-alpha-fund

Really quick:

If you look at the intradays of the DIA and SPY indexes, you'll notice that despite being way up today, the heavy volume was on the DOWN moves during the day. That's not good.

Brett,

Why are you working so late? Please, your making me look bad here...

Just came back from Master Talk. Wow. I think I will have to replay that one 10 or 20 times before I get what he was talking about. I have tried for several months to make sense of the analyze page and I finally gave up. I have more questions on the broken wing butterfly and don't know where to go with this. He said to talk to our coaches. ha. He also said that only 50% of the students use the coaches. Well, maybe that's because most of the time when I have called the hotline in the past they don't have a clue. They couldn't help me with simple option or spread trades and I highly doubt I'll get a lesson on broken butterflies.

Jeff, please continue to have these types of MT sessions! I might have to renew my subscription (which only has a few weeks left) if you do. There is so much to learn and I don't know where else or how else to learn this.

Thanks for an awesome session!!

Oh...for those who weren't there, the "he" I was reffering to is Tony Battista (?) from TOS who was a co-presenter with Jeff tonight and did a wow session on the TOS platform.

Here is the reader's digest version of the GS rumor.

http://finance.yahoo.com/marketupdate/overview

Raimo, first please excuse my poor typing that misspelled your name a couple posts back. Passion misplaced is one thinh but yours is spot on in my book. While I agree these types will always be out there it does not mean we have to like it or openly let it continue.

I grew up in red-neck country (yes we have that in California). Here is an actual experience for you. If the little girl making eyes at you thinks getting your attention by throwing a pigs eye at the back of your head is flirting, you might be a red-neck. Or in my case in red-neckville. Yep really happened.

Thankfully Pam was from the "big" city and I now have learnt some manners.

DG -
We (Pam and I) did not get it either. I even tried to recreate the trade on my fancy second monitor and I could not get Bat Man to appear until the end. Got a BIG Yeah from Pam on that one once it magically appeared on the screen.

Everyone but Jeff was so hard to hear for some reason so we only got about 1/2 of Tony said.

I couldn't get the bat man at all and by trying to fiddle with mine, I was missing a lot of what he was saying so I gave up and just tried to absorb what I could. Yes, volume was barely audible. I tried to chat that to Jeff but maybe he wasn't looking at chat. Oh, and I think his name is Tony Battaglia. I just met him a couple of weeks ago at the Orlando Adv. Tech. workshop where he did a little demo of the platform. Nice guy, very interested in helping people learn.

Oops one more time....just found his business card which he gave me. It's Tony Battista (not battaglia).

wow, Rambo, well said.
You might want to check your blood pressure & have a beer or two.
Or if you want to REALLY mellow out, I just discovered that you can buy hemp ale here. Not exactly my cup of...um...ale, but hey, whatever blows your hair back. Only in California.

:-) Pat

I remember Tony now, thanks DG.

Did you hear of the new beer that takes like pizza. They think it is going to be HUGE, me I don't see it but...

Jeff,

I feel sorry for anyone who would complain about what you do and offer. I would have never been where I am if it wasn't for your genuine interest in sharing your knowledge and desire to help spare others some of the pain you went through to get where you are. The people who would complain about you are not true traders. They are only looking to you to make a quick buck. For the rest of us I think this is a life long journey. One that I feel grateful everyday to have you and the others on this blog to have along. I have found a home here. And I feel so strongly about what you have done for all of us in creating this environment for progress and learning that if there is anything that I can do for you or anyone else here you just have to let me know. Thank you for everything.

Anu

DG -
I LOVE the analyze page in TOS. I use it to calculate my potential loss before I take a directional trade, & to help me decide which strike prices to choose in a spread. I'll be glad to help you with it if you like.

:-) Pat

Pat - is there a "training video" for the TOS platform. I'm such
a nit-wit I thought: how could software be better than web-based. Duh! Way behind on the learning curve.

Totally relate to DG's needing to watch that Maters Talk 10 or 20
more times. although "batman" was pretty cool!

cindy

Raimo - very therapeutic venting! I'm ready to strap on my guns... Heck, I think you just might BE a redneck

Jeff, thanks for all your influence and direction. We can't very well learn visually if we can't watch you draw lines on your watchlists -- I don't know much ...yet, but what I thought I was learning elsewhere never gelled til I found this blog. THANKS!
cindy

Cindy--On the TOS platform, there are a bunch of tutorials under the Help tab that go through various aspects of the platform.

Pat,
I appreciate the help though I'm not sure how someone in Cali can help someone in FL. I have used the analyze page to Add Simulated Trades and compare what-if numbers but I just don't get that top portion of the screen (where the bat ears are).

Also, I would like an in depth class on how he constructed those butterflies. In other words, how and why he chose the strikes, why the broken wing and not a straight one...etc.

