Sweet Jeff, this guy has mentioned you before if memory serves.
I have been around today, actually just got back from checking the mail. Waiting on my option addict gear, ordered a hat, shirt, and thong (for my lovely bride). She says she will wear them as long as I keep making money.......now that is pressure

Jeff,
You're just making us feel worse for not being there.

Re my last post before the clean cups call, that was referring to a spread trade but the straight puts are just as wacky - more than $2 spread for many of them.

Wish I had been able to make it to Chicago also. Maybe next time. Does anyone know where the next one will be?

I purchased a staddle on the DIA, buying the Sept 130 put and the Sept 130 call. We may still see some big price moves with high volatility. I'm targeting my profits to a 1000-point move in the Dow, one way or the other. Should be fun.

I am 3 1/2 hours from Chicago......there is a serious debate raging in my brain. considering making the drive....

Oops...straddle. Even when I proof read, my spelling still stinks.

Jeff-
Congratulations again for being in the media! Whoo Hoo!

I have to agree with DG. It's making me sadder that Grant and I aren't there. Boo! Hoo!

We hope you are having a great time.


DG-You are right. The spreads are ridiculous.

liz

Cool Jeff!

Did I read it right that you were on Baron's? Trillion hits...

Wow, big time.

Hey guys ... been here today but researching picks...

Jumped into a couple of puts and continued to sit with my mouth wide open over the surge in RIMM .... For once, I am in one that is beyond belief these last couple of trading days ...

Glad Chicago is fun ... Hope you guys enjoy .. Some of us continue to hold down the ship as you turn Chicago upside down!

Hey Jeff,

Thanks for remembering us while all of you in Chicago are having a great time!!

--Meena

Ladd,
If I was a 3/5 hour drive from an OA party I would be so there.

Watching the market today was like watching paint dry. Where is all the excitement? I miss the rush of seeing the Dow vascillate 300 points in an hour. As it is, I bailed out of HNT put because that stock is refusing to go down like it's supposed to do. I swapped it for IWM puts which I bought at the end of the day and which I think have a better shot at going down.

BOOM - isn't. I'm still in it but was disappointed that even though the stock went up a little today, my option didn't. I guess that's the old volatility melt kicking in.

HEY BRETT & RAIMO! Where were you guys hiding all day?

Brett & Raimo are having their own party today.

I've got nothing to add as I'm only in one position at the moment. Today was kinda blah. Well, I'm off to do some studying while it's still quiet around here. I've got at least an hour while the other two kids nap.

liz

Ladd,

Someone has to say it. If neither Chris or Raimo are here....

If your Wife will keep the thong on until you loose money??? That means if you lose money she will take them .........

Oh.... what to do, what to do

Currently listening to the live marketcast (taped) with a nice glass of Malbec. Has anyone else listened in? The guys have obviously gone through a second puberty because their voices are VERY DEEEEEPPPP!

Drink on!

Kim

I listened to it this morning. I think it is the sound system or the crowd in front of them (doing it live) that could have caused the effect. Or it could be some late night partying from last night that got to them. It sounded great though.

I listened this morning, too. I thought maybe it was on sahlow ssspeeed.

I called IT about something else. The Hold message sounded fine. I was on this morning too, and was surprised that the hold message sounded so much better.

More crickets ......

Hey guys. Just checking in to say hey.

I'm off work today and tomorrow. Got out of all positions last week so I could enjoy the time with family. And, of course, to also keep from getting my butt kicked.

Liz, we've got our oldest starting Kindergarten tomorrow morning so that's why I'm taking these days off.

Anyway, will be back in full force on Wednesday. I'd appreciate it if you keep the market from heading south a couple more days so I can jump in when it makes the next leg down.

Have fun in Chicago those of you who are there!

Tim,
I know how it is. We are busy this week getting ready for school too. My oldest starts kindergarten and my middle one preschool. These moments only come once.

Michelle

Today's MarketCast was excellent!! It shows how Jeff and Eric has taken efforts to make it pleasant and memorable.

thanks, Meena

BooHoo I want to go tonight!!!! but am stuck in L.A. for work. have a toast for me!!!

Party on wayne, party on garth!!

I'm stuck with all the other boo hoo - ers. Some day, some day we'll be there with you all!!
Have Fun. Come home with lots of stories.

STUMP

Sorry for my short 36 hour absence I had an emergency fishing trip I had to go on.

Ladd,
I hope you made the trip dude!

Kim,
Yes I listened to Maretcast and thought their voices sounded deep. I am sure they were bummed we didn't make it. Secondly, to make this a completely affirmative response I had a glass of Malbec myself.

Cheers,
ARTY

Arty, Missed you witty remarsk all day. Hope your catch of the day was then what the market was throwing all day. What a non day.

Arty -
did you catch any emergency fish?

:-) Pat

Arty,

Where did you go fishing? I am going fishing off the Channel Islands off California this Thursday. Are you a fresh or salt water angler??

Tim-
Congrats on the kindergarten. What fun! It's so cool watching them start school. I love it.

We had a major problem with the kindergarten teacher last year (she lost our son for a 1/2 hour!--- needless to say, we were not happy) so we home schooled our oldest and found a different school this year. He was so excited for today and he ended up in class with one of his friends. I feel really good about this year. I'm excited for him. My husband is too but he kept counting down the hours until he could go pick him up. It was cute. One down. Two more to go.


Michelle-
Congrats on the school as well. I know it's kept us busy trying to get everything done before hand. And now it's here.


Arty-
Hope the emergency fish were huge!

liz

Jeff-
Was that your guitar solo or Eric's?

p.s. it does sound like you guys went through some major puberty or something.

liz

DG, Arty, Jeff, all.
I did not make it to Chicago (swear words). Had all the arrangements made. My trading partner (who is a lurker, and he knows who he is) is at the conference (actually probably at Howl at the moon right now), anyway I was going to crash in his room tonight. But then, my wife reminded me that she has a meeting at 7 AM (Tuesday) and my 8 and 6 yr. old boys need to get on the school bus at 7:50AM. I forgot all about it.
For this (and other reasons) is why my number ONE trading goal is to allow my wife to retire. Soon enough i guess.
I am sorry that it did not work out.