DG,
Some of the more advanced Option Planet classes may get into some of that in more depth. I have never looked into it. Just a thought.

Strap yourselves in for a nasty opening this morning with futures down sharply. More credit issues. I hope the IWM puts and the XLF puts I bought near the close yesterday cover me. Looks like I'll be giving back all my unrealized profits in everything else. Now the dilemma....do I bail out at the open at roughly breakeven or do I wait to see how bad the carnage gets later in the day.

hans is a stock that i got into with the move above $35. All my friends told me i was nuts and was just throwing money away. Apparently they thought Hans was done. While it's taken some time it has done a nice steady climb and is now coming into it own. When it breaks $50, look out!

DG,

I just went over to the TOS website to the Chat Transcripts. There are several on the Analysis Tab and a couple on Butterflies.

They could help answer your questions.

--Patti

Wow,
A lot of posts last night and this morning.

Brett,
Thanks for the input. I am going to look at the indices and make sure I have appropriate stops and such.

Michelle

Hi Addicts..Whaaat's happening?

Um...right...I'm going to have to..uh...go ahead and thank God that I sold my IWM and GS calls yesterday, mmmkaayyyyy???

Thanks, Milton.

(Office Space, if you don't recognize it)

Brett,
Thanks again. Two of my trades I did not get in at support and they are up quite a bit (PCP and RIMM).
Even though they are stock positions, I think I will take profits and if the market heads down, I will get in at a closer level of support.

Michelle

Brett,
POT is holding well and looks like it might be establishing a new level of support - 85. What say you?
Thanks, I unloaded my RIMM and GRMN. I got in those at a not so good time, and took my small profits and will look for better entries.

Michelle

Brett,

I really, really enjoy reading your insightful posts to the blog. You are a great mentor to all of us. I have printed many of them for future reference and inspiration. Glad you and Raimo are on our blog; you are both great assets!

--Patti

I own POT and BG. I like BG more here on the bounce.

I hope everyone took down that gift that GLDN gave us this morning. There's still time.

Check out ROG today too. Remember my post from yesterday. THE TRADE OF THE WEEK.

I got into AAPL a little high. It looks like today is right at support. I will watch to see what today shows us, and maybe consider adding to my position. I see a 130ish support level on it.

Michelle

Brett,
Yeah, I see GLDN as a good entry point today. Do you see the cup and handle?
POT and PCP holding well today, as is AAPL and BA. Took the LAZ put. It is moving well.

Michelle

DG -
Check out the Help tab in TOS. There are some great training videos there. The one on the analyze tab is 86 minutes long, & it's a brain-melter. Lots of great info.

I can't figure out what you mean by bat ears. I can't see 'em on my analyze tab. Maybe I'm earless?

This comment has been removed by the author.

Hello all,

I've been reading but not posting. Raimo, I'm only 4' 11" but I'm ready to kick some whiney trader a$$ right beside ya. Crybabies. I just finished flying into Boston on the wrong day. Lucky me.

Va Beach girl (kim)

raimo...my name is desmond..i teach 3rd grade in sumrall mississippi...don't drink and post...you come off as a ugly person

jeff...you hold yourself out to be an expert trader/teacher...but can't take a little criticism...man up bro and stop whinning

Brett,
I hate to sound like a broken record but I have another question about VRTX and them being bought out. I was already in this trade and when you said that, it spooked me. I have been googling like a madwoman to find info about it. I don't want to give back my profits so any info you can give me would be great.

Thanks

Chris and Raimo,
Something you guys said yesterday rang true to me today. Enter at your exit point. I don't know why that didn't hit me before now. Raimo gave me some advice about planning my exits. I bought some AAPL today and a BRY put. This would be my exit point if they move below or up from where they are now. So my risk is low. If they break support, I am out, but if they go in the right direction, then they are right at my exit point. I hope I am finally getting this.
Brett,
Also, thanks to you, I exited a couple of trades that I got into at too high of a point.

Jeff,
Maybe you could e-mail your watch list to one of the bloggers, and we could study them that way. Of course, we wouldn't get the detailed analysis, but...


M

Desmond,
I know you probably don't know Raimo. He (along with all of us) LOVE Jeff. He is just venting because when Jeff is attacked, we feel attacked.
The blog is a place for us to vent our frustration.
Raimo has been an excellent teacher and mentor. He has a good heart. So don't be too harsh in judging this community. We welcome you and hope that you will learn from Jeff like we are.

Let's put all this behind us and move on. We will become better traders and better people in spite of the opposition.

Michelle

Well said, Michelle. Spoken like a true mom, just trying to keep the peace. :-)

From one mom to another, I appreciate your comments.

Desmond? Is that you? From the island? The Dharma initiative has been destroyed. You can come home, brutha.

Laney, I have no information on VRTX getting bought out, but if that does happen, and you're in the trade, that's a good thing. Sit tight and enjoy the price action.

Nice to see CME is finally up $1.21 today. Prophet, man, what a reliable system.

Michlle,

Nicely said.

Brett, on GLDN is that considered a Cup with a High Handle?

Nice call on ROG!

Glenn

Oh, Brett,
You are too funny. I miss that show. I am looking forward to the new season. Lost and Survivor are the only TV I watch except for Joyce Meyer.
Thanks for the laugh.

Michelle

Brett,

I too appreciate your candor in sharing your recent trading challenges, seems it's helped a lot of us.

ROG, wow, congrats on another great
pop off a downtrending stock, what was your trigger for trading this one?
Thanks Brett, Beth Ann

Brett, CME was up 22.00 before the close is working from there!

QOTD (quote of the day): "If your goal is to be able to trade like the professionals, you must be able to see the market from an objective perspective, without distortion. You must be able to act without resistance of hesitation, but with the appropriate amount of positive restraint to counteract the negative effects of overconfidence or euphoria."
- Trading in the Zone by Mark Douglas

repeat after me:
I have no emotion in the market
I have no emotion in the market
- okay, still working on it...

:-) Pat

Brett,
BG, I can see. Congrats on ROG, but I would not have taken that one. It was downtrending. What did you see on that to take the trade before it popped up.
HANS, I took that one a few months back and it went sideways, sideways, sideways, sideways. I took the capital and placed it somewhere else.

Michelle

Brett,
Not sure who mentioned or when it was put in my watch list but cup and handle on CSGP?

Jeff,
I hope you realize how much you are appreciated and how many "have your back"! Thanks for all you do!

Debbie L

Addicts,

Hope some of you are enjoying CME from a couple weeks agoe..this is a great trade.

My crystal ball likes navigation, Garmin of course had been fantastic.
I'd like to no direct your attention to TRMB....not ready yet, but get ready to take it down when the flag breaks...

Michelle (and others):

Do you not see the clear double-bottom reversal on ROG on huge volume? Might I recommend Jeff's price patterns class if you don't?

Michelle, I start my day with Creation Scapes on Day Star. John 14:6 +

This is The Rogue!

I warned you suckers.

Yet you insist on using pseudo analysis and losing all of your money.

Draw your pretty lines on the charts. Ha! It won't help.

Luckily some of you suckers are paper trading. You probably live in a paper house. Drive a paper Benz. Pay your paper bills. Ha! Lucky suckers.

You want a tip? Good, The Rogue likes to play a game called just the tip.

The tip: Give up!

Suckers.

The Rogue is forever.

Brett,
No, I didn't see it. When is that class? I do need to start taking some of the trading classes again.
Last year, I was doing two a week.

Michelle

Debbid,
CSGP,
Don't see the cup and handle. Maybe a few months ago, but don't see it now.

Brett,
Now that you point it out, I can see it, but didn't catch it at first.

M

I love the Rogue.

Right now he's contemplating walking away from his home because he can't afford his sub-prime loan. Here's a tip for you, Rogue: McDonald's. You can probably have some success out front with a cup if you don't smell too bad.

TRMB, see it.

Brett and Raimo,
Look at VMI. I had a stock position and saw it at support at 75ish. I saw it flagging. But there were a couple of days it dropped down to the 70ish range and popped me out. Is 70 support or 75? Would that be a flag pattern?

Michelle

GOOG has just formed for me a clear support line at 520...

Raimo,
Couldn't trade CME because it is too expensive for me right now. A few weeks ago when I took a huge draw-down, I promised my husband I would take small positions and mostly stock plays. Congrats.
I won't touch GOOG until it moves back up to 240 and all the unhappy campers unload their stock.

Michelle

Michelle,

where do you see a flag? When did you get in this trade?

VMI - flag 7/23-7/27. Entered on 7/30. Saw support right there at 75ish. Got popped out a few days later. Just wanted to see what I did wrong and what you see.

Michelle

Who mentioned BA earlier?
Might be a good entry if it holds the 101-ish support

:-) Pat

Jeff:
Keep up the good job. I'm first time responder. I like the community here and want the info to continue. I did a newsletter a number of years ago and like you, got constant flak on info. So I added a paragraph (below) and that stopped a lot of the complaints.

Mistakes interpreted by the reader of this newsletter are intentional for those of you who want something to complain about. You got it. Go tell someone who cares.

Return the watch list. We all benefit from the education.

Eric D

Michelle,

what type of flag did you see, and what did you expect the stock to do?

I've been taking some time off to enjoy the summer and my daughter at the beach. What the heck is going on here ? The Rogue ? Some guy complained about Jeff ? This blog is the best thing I've ever seen.
Brett, Raimo, Arty, DG, C2, etc,etc,and Jeff K... thanks for all your efforts.