Yes emergency fish were caught but I am a catch and release, barb less hook,fly fishing snob. You know the type.

Sean,
I do fish both Salt and Fresh water with my fly rod, but I have been known to toss gear when necessary. I am an intermittent reward schedule guy to the bone. So it doesn't matter to me where or how. Ring that bell and I will salivate!

That being said I have fished the Channels for Lobster, Scallops, and Abalone on Scuba, and sea bass breath hold diving with a spear. And I fished for rock fish with regular gear when I wasn't doing the aforementioned. What are you fishing for?

Ladd,
Sorry dude! May your wife retire shortly!

Cheers,
ARTY

Brett,
I received my copy of Technical Analysis by John Murphy. Since I recollect purchasing this classic based on your recommendation, I was wondering how you used or approached this book?

Did you dig in a go cover to cover or did you read it as topics unfolded in your trading? Or is it a reference tool you pick and choose?

It is big and covers a lot so I was just wondering.

Thanks man, and BTW I have put an AMBER alert out on you and Raimo. Hopefully you guys will turn up soon.

Cheers,
ARTY

AMBER ALERT !!

I just saw a black and white 1974 sedan (like the one in the Blues Brothers) pull up and snatch Brett and Raimo......
The two guys that took them. One was a big tall dude with wild shorts and a white tank top that had black writting on it. The other guy not as tall, but looked like he had a 3-4 growth on his face. The shorter guy knocked both victims out by hiting them with a bowling ball from 30 feet away. I have never seem anyone throw a bowling ball like that guy did....


Please help find Brett and Raimo they are needed for thier wisdom and also because they have big feet and can stomp the crap out of the crickets that seem to be infesting (or investing) this area..

Now let's go make some money today also..

Arty,

I read it cover-to-cover with a highlighter. I have referred to it often as a reference book, as well. It's definitely a great trading resource.

also email me your information so I have it:

bdatlas@yahoo.com

Flying-Pro, that was a funny post!

I have been busy, too, preparing for the new school year. I have three boys ages 10, 7 and 3 1/2 and I homeschool the older ones. The 3 1/2 year old is going to begin this year and so I will be very busy.

Part of their school day includes learning how to trade which would be great if I was actually making money myself! Grrrr.I am raising three future addicts.

Doji Girl,

We have been here the whole time. Sometimes you need to take a breather to stay focused.

Flying Pro,

Very funny. However, the dude with the bowling ball now has a fat rump cause that is where the bowling ball currently is, and myself and Brett escaped without harm.

You guys don't need me for the crickets, you do an awesome job yourself. I'll take care of the true snakes and vermon...

Flying Pro, that was a good one!

Brett & Raimo, glad to see you are here. Thought it was a conspiracy that the 2 of you were MIA just when Jeff and the others were off partying.

I feel much better now.

Glad you guys are back. We missed you.

Brett,
I am planning on getting that book too next month. I have used our book budget money for this month. Thanks for the advice. I am also planning on regularly listening to Jeff's price patterns class. It is getting easier to recognize some of the patterns. Thanks for the advice.

Michelle

PCU may be a good one for puts. It is at resistance and is starting to turn down.

******************Man Controls Oil Prices Singlehandedly************

Yesterday I filled up both vehicles because of Dean. Prices had been inching up all weekend so I figured "better fill up before a big spike comes." This morning I drove my oldest daughter to her Driver's Ed class and gas had dropped 5 cents a LITRE!!!! That's 22 cents a gallon for you folks south of the border. OVERNIGHT... just because I filled up. And I can make it rain by washing my car, too.

*******Educational tip of the Day *******

Ok kiddies, open your workbooks and look up GRMN. This stock is running a textbook bounce pattern on a continuing trend. It proves that some stocks will run their patterns regardless of market movements. I took this trade yesterday... a bit late but I think there's still room to go.

I now have some time off. I'm assuming that someone took pictures last night at Howl at the Moon. Logan, you've got me concerned. Seems like you're always wanting to meet in the bar. Save that for when the house is half built and Hurricane Kohler comes roaring through town.

OK folks have a look at AMGN. This stock is in a great downward trend and I just read an article on Friday that said that they've got a couple of drugs that they'd hoped would be big, that are not looking good right now. This is probably partly responsible for the trend... but it's sitting right at $50 support right now, so if it breaks through, I think it's got some legs. Looking for a $5 drop in a month.

just took down CME....

Anu,
I think PCU could be setting up... but having said that it's sitting at fairly strong support ($90) right now. Yes I see that it dropped below 90 for a day, but I think that was just market conditions overtaking the stock in a moment of temporary insanity. I'd want to see this break through 90 before actioning a put play. It even looks like a somewhat deformed head and shoulders (something the Hunchback of Notre Dame may have produced) so I wouldn't be surprised to see it dip down, then come back and re-test 90.

At least that is the professional opinion of a seasoned oil price controller.

Raimo,
I assume you're playing CME to retest $600?

Raimo, where do you get the money for these things? I'd have to re-finance my house, both cars, and my kids braces to afford a CME option.

CME, risk to $527. reward to $600.

Brett loaned me money for the trade, i took 15 contracts.

Lovers of POT UNITE!!!!! I think this is one of the stocks that will lead the rally back. We'll see what happens over the next few days, but I think this is one to watch.

Is there some sort of fed meeting today? I heard the talking heads say something about bernanke and some others meeting and they will let us know the outcome. Did I hear right? Anybody know anything? I am concerned because I am totally in bearish plays as of this moment and if they do something stupid like lower the ff rate, I am: f^&*ed.