Jamie

Desmond,

You have no idea what kind of criticism I endure for putting myself out there. I did "man up" a long time ago when I decided to go the extra mile to help, and frankly I don't recall ever whining about it.

LONG: STFU

According to the flag pole, I expected about a 7 point move up.

M

The news concerning the European Central Bank "providing unlimted money" to banks at below normal rates can't be good news. See link http://www.bloomberg.com/apps/news?pid=20601087&sid=at1vBj3_1y9Q&refer=home

What to expect from this though?.....Anybody have thoughts?

Rd

Jeff,

STFU? Ha! Hilarious! Don't take anymore shit from anyone!

Jeff,

Don't bother wasting your life responding to Desmond or any others like him. All of us OA's ignore the haters, you should too. Keep doing what you are doing. You are well appreciated! Don't let the 3 haters (probably less than that number) get you down on the 3000 supporters (probably more than that number)- we all love ya and love what you are doing.

Seriously, there will always be those that don't appreciate you NO MATTER HOW GREAT YOU ARE AT WHAT YOU DO. And you are great at what you do, AND WE OA'S APPRECIATE THE HECK OUT OF YOU!! So quit sweating the dorks and know we are behind you. Those goobers had a rough time in a rough market and want to blame someone so they blame you - (because it couldn't be their own fault could it?)

By the way - anybody riding the DAKT short squeeze-pre-earnings train of love with me?

James H.

Raimo - TRMB is on the radar, given how well GRMN has done for me, I can only hope that TRMB follows in its wake! I am anticipating a breakout of this Flag here, not always a great idea, but it will pay well if it happens...Thanks for the heads up.

BTW - we all knew at some point that the trolls and bashers would show up here. It has never failed in all the years that I've been involved in various on-line groups. Success breeds this sort of response, don't know why, I would assume ignorance, or some sort of superiority complex - whatever it is, ignore them and they will eventually go away.

For the record I never heard Jeff complain I think it was informational as to why it has awhile since we saw a watchlist. I for one am done with all this and moving on.

Wow, I have no idea what you saw in ROG Brett. Your education and skills are so far beyond mine. I came to the market today ready to go and all my researched trades are confusing me. The puts are going up and my stock plays are just sitting there. So basically I am waiting again on the sidelines looking for an entry. Could be a am a bit over cautious but so be it I guess. Raimo, I do see TRMB though - thanks.

Jeff, I can't find the ticker for STFU.

Is it perhaps DIAD?

(Desmond is a d*%k)

Anybody have thoughts on DAKT as a straddle/strangle at this point? I bought it early due to the past 4-5 earnings jumps for a straddle/strangle play. It is up huge now but still way below historic. I now lean towards sell before earnings on the 14th or sell all but very few contracts. I've already sold half of my contracts with a 200% gain. Thoughts? I am up 118% since that. Sell all prior to earnings? play the strangle? or sell all but a few and just play those few. Already way past my target and I did as I planned and took my profits, sold half my contracts, and am on the house's money now.

James H.

Bob (and Pam), Michelle and others:

I'm a little surprised and also a bit perplexed by the lack of understanding in the ROG trade. This trade is so textbook it's ridiculous. I assume you've all taken the INVESTools courses. This is the clearest double-bottom I've ever seen.

Go to Jeff's bookstore right now and order Murphy's "Technical Analysis of the Financial Markets." If you haven't read this book cover to cover, you shouldn't even paper trade. This is the best use of $50 (or whatever it costs - hey, i got mine used) you'll ever spend.

I say this with love for my fellow addicts. Would you get into the cockpit of an airplane without a full understanding of how to fly a plane, maneuver it, survive turbulance, etc? You cannot trade options successfully unless you master these basic concepts.

Read, read, read, and read some more.

Drop GS, drop.

Take AGM and AIG with you on your way.

Comment: This market is fun! I love that Brett and Ramino could take profits yesterday on GS to the upside, and I can take profits today to the downside. I guess we all can just get along!

To whomever saw HNT .... yeehaw! Too bad it's only a paper trade right now, but after two straight weeks of losses, you gotta regroup somewhere.

And my opinion on the dorks and whiners who wan't to complain here ... we're giving them far too much attention. I say we just ignore them and get back to the trading business. I don't like having to scroll through all the BS just to get to the awesome gold nuggets of wisdom that is this blog. That's all I'm gonna say about that.

Trade on!

Matt

Sorry, type correction:

Take "AMG" and AIG with you

Brett,

I see the perfect double bottom in ROG, nice call. After the 4 point move from 40-44 based on the double bottom, how do you judge movement after that? Are you looking at a certain resistance point? $51-ish? from back in Jan-Feb?

James H.

James,

I like the price action today. This is why price patterns only forecast MINIMUM targets. Some passed on this trade because of the seemingly small target. I see the big picture and the huge room this stock has to run, and I bought more time to allow this story to unfold.

Strat,

If you read a previous post of mine the one thing I did not like about the GS trade, was no target...everyting else fit for a trade for me and Brett. A risk, yes, and glad we got out yesterday for some quick$$...And I hope you nail down some big $$ to the downside buddy!!

Here here Brett on the 'Technical Analysis' book ... from Murphy... I have now read it twice and keep it at my desk when I am confused about a pattern .... I have made back the $50 many many times over ..... It is an Addicts Handbook ..... and I still sit in on Jeff's patterns class .. almost weekly .... Both have been invaluable ...

Brett,
Classic (sub prime post), I know we are supposed to not comment but such easy prey.

Jeff,
I was seeing some great price action on GTFO myself.

Raimo,
Stay the same wonderful person you are today!

Michelle,
Nice work.


Cheers,
ARTY

LOL Arty..

I got your back, and all the good addicts here as well.

Anyone having a hard time bringing up Jeffs reccomendation ticker symbol STFU ?

I am having trouble with it....

Brett,
STFU wouldn't be a side order of Shut the F&*K Up would it?

I did load up on basket of calls on DIAD.

Cheers

Aye Brett,

I'm with you totally, I wasn't limiting it to the small 4 point movement. I was just wondering where you saw a major resistance level after the 4 point pattern. The first one I saw was around 51-ish. in Jan-Feb. I didn't limit it either. I actually just got in this trade today based on the still strong volume on what should be a down day, what I see as support 45 now (assuming it closes above 45) I think we get near 51-ish or maybe higher. Thoughts?

James H.

Anyone have an opinion on PSA entered at 76 thinking its going DOWN!! and now one of the few that's rebounding. I have resistance around 77.50-78. tied down my hands till the close to take any action. is it time to turn off the computer?

Sarah

Raimo,
I am on the trail tomorrow 2 hours before the close. No internet. I need you to watch my back.

Your job tommorow make sure there is a last minute rally on GOOG,SLMB,GRMN, BOOM, and Canada.

Got me covered?

Additionally,
I locked the combination to my gun safe inside of it. Can I contact you outside the Blog I am looking for some advice?

ARTY

Brett, thanks for the reply and yes I do see that perfect double bottom. For my rules the earnings got in the way. Then once earnings was past the movement was too high. Is my thinking off? Thanks for the continued education and for your direct approach as I am more interested in learning. Thanks for saying it straight!

Looking for any good entries today and not finding any. Either too extended up or down. MO is a bearish candidate. Anybody else care to comment on this one?

Michelle,
I am interested in your thought process and action taken on VMI. How did you set your stop?

ARTY

Sorry Doji Girl,

MO..I just cant xcited about it either way....

DG -
About MO, here's my totally amateur take on it:
It broke thru it's 2-year uptrend at the end of July. Rallied back above it & is now coming back down to that support - which is at about 68. I think that if it breaks 68, it will be a good bear.

:-) Pat

Raimo & Pat,
Thanks for looking. It's great to see other eyes on things. I'm still lusting after ATW from the long side but I think it also is a little too far from my exit for a comfortable entry at this point.
Cash is burning a hole in my pocket.

Arty,
VMI, I think I read it wrong. I set a stop below what I thought was support, but got stopped out. It was a small stock play.

Michelle

For those in BA, hope you had stops and got stopped out. Next support isn't until 97ish. It moved through the 102 level.

M

Doji,

Hey, i paired bck and went to cash too....now looking for good opportuniies as well...but dont feel like you HAVE to trade...patience my dear...

Looking into my CRYSTAL BALL
A figure appeared, what could it be?

Searcing and looking the ball tells all
Why, that is Brett I see standing tall

Bears are around him he is fighting them off
What's that in his hand a piece of cloth!

He puts it on his head he looks like a bandito
Hey, now he is throwing down a BURITTO!

The bears I see are running away
Brett again will save the day!

BWLD - currently a Doji while re-testing resistance.

I've grown fond of the bears.

ARTY - from the block in BOISSSSIZZEE

The Shadow Trader is down with ARTY-B

(My rapper name)

Logan..

Kinda liking them myself buddy...

SEIC !!!
elevator going dwn !!
anybody besides me still in tis one???

Michelle,
That is a big flag. Almost touching the ground. That blasted intra day volatility so I can see where you stopped out.

I love flags (because I have a limited arsenal right now being new), and I am struggling with the volatility when I have to set mech stops. I like the original idea.

Cheers,
ARTY

Brett,
Nice call on ROG - oh and the text book.

I put in the title on amazon to buy it since what I get out the book will be better than my flat day out there today.

Anyway, Amazon tried to make me buy Harry Potter. I'm complaining.

Thanks for the ideas on both ROG and Reading.

Cheers,
ARTY

Tonya ... I'm in with you on SEIC .. been there for several days ... Also enjoying AZO, AMGN and WCG today ....