Chris,

I see the support at 90 but I am seeing previous resistance from end of June of around 94. That would be the risk I see and I am looking for run down any where form 87.5 to 82.5.
If we have a few strongly bullish days I see being stopped out. I guess I also like the volume pattern on this so far.

Anu

DG,
I am in the same boat. The Fed is messing up my bearish plays (laughter.)

Raimo,
We missed your humor. With that kind of money on the table, hope it goes your way.

Michelle

DG,
I see news about a meeting today, but can't find a time.

Michelle

DG,
Yes there is a " emergency" meeting between Bernake, Paulson and the banking chief Dodd. TO discuss the current credit situation. I think that there is supposed to be a press conference at 11 am eastern time to disclose their views. You can see teh details at marketwatch.com

Anu

11am is the time for the meeting. I don't think there will be much of a bounce.

DG - If there is a bounce I am planning on pulling back very quick to a position size that i can ride the wave. On paper lose a bunch for a day or two then Woosh... Let the bottom drop out. Interesting that they were talkingabout Buffet buying a stake in CFC this morning. Could the fed be calling Buffet and saying "hey you have 50 billion in cash, can you help us sort this out"

FP,
Why don't you think there will much of a bounce? Isn't that the goal of this meeting - to ease the worry of the markets along with the ff rate? I think that jumping into IWM and IYR at yesterday's close was perhaps not such a good idea.

DG, Anu, I wouldn't classify this as an emergency meeting. When they cut the discount rate nobody new they were meeting. When they announce this it's part of the "jawboning" process. Be visisble and talk to calm the markets.
Just keep an eye on the 1 mo bill trading at a 1.81 and the 3 mo bill trading at 2.86. Thats a good guage of the fear and liquidity issue going on in the credit market. If they normalize the credit markets are getting there bid back. He won't cut the FF before the meeting Sept 18th.

Jamie

ICE, rolling over after a re-test. Any opinions ?

Nice take on CME Raimo.

I took down HANS yesterday. Initial stop 40.56

Jamie

Arty,

Sorry, I left the blog yesterday because of the cricket noise and I missed your post.

I fish mainly for rockfish, ling cod, cabezon, boccacio, whitefish, sheephead, halibut and we get bonita by trolling when we see some bait fish boiling on the surface. I also catch and release all of them. I am tempted to bring the lingcod home but if I filet it in front of my daughters,they will never eat fish again.

Jamie,

When CME closes above 550 i will feel better. I am also long GOOG and X and AAPL

Jamie,

When CME closes above 550 i will feel better. I am also long GOOG and X and AAPL

Jamie-
It looks like ICE is having a hard time getting above that 137.50 level which is a nice past level of support/resistance (1 yr chart). In this market climate who knows but I think this is a good place for it to consolidate before it heads back down which will probably be easier than breaking through that previous level.

Of course... my opinion only...

liz

Laney-
I've got 3 boys as well (6,4 & 2). They're all crazy. ;-)

liz

Raimo-
Are you looking for X to re-test around 95? Or are you looking for it to go right back to 105?

liz

Liz,

You are dead on, $95....

Liz,

I got in X two days ago..

trading days of course..

Arty (and others interested in the Technical Analysis of the Financial Markets book),

I got mine last week and am in the process of reading it. Cover to cover with a highlighter as well... It is a great book. Part of me wishes I would have purchased it a while ago.

Arty--funny that you mention the size/scope of the book. When I pulled it out of the package I was hit with the realization that I have really "gone back to school" so to speak. In my mind I sort of knew that, given the amount of money I have paid Investools for education, but looking at this book and thinking that it looks like a college textbook really drove the point home. The only difference this time is that now I am trying to support myself AND go to school. When I was in college, I only had to work the summers!

DG - It just didn't feel like there was enough excitement to get the bounce. With that being said I sold my Oct $185 Puts on GS at 10:32 central and bought them back $100 cheaper at 10:52 central. Still think they would go down, but felt I could get a better position later in the day. Later turned out to be not to long...

By the end of the day I may be eating crow though...

Raimo,
What was your bounce point on GOOG?
I was playing it if it stayed below 500, put; above 502, call.

Do you look at MACD and Sto also?

Michelle

is anyone willing to trade around BHP earnings tomorrow? maybe the stock was unfairly brought down with the market last week and has room to move? Maybe OCT60 calls?

j.M

Lisa,
My home office and my work office both look like college days with trading books all over the floor, charts taped to the walls, note books, highlighters and beer cans everywhere. And I have even joined a fraternity Option Addict Delta Theta. I shall jump into the text neck deep!

GRMN - It has continued to run up after its few dips thus far.

Cheers,
ARTY

Gosh, Arty, that sounds like some office. My "office" is the kitchen table. I not only trade, but I make lunch, fold laundry and wipe noses from my office. I am a jack of all trades. (har-har) :-)

Liz,
Isn't if fun being surrounded by all of this testosterone!:-)

Three boys and a husband. I fear nothing! LOL

Raimo-

GOOG calls? I am the proud owner of puts. That is, unless the stock closes above $510.

Brett, my esteemed colleague.

You are obviously on the wrong side of the trade. Would you like me to send you a chart?

Raimo,

Would you like me to send you A PHOENIX???

Brett,

with my GOOG calls I'll be buying a lot of Phoenix.

Hello all-

Dan and I are officially in Salt Lake. Since we've gained two hours and our plays are doing okay today we're off to find our way around the city. Hold the fort down for the next 45 minutes for us! No Bernanke screw ups to my bearish stance. Nice to see more activity on the blog today. Yesterday was a snooze!

Kim

Oooh...a Brett & Raimo battle of the GOOG. I love it! Makes me want to go out and strangle (or straddle?) the darn thing.

Kim, have fun in Salt Lake. I made a point of driving to actually see the Salt Lake and man, that was a huge disappointment. Looks much better from the air. If you have time after your classes, do go climb that Mountain with the caves on top.