It's nice not to have a sick feeling in my stomach when I know the market will tank because I am learning BALANCE of the portfolio is so key - along with a million other things....

Thanks Jeff and to the rest of you for your contribution to that!

Is there such thing as an upside down cup and handle like is forming on the daily $indu right now?

Is this a dumb question?

ARTY

Doji / Bob and Pam,

How about:

Puts:
DVN
FRT
MAC
NBL

Calls:

SLB (next day or two)
ACH
CAM

These are a few on my radar ... All disclaimers apply .. :)))

Thanks for the list, Benton!
CAM is consolidating nicely but it has to stop going down before I take it.
ACH has always made me nervous - always gapping up or down, I can never get a handle on that one.
SLB - too far from an exit to enter (tm -Raimo).

For the put contenders, I like FRT and had already put it on my list but haven't done anything. MAC is looking really good. Never even heard of that one before.

Thanks again.

Possible hope for the bulls. This 1464 area on the S&P is a 50% retracement level from the March lows to the July highs. Any Bulls with you know what.

Jamie

Might I recommend taking a look at DKS? Very nice breakout despite the bad market. Earnings are next week, and this pattern measures a few months, so I'd have to suggest looking at stock vs. options.

Yes, even as option addicts we can make money in stocks too.

cnx - bear flag at resistance? 4 dollar move or more?

Brett mentioned earlier about John Murphy's book (it is a very good book). John also has a web site at www.stockcharts.com. There is a tab on the front page called Chart School; if you select that and then "Chart Analysis" from the table of contents, there are some good lessons on chart patterns, candlesticks and gaps, just to name a few. Some good stuff there.

OMG!! DECK is getting HAMMERED today? I can't find any news on it. And PCP is as well. My RRSP is down 5% PCP is down huge too. Thank goodness for covering puts.

Jeff, incidentally... Desmond the wonderful grade 3 teacher said to stop your "whinning" not Whining. Aren't you glad he's not teaching YOUR kids?

MAC has almost no open interest in the options. Don't like that.

HCP looks interesting. Check out the open interest on the Octobers. That is weird.

Nobody's giving anything away today.

Deck is breaking major support. If it closes below 100 I'm going short...

Rd

DKS - I had that marked up with 60ish as resistance and looking for a break above it. Well, I guess today is it.
ATW is now in striking distance. LIke the volume for past 2 days also.

DJ

HCP Oct. 30's are insane. I like the downtrend, but the stock struggles around 25.00. After my last few trades, I am trying to keep support/resistance farther out. Take a look at the 5 year chart.

Amy

Sorry, I meant DG...not DJ

Great stuff lately everyone. Thanks as always for the great place to learn.

JSDA may be setting up nicely for a bearish play. Retesting it's gap down after earnings. Lately it's been trading in the troubling "teenager" range, but go back a couple years and see it's got a history with the $11.50 range. Where it's at right now.

Any other opinions? (Oh, by the way, Zack's also downgraded it to a strong sell, if that means anything to you).

Just noticed the IV on JSDA. Watch that.

Hans

Boy an old put play that I may of heard the idea way back when on is getting smashed. USNA Ouch.

ARTY

Just when we think the bears are done, they come in and take another bite. I feel like I have the doors barred and it keeps getting rammed with one of those big wooden planks. Can my account hold?

M

Off all the stocks I've traded and watched and lost money or got stopped out of, blah, blah, blah,
POT and CVD have held well.
AAPL, BA .... relative strength, don't think so.


M

Hans,

JSDA +0.14 with the market down 290 points. I do see resistance posible at 12 and 14. But it looks like it is rolling long and strong at the moment. I'm currently long JSDA myself. I definitely wouldn't short it. I don't know if it gets higher than $14 before next earnings but I don't see it going below $10 either. With the Wal-Mart/SafeWay/Kroger etc. etc. deals Hedge funds, Mutuals won't let it go too low before scooping up shares.

And it looks as if they have started buying already, moderately heavy buying yesterday, not quite 150% but close.

James H.

James H.

Goodnight COH!

About f*&kin time!!!

I can't stay for the last few minutes and I realize anything can happen in this wack-job market but I am pleased to note that as of now my account is actually up on the day, if you can call $28 up. But to be able to say that on a day when the dow is down about 300 pts, I am: pleased.

Anybody else having issues with prophet charts?? My charts don't appear to be in sync with my quotes. Always something.

DJ<
I can not say the same today but it has been a whack job for sure.

I am throwing out all of my Coach handbags and matching shoes since COH has finally given way.

I would have thought that would have happened when Phil Town had that lady with the coach purse sit on his lap on the CNBC Millionaire show.

Cheers,
ARTY

LisaG - Yes, I am having problems with them. AGAIN.

The $VIX is going to close over 26!