Brett,

Looks like the Phoenix is getting ready to spread its wings.

Man I hate having to refferee on this blog. Because I have defended both of you from evil outside forces I shall remain neutral on this topic.

Except that GOOG will be at $550 within two months.

Or $475.

But POT, I tell you is on the brink of soaring to the clouds!!!

DG If I were you I wouldn't be talking about strangling or straddling anything that involves those two. You're likely to start something that can't lead to anything good.

I'm waffling on the market, my options... everything except POT. I love my POT.

Nice call on CME Raimo!!! wow. I'm impressed.

Chris,
This is my first time with POT and I love it!

CAT and ITW need to go DOWN...NOW!

I like to share some information
about the 200 day moving avg. Since a lot of the indices are hovering around the 200ma. The $DJI is 270 pts. above the 200ma,$SPX is 4pts. below the 200ma,SPY is @ the 200ma,DIA is 6pts. above the 200ma $TNX is 1.5 pts. below the 200ma, $VIX is 11 pts. above 200ma, $SOX is 6 pts. above the 200ma, $MNX is 5pts. above the 200ma. I feel the 200ma is a pivot point @ this point in the market place. I'm also including a link for more info on the 200ma
http://www.streetauthority.com/terms/num/200dma.asp

no one asked....but

GOOG. in the short term I have it making lower highs, lower lows.

POT. off 6/19 close i drew uptrending diag. line connecting closing high prices. off 7/10 close drew a downtrending diag line. Looks like a reverse symm. triangle. On market cast months and months ago someone asked the guys about reverse symm. triangles. Do not remember the answer perfectly but I think it was something like it means more if happens on indexes and longer term to form (but do not remember the significance)????? Does anyone remember anymore? Or maybe Jeff may notice and comment.
Thanks

Sorry for the novelette I just wrote

C2,

Brett is a big boy. He can stand toe to toe with me in the GOOG DEATH MATCH, no problem.

http://moneycentral.msn.com/investor/
alerts/glossary.asp?TermID=35
Her is a better link to understand the 200ma

Brett,
Seems like I might be a contrarian indicator (laughter.) I see GOOG going down. Got stopped out because couldn't afford the movement. I agree with you, but seems like when I pick something opposite than Raimo, I pick wrong.

It will be interesting to see where it goes.

It's good to have you guys back.

Michelle

Ladd,
I think you're talking about a megaphone or broadening formation; ultimately a bearish formation. For description see:
http://www.trending123.com/patterns/reverse_symmetrical_triangle.htm

Good news for Chris if you're right on the pattern he could ride it to the top diagonal line of the formation and then sell the calls & buy puts for the way down to the bottom diagonal trend line. I haven't really tried trading this pattern myself, so not sure about it's reliability.

For C&H lovers, ONXX has a pretty one sitting right at Resistance (7 pts). No volume or break today, but perhaps one to watch tomorrow.

ISRG - any thoughts on this one would be appreciated for another take. I took a synthetic long today will keep a tight stop. THANKS OPTION ADDICT BLOGGGERS.

Option Fanatic,
I agree 200 DMA's seem key now. The big institutions seem to watch those closely for buy/sell indicators.

ARTY,
Loved the Amber Alert for Brett & Raimo. LOL
Loretta

Mr Raimo,
Believe me the last place on the face of this planet I'd want to be is between you and Brett in a battle to the death over GOOG. Snakes and WMs everywhere!!! If someone would shoot it in High Def we could make a fortune!

I'm still short GS, RATE, BTU... long GRMN, POT, and VRTX. One or two contracts each.

Catherine and I are heading out to the hot tub. She tripped over a tree root running this morning and is cut up pretty bad. I've had to play doctor today (not the same kind of playing doctor we used to do, mind you) and part of Dr Chris's syrum to recovery is a hot tub with a Rum and Coke... or two. Dark Rum. Captain Morgan Pirate Rum. ARRRRR matey!!

I can't believe I missed the first round of the GOOG Death Match. Raimo on one side, Brett on the other and Chris wearing an OA referee uniform. Sounds good. Are we taking bets? Is this going to be like a WWE smackdown or are we heading to the octagon?

Chris-POT will not be allowed in the ring no matter how much it soars to the upside.

Raimo-I hope your X doesn't get in the way of the death match?

liz

Laney-
I have the same kind of office you have. Very functional.

liz

Hey Liz,
I think if I'm reffing, you're going to have to don your OA gear and do the whole walking around the ring with the sign thing. Either that or break out the kick boxing gear and make it a three way battle (I refuse to say "threesome") Unless, of course you're as undecided as I am as to which way it's going to go.

Oh by the way. We bought an LG TV a few months ago. It's an awesome TV and I'm seeing more and more LG stuff (Cells, washer/dryers, etc etc) and I think they're a great company. I can't find them listed on the Dow, though. I know the LG stand's for "Life's Good..." Does anyone know if they're listed and if so, what their symbol is?

Thanks. I'm turning down the ref's job. I'll just stand back and watch the fur fly. We could throw them both into a bag and see what happens. Maybe Michael Vick would ref. Ooops... sorry.

C2,

In addition to owning GOOG calls, I also own an LG cellphone (best phone I ever owned), and an LG washer and dryer.

The washer and dryer are Awesome, 3 years old, and I use them daily to launder my money.

LG..excellent on quality in my experience....

LG Philips, ticker LPL.
Life is good and Large!

This comment has been removed by the author.

C2,
You are a freak you know that right? And I love it. You enjoy that POT and your GRMN will get you home.

Now on the LG, it is Whirlpool WHR. And LG is everywhere. Now before you go getting all excited I entered into a real small position (stock) in April and had some success. Now the markets don't always make sense, nor are they efficient. OK Chris you can look now.

I do not normally make predictions, but Bobo you are on the losing side of this battle. There is a weak H&S that is about to confirm on a retest at 509 & Change............ then it is going to spiral out of there like Dorthy after doing the laundry. The next thing you will know there will be a tree chasing you down the road.