Closed out GS and AMG sept shorts for nice profits! Thought about letting them run, but they hit my targets and with these markets, I wanted to bank the profits!

Thanks Jeff, Brett, and Ramino!

Arty,
I have to say, the mental picture you've just provided of you with the matching Coach ensemble is worth even the pain of a 387 point drop. . .well, almost.
Lori

DG,
I will count your 28 if you count my 6.

Man I am really kicking myself, I was waiting to get in on puts today in the S&P, as it would turn over I would put in an order and be just behind it and didn't want to chase but would have had 100 contracts at 1.60, which then closed at 3.00... I also cancelled because I wasn't going to be able to watch it closely, oh well there will be other chances but I just had the day read, i knew it would rally partially then fall, didnt know it would fall that much, but it sucks to miss a quick double of money.

Hopefully I can do it tomorrow, hope everyone made out ok it was ugly if you weren't holding puts or cash.

Ben

Raimo,
WOuld it be safe to say Goog did not hold support at 520?

ART

Somebody slap me with my strappy sandals......i sold my russell puts too early today!

Arty

I should rephrase, I didn't "know" what would happen, I just had a feeling based on current sentiment, what has happened in the past and didn't think the finish above 1490 on S&P was very convincing if that makes any sense, haha.

Ben

If someone would have told me that I could trade the market and make a 33% profit on the second largest losing day of this year and actually take some profits off of the table.. I would have smiled and said . "Yeah - right!"

Thanks to Jeff and so many of you on this blog, I am grateful! Of course this doesn't include anonymous idiots who slam this environment who don't get it and "R" (won't print his name) .. who likes to see his name in print and can only use his computer until the D cell batteries run out every 5 minutes!

Thanks Jeff for pounding it in that diversification is an Addict requirement and position management is paramount. 6 months ago - I would have lost thousands on a day like today.

Hard for me to understand why ANYONE would criticize this place!!!

Art,

Yeah, you could certainly say GOOG fell short of holding 520. There is an upside though...GOOG in the last 3 weeks has not broken down past 500 while the markets certainly could have dragged it down..and did not.

That being said, and while I am still bullish on GOOG, i am very cautious about it. Goog did not rally up either on the up days...

And, look at that pattern forming....H,mmmmm

I think GOOG got punished enough on earnings...but hey, I could be way off....

Let's see what happens....

NVDA earnings release looks good - held 3 contracts over. 3-2 stock split announced also. Conf. Call going on now.

James H.

Wow, what did you all do to the market while I was gone? Amy and DG I beat $4 profit today on just two trades. Yep only have two working today. The ones I liked last night just did not look right this morning. I had to run just as the market started to turn or I would have been in LAZ and PSA, oh well.

Brett, I know you are busy but I would like your review of why I did not get into ROG (earnings and gap) if you would. bdheinrich@yahoo.com THANKS

Sure wished I was here to ride the bear train and cash in but alas I was out signing contracts instead - that other job.

Jeff,

Good call on HANS. Remarkably strong on such a catastrophic day. I am going out to get a Monster Java tonight with the proceeds. I can't believe you think this stock goes to $70!!!

Cheers

Bob,

you want me to review why you did not get into ROG? I'm sure I can answer that for you. After earnings, the stock broke out on strong volume. That was a good buy signal. Right?

Anyone wanting to see a real-life example of the "Three White Soldiers" candle pattern, check out ELON. And the volume, OH the volume!!

Disclosure: Long ELON stock (much lower so this isn't an endorsement to chase it...unless of course, you like the Three White Soldiers.)

Dear readers, in response to the whining about Jeff's watchlist or any trade idea you get on this blog, the marketcast or a chinese fortune cookie:

The watch list is a set of ideas that you "watch". Notice it's not called a "trade" list. Once you choose to trade from this list you have just taken ownership of a trade YOU chose to make... with YOUR money. Congratulations! Its now YOURS, you own it quite literally. You manage the risk, the profits, the emotion, the entry and the exit.

If you choose to do this with no understanding why you entered when you did, when you’re going to get out, what your risk is or what it does to your diversification then you have just loaded the first bullet into your 6 shot pistol for a game of Russian roulette. You are operating on the principle that faith will keep you from getting shot, or that the watch list is always right. Every time you trade in confusion on someone else’s advice is like adding another bullet. Eventually you will get shot.

Do you know that most option traders are wrong more than 50% of the time? Is your trading skill good enough to profit despite a winning percentage below 50%? If it isn't and you’re not taking ownership of your trades then you seriously need to find a more conservative way to trade.

Consider that every trade being planned is more likely to be wrong than right and plan accordingly.

This is not easy. It's brutally hard on the best of days and you can get bitch slapped when you least expect it. If it were easy, I and all my friends would be retired and I wouldn't have to spend my time on this blog or in this dang corporate job. I would be fishing.