My target $475.

I just like a good battle and I don;t want to be left out.

Cheers,
ARTY

LPL, not a bad looking stock except for the engulfing pattern.

Michelle

P.S. You guys are too funny.

Arty,

Were you my friend referring to me and GOOG??

OA's

Alert! You know that LPL post is not Jeff ignore like other rogues in sheep's clothing.

ARTY

Oh yes Bob we are friends and I was referring to you and GOOG.

Please apply my lashings lightly.

Cheers and Yuenglings,
ARTY

Eeeeewwww!!!! Raimo lashing Arty lightly? Now there's a sight I just don't need to see or even contemplate.

Thanks for everyone's insight into LG. Arty I'm thinking you're right. I might keep an eye on it, but I'm sure not going to trade it right now. It's just as dazed and confused as me.

Michelle, very intersting insight into LPL. I see your engulfing pattern and raise you a quintuple top. Now there's something you don't see every day. Looks more like a midget head with four shoulders. Let's find a book that has THAT pattern in it.

Hey Arty I think you need some of my POT. If the Wizard of Oz that you saw had Dorothy spiralling out of there after doing the laundry I think your TV needed some kind of adjustment. What are you thinking, man?

Hey, I forgot to mention... did anyone else notice the volumes today? Most of the stuff that I have that moved against me was on 50% of it's normal volume. If you're reacting to today's outcomes (good or bad) be vewwy, vewwy caiwful.

Now I must be off and go dwiving with my daughter. Oh this is so much fun.

Chris,
while you are dwiving with your daughter, remember not to hit the imaginary bwake on the passengers side. It annoys the novice driver. Yelling is forboden.

Yelling is forboden but SCREEMING is expected!!

Sean,
I teach driving like I fly airplanes. If we get too close to something I close my eyes and hum. That relaxes me and convinces the other people that everything's under control, reducing everyone's blood pressure.

Someone mentioned a megaphone pattern which is one I never heard of but I recently ran across a stock that had a perfect one and I was wondering what it meant. Thanks for the pointer. Now 'fonely I could remember what the stock was that had it.

I have been searching for a good entry on a bullish stock and can't find one. So many have made the bounce from Thursday's low on Friday and now sit too far away from REE. Except SLB. I have that sitting on a long term diag. Somebody talk me out of it.

Arty,

I thought you were with me on GOOG. Boy how quickly you jump ship.

I suggest you put on your tights and get in the ring with Brett. You guys can try and tag team me, but you will FAIL!!!!!!!!!!!!!!!

I however do not wear tights. I'll be in full camo, guns a blazing.

Bring it on, GOOG to $600

Chris,

What's the deal then. Did you really do Sim Training the other day, or just singing lessons? A good country song about your dog getting run over, and your mom in the pen goes great with a death spiral to earth at 500 Knots.

Whie talking about flying we are going out for the Reno Air Races next month. Ever been? Can't wait to see them.....

DG- I see lower high and lower low. In another two-three weeks the trades will be back to no brainers for us OA's and preserving the cash will mean alot.

DG,
Let's see if I can talk you out of it. I jumped in it yesterday, jumped out today and back in. One of my accounts prohibited me and said something like "warning, looks like day-trading." (Laughter.) Anyway, I was getting in because of the storm and it was the closest I could find to support. I am not messing with oil stocks until I see oil moving up. Just an idea. I am not in much right now either. Can't really decide what I think the market (or the stocks I'm looking at) is going to do. Hey, I couldn't even decide whether to use "is" or "are" there. So until I'm more decisive, I'm just watching you guys play.

Michelle

Thanks, Chris.

Now I've got the SNL skit with Eddie Murphy as James Brown, running through my head!

OW! It's hot! In the hot tub! OW!

DG,
I didn't get to comment about it on the other post but I really enjoyed your post, very insightful.:-)

Michelle,

If it's what I'm thinking of, it's a bearish topping pattern called "Broadening Top" i believe.

If it looks like a backwards symmetrical triangle (highs and lows get larger and larger), it's a pretty reliable top.

As for GOOG, I tried to close out my puts at day's end and buy calls, but just wound up closing out my puts and buying more puts. Never rush a trade.

So i'm still battling with Raimo, just accidentally.

Michelle,

As to your question on the use of "is" or "are". It really depends on what the definition of is...is.

Monica L.

Ok Chris,

I will now hum as my kids command the wheel. You, however, should keep your eyes open while flying. I am not a pilot, but that seems prudent.

DG,
Fagettaboutit!! SLB is in an ascending triangle. Look at the volume. Down in the down days, up in the up days. Today's volume was very low. I'm thinking that the volume indicates it's going to break upwards, but who knows when? Watch for it, 'cause when it finally breaks it should go pretty good, me thinks.

Tom... YOU'RE GOING TO RENO?!?! I soooooooo want to do that. I came within a whisker of buying a P-51 many years ago when you could pick one up for $250,000. Well.... maybe not within a whisker... unless you're a walrus. But now there several million so I'll have to check Raimo's washing machine and see if I can pick up a mil or two that way.

Sean,

Chris will tell you. Flying is easy, you only need to remember 1 thing.

Altitude, speed and brains. As long as you always have 2 of the 3 you are doing great. If you run out of 2 and only have 1 ...... Well you need to hum

DG,

SLB is on my radar. I like it here also, i am just waiting for it to break above my diag resis line...then I am all over it.

See the contrarian indicator I am. I sell SLB, and I'll bet Raimo buys it and makes tons of money. Hey, maybe he's the marketmaker on the other side of my trades. That's where all the money from my account has gone -- it's in Raimo's account. Okay. Give it back. (Sound of crying.)
Please give it back before my husband finds out.

Brett,
We did that, too, one time. I can't even remember the trade now. Somehow or another instead of a stop, when it hit our stop point it bought more contracts.
I am just watching CME and GOOG. I really don't know what they will do, but they went one way for me, I made a little mone. I stupidly played them again and got out when they started moving the other direction, oh, after they took all the money I made the first time.

Hope you make tons of money on them, Raimo. At least it won't be mine this time (laughter).

Chris,
Nice to have you back. Hope Catherine's leg heals okay.

Michelle

Anyone,

Do all of you search for trades on the investools site or do you belong to newsletters. If you belong to newsletters, which ones?

Which seems to be the best place for news?

I think I spend too much time researching things that I miss alot of trades.

By the way I'm looking mainly for option trades not stock trades. I have limited funds.

I'm looking at PNR... today bounced off resistance around $36. Price target $30. What do you think?

Calvin,
PNR looks like it could be good, but I smell "fake-out" today. Low volume and it looks like it could keep moving up a bit before it bounces... at least that's what I see. It's up in after hours, too, but we all know how much validity that has.

Denise. I just use IT searches and this blog. There are so many stocks that I'm watching right now that I couldn't possibly look at any more. I find that there's a bunch that tend to trend a lot and you can keep trading them going up, down, and sideways.

Michelle. Thanks for the thoughts on Catherine. She made a face plant and hand plant and knee plant all on gravel so she looks like I took out all my revenge from the hammer and car incidents at once. Fortunately she was running with two girlfriends and they all have matching stories. We're thinking about suing the city and getting in on Raimo's LG money laundering scheme. We have Kenmore front loaders, but if they do the same thing to money that they do to my socks I want nothing to do with it. I've got about 200 pairs of odd socks. Somewhere in the bowls of those $#@& machines is a sweat shop where they produce unmatched sock pairs by the hundreds. If you see some white socks with sandal marks on them... Fedex them to me. They're mine.

This comment has been removed by the author.

Denise,

The folks here will bounce ideas and set-ups off the blog. Please make sure that the set-ups meet what you like and make your own decisions on the trades. I for one have only been trading for a year and while my set-ups may work for me, they may not work for others. I personally will use the IT searches. I belong to www.prophet.net and have some custom searches that I go thru at least 2-3 times a week. I know everyone has told you, but if you have limited funds DO NOT BE IN A HURRY to trade. When you do trade I like trading small. Also make sure that just because you are trading small don't take low probability OTM option trades (IMHO). After paper trading awhile the textbook set-up will come along that looks and feels perfect. My account has grown quite a bit, but there are some options that even if the set-up was perfect I can't bring myself to trade. IE GOOG options.

If I took a good quality, high Probability GOOG option and then the stock moved 5% in the wrong direction I would lose more than what I am willing to risk on any one trade. When you have more at risk it is easy to think "man I am down $1500- I need to cut my losses" you get out of the trade. Then the next day the price goes in the other direction and you realize, "@&#^T the price was right at support, if only I had only held 1 day and risked another $50- I would be up $1000 now instead now I am down $1500. If your risk is smaller and that dollar value is something you don't mind losing, staying with the trade until the price action and volume confirm the trade went against you is a much better way to trade. At least for me I would rather have 15-20 positions all risking 0.5% of my account than 5 trades that are risking 2% of the account. Also for me risking 0.5% of the account on the trade will let me keep adding to the real winners like MLM when you find them.

Raimo,
Went to the beer store a few days back and apparently, Yuengling is not sold in Iowa......

JK. speaking of beer (oh yeah......just listened to the cast from Tuesday), they tell singers not to drink too much of it because it deepens there voices....just FYI
(advise I choose to ignore)

Hey, Ramio you were made famous on the CAST today. Jeff said he recommended (again) entry at your exit.

Glad to see the crickets were all beat back today.

Laney, thanks for the tip on SNL . . . looks like a GREAT stock. ;)

Ladd, I also live in Iowa . . . not only does the state not have Yuengling . .well, the list is too long to compile here.
Lori

I'm actually short SNL now. Ever since Jimmy Fallon and Tina Fey left, it's just not the same. Though I do love Kristen Wiig. She's just plain hilarious.

Ladd and Lori, where in Iowa are you? I just crossed the border Saturday to attend the Rib-Fest at the fabulous Mid-America Center in Council Bluffs. Also, i find myself at the Horseshoe Casino there once in awhile (read: once-in-a-week).

Lori,
Where in Iowa?
I mentioned to Tom (Flying Pro) that in Cedar Rapids we have a group of 20+ or - that get together.

Brett,
I live in Walford (Cedar Rapids). I thought you lived in Chicago....you must have moved. Riverside Casino is 38 minutes due south....if you golf, they have a beauty course, haven't played yet....

Brett/Ladd,
I'm in the Okoboji area - I live on one of the smaller lakes. Have family in Cedar Rapids, and my daughter used to live in Omaha. Now that i no longer gamble in the stock market, I might be found at WinnaVegas.
Lori

Lori,
Lily Lake?
I am confused "now that I no longer gamble in the stock market"??

Sorry for the confusion, Ladd.
I mean to say that now I trade, rather than gamble (well, at least when I'm following my rules), so I've had to find another outlet for the gambling instinct.

I live on the shores of Silver Lake (any Laura Ingalls Wilder readers out there?). It's in Northwest Iowa, in the Okoboji Lakes area.
Your group of 20 sounds like great fun.
Lori

Ladd,

Lived in Chicago for 30 years. Moved to Omaha 4 years ago.

Ladd I'm 1 hr SW of CR, Could you give me some info on your CR gruop ? Thanx Dan

Ladd,
it is not gambling if Lori does inteligent trading. Looks like we have large influence of mid west on this blog. Brett and my self are from Omaha and Lori and Ladd from Iowa.

Any more midwesterneres here?

Brett/Raimo, looks like we have a goog bakeoff in the making. for us newbies this is very good learning experience.

I see lots of indecions in the market but at least the calls went up and puts went today.