Analyze what YOU did wrong and why YOU lost money and YOU didn't manage your risk better and why YOU decided to trade that stock in the first place.

If a trade on Jeff's "WATCH" list goes sour, after YOU decided to trade it, ask yourself why YOU traded it. Call the hotline and get some feedback on what you could or should have done differently.

Ultimately you will never be successful until you can trade on your own ideas. Keep coming here for ideas, pick the best ones, hone your skills and contribute when you can. Take a deep breath; manage your emotions and good luck. We all need it.

MikeH

Brett,

I love you man.

What can I say.....

Brett, thanks for trying to understand what I now understand as a lame question. My prophet chart (honest) had a wrong earnings date and time and appears to have been just corrected as I exited and reloaded the software, now it is clear to me. Am I crazy or have others had wrong earnings dates and times on the charts? Sorry Brett, luckly I get it now but I am wondering what else I have missed because of earnings date errors or at least my eyes reading it wrong.
Thanks again and sorry to bug you with this error...please tell me others have seen this problem or I will have to go to the Doc.

So, I go away for a few days and come back to crazy people on the blog and then I go away again for a few days and come back to more insane people on this blog. What's with all the haters? There are so many other trading blogs that support energy vampires and even welcome energy vampires.

I think we just have to remember that we have a great community of people here who love sharing and learning and unfortunately in any community that begins to grow and become more popular other types of people appear.

It's hard to ignore the criticism sometimes because we wouldn't be here if it wasn't for Jeff. But this community of bloggers is unique and I believe we can keep it that way. We're here because we want to support and be supported by other traders and we're here to become successful traders and learn from traders who are more experienced then us. Thankfully this is a blog and we can blow right past negative comments. I'm not saying it's easy all the time.

My jaw dropped as I read some of the comments because they seemed so surreal but there will always be those that want to bring other people down. That's why you stay away from them because they will end up bringing you down too. Remember that's what bullies do.


Eric D.-

I loved your response. Completely appropriate. I think it should be included in the disclaimer that Jeff has at the bottom of his blog.

liz

Bob-

That's happened to me as well on the prophet charts. Also, I will sometimes come back to prophet charts and all my lines that I drew will have disappeared or sometimes they will be re-drawn somewhere else on the chart. So, you are not alone on prophet chart craziness.

And unfortunately we did not get to break bread with the big man but we did get to shake hands with him and take some dorky pictures which I will be sending his way tonight.

Grant wore his OA hat and I wore my OA tank top and it was a lot of fun. I got lots of comments/questions on my tank top wondering what an Option Addict was. Grant said they were all looking for another reason and then noticed what it said. Well, I don't care. He's a dork! ;-) Hey, it got people to ask. Advertising is advertising, right?

liz

Arty-
You asked this a few days ago... I would have responded sooner but the internet connection at the hotel left a lot to be desired and there was just too much activity going on during the 3DL (as they call it) to really respond to anything. Okay, now that I've gotten all my excuses out of the way here it goes...

There was a lot of overview (for myself and my husband) but I think it's always good to go back and re-visit past concepts, especially when you're just starting out. There were only about 4 or 5 of us that were actually trading real money. Everybody else was paper trading, so for them a lot of what we learned was new. I have to say though that I really learned a lot about myself as a trader and how to implement some better ideas into my trading style. Grant thought the same thing. I think it was definitely worth it. I really felt like more ideas and concepts fell into place and I can't wait to start implementing them. And this will be easier now that I have no positions because I just got kicked out of everything because of this crazy a$$ market.


One of the ideas that really stuck in my head was about treating this as a business not a hobby. I thought I was treating this like a business but after listening to the instructors we had (who, by the way, were great and very energetic) I realized that I wasn't treating my trading as a business. I need to look at my trades as "deposits" and "expenses”. I was looking at my account every few seconds to see how much it’s gone up or how much it’s gone down. Not healthy. I just need to make sure that even though I am going to have many more “expenses” then “deposits”, my “deposits” need to be big and my “expenses” need to stay small. As in every business you keep records of everything you do (trading journal) but you need the bigger picture to see how you’re doing, not day by day. When do businesses put out their financial report? Things like that. Anyway, these are just some of the few ideas they gave us and just that one bit of insight has helped me tremendously. I feel like I have a much better plan now.

Anyway, I hoped this has helped and gets you psyched about the 3DL.

liz

Is it possible? That I get to say "Clean Cups!":D
Lori

Jeff and Everyone who posts to this blog,
I have not posted to this blog before, but I have received incredible benefits from everyone who participates here. It has enabled me to put into practice everything I have learned over the past year and I am extremely grateful to all.

I do not listen to the nay sayers and I know that as I focus my attention on the success I experience every day, I will reach my ultimate goal to become a full time trader. Thank you Jeff, for creating a place where we can share and learn together!

Vicki in EDH