For some reason I am more bullish then bearish.

I have calls on AMLN, AMZN, BCSI, BIIB, BOOM, JNPR and POT

and have puts only in CTSH. I need to find more bearish stuff tomorrow.

Hmmmmm...I smell an Iowa OA f2f in the making.

You know, guys, we really need to start planning a real OA f2f. I'm still shooting for Florida this coming winter. Think about it.

Raimo,
On SLB where did you have support? I have it starting from early January to today's low and ignoring last Thursday. I've had this line drawn in for months and Thursday's action is the only time it failed.

Mahmood - You're in Omaha too? Hmmmm.
And I think I'll post your phrase near my computer as my motto to live by:
"it's not gambling IF Lori does intelligent trading."
Thanks also for your call ideas.

DG . . .I like your idea of a gathering in Florida. Iowa is a wonderful place to escape in January.
I'm actually going to be meeting up with some Brazil friends in Ft. Lauderdale in October. Do I recall your saying you live in the area?
Lori

Lori,
I live about a half hour north of Ft. Ladida and would be delighted to meet up when you get down here. Email me.... Karen@DojiGirl.com.

Gambling?????


I put as many odds in my favor to increase my probably of success. That is how I see it. The word Gambling has taken on a negative connotation I'm afraid. It should not be negative, but it has led to problems for very many people without a proper set of rules. However, it is still odds we are dealing with. Look at risk first (then reward) and your probability of success.
I am not right all the time (but I make money).

DG,
Thanks for that offer - that would be great if it could work out. I'm working on arrangements this week, and I'll email you.
Lori

Just reread my last post, I hope that was not to crass......



we are putting money on the line...being smart about it.....and following our rules

Ladd,
Exactly. Well said.
Lori

Dan,
Email me at: lwessels@hupptoyotalift.com
Thanks

************All ABOOOOOOARD!!!!*************

POT's up another 3% in after hours and GRMN is up 1.5%. VRTX is up 1.8%. This pretty much gaurantees they'll end up down substantially. That's it for my call list. All the puts are being very secretive about their intentions for the opening bell. My guess is a sharp jump followed by seveal hours of mahem.

Now it's off to Driver's Ed, up to two barns, and back in time to clean up the carnage. Catherine's all gooped up in anti bacterial ointment so life's good (or LG.)

Yepper. POT is what will save me today.


Sigh. I really dislike CAT's.

DG,

Yes, it sounds like you have your chart on SLB drawn like mine.

The one down day below the line I am ignoring and chalking that to a bad day in the market overall..not sure if that is the right thing to do, I'd love to hear Jeff comment on that just for his perspective.

Ladd,

No YUENGLING in IOWA? Buddy, unless they have some seriously large Mule deer to hunt, I'd be moving....

Raimo,
How do you think SLB will act when that oil number (whatever it is) comes out today (I think)? Today looks to be a very bullish day all around and me and my shorts are askeered. I might jump on SLB early. Everything else is so far away from REE.

Raimo,
no muleys, just world record white tail :)

With the Rimm split, it's now more affordable. I'm thinking of buying the stock. Any thoughts.

I agree with you, DG. Very bullish indeed. Although you never know, it could change on a dime.

I wonder if the fed will cut the rate like the Yahoo page is suggesting. Should be interesting none the less.

I have a question. How do I get my comment to show my name instead of just annonymous?

Barbara

Anybody have any REE (Raimo entry/exit) stocks? Did they give a watchlist on Marketcast? Nothing on my watchlist fits, and in this market entering at the wrong time can be deadly.

Michelle

Annonymous,
Just because a stock splits is not necessarily a good reason to buy. Make sure it fits your rules for price pattern, exit strategy and everything.

Michelle

Michelle,
Jeff listed GOOG, ICE and XOM all as H&S last night on the CAST. Both he and Eric noted that they had a pretty bearish view of the market, at least last night.

Bob,
the only problem is ICE i have been whipped out twice already. Most of money I am making (paper money mind you) is on calls like BCSI and AMZN. I guess I need to redraw some of my lines on GOOG and ICE. ICE is still playing but taking its time.

Barbara, you need to create a Google or blogger account.

MikeH

Bob (and Pam)
I just listened to Marketcast. I think it was from yesterday morning. I think they are taping in the mornings, so the timing may be off a little on what is going on in the market. Anybody else have any input. I am not sure if this morning's is posted yet.

Michelle

Bob,
Sorry. I just realized you were answering my question. I couldn't get on the blog for a while, so I lost track what was going on.

GOOG looks like it has broken the pattern. ICE, doesn't look like an entry until it starts heading down, XOM hasn't broken down yet (again). I don't see any other stocks that look like good entries. So I will just sit and wait some more. Thanks for helping.

Michelle

Guys,
does CROX looks bearish to you guys. I see a double top with divergence stop at 60 target being arround 44. Feedback please

JCP is breaking down for a bearish play. from 65 to about 60 as target. what say you?

Barbara,
If you check "other" then "user name" becomes just "name" and you can put the name you want to use there (and just leave "your web page" blank.
Lori

My story for today. What I see as a telling tale... maybe... I'm only working with probabilities here.

The VIX has come down to touch it's trendline which also seems to coincide with its 10DMA. And it's hanging around horizontal support. Maybe a bounce back up?

EEM is sitting on it's 124 support/resistance. And it's been moving up with not much volume these last few days. We'll see what today brings. Maybe volume.

FXY is still hanging around that 86 horizontal support/resistance line. It's actually sitting on it today. So, it may be down but it's not down.

DOW-could we break above 13250? Of course, but I think we're going to struggle some more.

Gotta go for now. Dropped off 1st kid. Gotta get breakfast for #s 2 & 3. And 4 if Grant wakes up.


liz

Mahmood,

On CROX, I see the POSSIBLE double top forming. But you have to remember it is not a double top until the pattern confirms. That would be a break of support at 47.50. It is currently up against previous resistance but it could just go above this after a small pullback or just head higher now.

Also another red light I see here is that it has done well in the recent bounce in the market so as long as the overall market doesn't turn down, this one may have a lot of upside potential left in it.


Anu

Mahmood,

You trying to hurt me buddy? CROX, a double top?

A little early to call that...hey, are you trying to jinx me?? LOL

CROX to $65

testing the signing off.

Hey thanks Lori, that works!

Anu,
thanks for the feedback. I am seeing divergence on both MACD and STO and hence the suggestion of possible double top. I will play ith yet until I see confirmation. which with be a bearish close below the low of yesterday (if it happens).

Raimo,
it is not a double top until it is so i might be seeing things but until forms one it is a bullish play but I am sure you have the previous high as possible target any way ;-)

sorry i meant I will not play it until i see confirmation. I have this nasty habit of thinking ahead of typing and hence forgeting key words like no etc. :-)

Right on Mahmood....and beyond...

RVBD breaking out of bull flag.

ARTY,

Hope you are in your tights pal.
GOOG...just delivered the knockout blow.....hit you with a glove made of X, and rising like a Phoenix.


Brett, great call by the way on
BPHX...

Add a little CME..a little AAPL, and we are cooking..

Mahmood,

I am not seeing the bullflag on RVBD...where is it??

Of course GOOG could come crashing down later today and form a shooting star at resistance..that would really hurt....ouch..

Raimo,
I drew a diagonal resistance line from top of 7/23 till the top of yesterday with a breakout today. May be I am seeing things, I am still new at this.

Raimo,
Just went I finished that last bite of Crow I was having for brunch, I noticed many of the other bullish plays I am not in went up to.

Than wammo down on the mat I went. I can only hope that my wrestling partner got those goog calls in on the open??? Brett

I was going to eat Blue Phoenix too but "the Crow was just so apropo".

Sean M, you notice that rhyme?

Cheers,
ARTY

Also from Iowa Eagle Grove that is. Nice to see midwest traders in here. Short lived rally???

Is anyone playing IWM short today? It's near recent highs of the last 2 weeks.

calvin

Mahmood,

Yeah, RVBD is not a bull flag at all. Right now I see it as a stock bouncing off of $40, nothing more.

I see PNR stalling at resistance of $36 and in a bearish channel.

Calvin

Thanks Raimo. I see what you are saying.

Any time Mahmood.

remember, a bull flag has a sharp run up in a bullish trend forming a pole, then forms the flag, then breaks out of the flag.....

Chris,
POT looks good. Sure wish I had entered around 75. Not a good entry right now. I am glad you got into it.

Michelle

Brett, I was with you on BPHX but as I am not able to watch the computer all day had to place stops. Even at 2ATR or 3% below support I got dropped out intraday. Now I am out and on the sidelines while it does what we planned the whole time. Any suggestions as this happens more than I would like?

Bob (and Pam),
With school starting next week, I am not able to be at the computer very much, so I only have two stock plays and two puts (with stops.) I am in the same boat.

Michelle

Yes Arty, that was a nice rhyme. Maybe you could work up to a 2 line poem next!

Thanks Lori for the help on posting a comment. Also big thanks to Michelle for reminding me to follow my rules regarding Rimm. Great information, learning experience, and entertainment on this blog.

You're welcome, Barbara.
This is, indeed, a great place for learning from many generous folks. The occasional slapstick only adds to the fun.
Lori

Ok, sometimes frequent slapstick.

I am from Boise and I get accused of being from Iowa all the time. Does that count?

GOOG the new "big blue" liven large.

Michelle,
I some how stopped out of BNVI. I hope the FDA doesn't announce before I can get back in.

Brett,
When is VRTX going to get acquired?

Cheers,
ARTY

CAlvin,

I see your point on PNR. Nice setup.

Anu

DNA-nice downward trend. In a downward channel since about mid January. Right now hovering between 72 & 74.

liz

Raimo and anyone else,

any word of wisdom on FWLT?

Thanks Anu... I looked at the chart again with my price patterns turned on and now I also see a bullish channel which it just bounced off at $33.30.

Now I'm confused. We'll just have to wait and see but this should be a low risk entry point.


Calvin

FWLT-Has some short term resistance around 109 (which it touched today) that it's going to need some help getting above.

liz

Thx Liz

This is why i love this forum. I do see that the volume is favoring the move up. But yes it has to move above 109 to become a bullish play although it had a higher hig when it went above 104 today.

Wonder what the afternoon will have in store for us. The SPY has been going steadily down and will soon fill the gap of this morning. The TRIN line on the NYSE is leveling off. I've got puts for the majority of my trades, BSC, BTU, BZH, C CTX, KIM, LAZ, MCK, PAY. Bullish for POT and MLM.

Arty and all,
I've been in BNVI since it was mentioned on the MarketCast, but I'm confused about the FDA notice, so if someone has more information, I'd appreciate it.
Does an FDA announcement mean approval? Or is there some other announcement in the works. Cause according to Bionovo's website, there are no drugs even in phase 3 testing - the closest has approval anticipated in 2010 or later. What am I missing?
Lori

p.s. Arty,
You can crown yourself an honorary Iowan any time you want. However, my question for you would begin with "why"

My husband Dan and I are from central Iowa. Hopefully, we can really plan an OA get-to-gether.

Barbara,
Is your husband the Dan who said he's located SW of Cedar Rapids?
I'm in northwest Iowa.

Lori,

Yes, that's the same Dan. We (I)have been trading for about a year. We farmed and worked outside the home. Now we just farm. When harvest is done, Dan wants to get much more serious about this trading for a living. He's thinking trading in our family room doesn't involve shoveling snow or grinding feed in subzero or tropical weather. LOL

Barbara,
Sounds like a great plan - both your trading goals AND a possible OA meetup. I'd love to hear more . . . feel free to email me: lsutecht@yahoo.com.
Lori