Pick Your Poision

If you didn't heed my warnings over the last few weeks, heed them again. As traders, we need to think outside the dotted lines and understand the difference between overconfidence in our analysis and respect for the markets. Short covering rallies can be deceiving, especially when most traders are only used to this market, but now you are getting the taste for how hard it can be to trade in a bear market.
DOW

SPX

NASDAQ

Russell

VIX


Please make sure you are trying to adapt, managing your risk, diversifying and position sizing properly. If it has been a bad week, we'll regroup on Monday.


Recommendation: Shake it off

Long: Bears

Short: Bulls

Wow! What a day. Crazy how the rise in the VIX can destroy even a credit spread going your way in a big way. SHLD continues to breakdown along with 30 out of 30 of the Dow. Glad I am in the process of rolling my 401k during this whole slide. Cash really is a great position.

Ryan in SF
aka: Whachutalkinbout Beary?

Thanks, Jeff, for that analysis.
I looked at the Russell earlier this week and loaded up on bear plays. I heeded your and Eric's advice and took profits on some of my stock plays. Thanks, thanks, thanks. It was nice to give my husband a good report about how I held up during this down day and actually took profits.

Michelle

Jeff

Howl at the moon is my pick as well. I have been to duel in Columbia, SC and what a blast. Some of the best piano you will hear live - not to mention it really gets people going.

Christine NY

Jeff-
Thanks for the overall analysis.


Michelle-
Congratulations on the good report.


liz

Piano Bar...oh I am so excited!!! Looks like we (ok I, who knows how much free time Jeff will have) are going to be spending some good times at Howl at the Moon. Thanks Christine, I am so looking forward to it.

I agree that we need to have an OA get together there. I will do my very best to persuade the big man to agree :) What do you say Jeff?

Its only about 2 weeks away......

AmberK

Hi all,

Just a reminder, if you have a retirement account that your broker won't let you short in, you might consider SH as a way to participate in a bearish trend.

SH = shorts the SPY
DOG = shorts the DOW
PSQ = short the QQQQ

You buy them like a stock and they move in the opposite direction of the SPY, DOW and QQQQ.

MikeH

Are you guys all really up today? I have to tell you, I feel very beaten up by the market. My lone put is only up a little bit and my GOOG spread is mocking me. My ICE spread is eh and my CAT call? Well, let's just say I am glad I only have two contracts on it.

I'm sorry to whine, so many of you did well today and I am really needed to hear that.

Enough. Those of us not attending Chicago are getting jealous. Seriously, have a great time all but remember, we will be listening to the live market casts and need Jeff and Eric in fine voice shape. The piano bar might just ruin their voices.
And... Jeff better check on the dress code before packing those shorts of yours! Of course OA gear allowed anywhere. Have a great time. Will be waiting for reports.

BOTTOM FEEDER

That is one nice lake salmon your son Tyler caught, if you ever have room for a walleye fanatic to join you give me a holler as I'd love to catch some salmon like that. Do you ever make it to the Mississippi to chase the fall frenzy walleye feeding, one of my favorite times of the year and would be great if you'd like to join me. Shoot me an email and lets see if we can get together.

PS: LOL not if...when I can trade options as good as I can fish well then...you know the rest.....

I have to admit I was up more this morning that I am now as we ended the day a bit down but for the week up nicely. Today has been so crazy I did not get lunch or get to watch the market at all. A stock position in PCP did me in today. This weekend have to do some study.

After meeting with bankers, builders, government officials and such I am tired! Have a great weekend everyone. Looks like we are having a movie and popcorn night as a family, hope I don't fall asleep in the dark.

Laney - please don't get discouraged. Use this as a learning experience. You'll get better - just don't let the markets get you down.

You can do it!
:-) Pat

Laney,
Hang in there. This is a very difficult market to get your feet wet in. I believe and I know that you have to lose money at this addiction before you can make money.

Dogi Girl,
I think you are absolutely right in that we should completely ignore rogue (lower case intended) so that his reptilian skin fades away and all that is left is his worm-like entrails (oops, I did it again). I will try in the future to head your advice.
Go bang those drums girl!

Everyone, have a great weekend. I am in Carlsbad,Ca. Went fishing with the youngest of my kids and caught many fish in the surf including 2 sharks. I am in all cash in my trading account which I find very boring but keeps me more engaged with the family. After logging on about 4 pm, I am glad I am in all cash.

Have a great weekend addicts!!

Laney,
Hang in there. I have had many days -- no, weeks, where I lost thousands because I didn't properly position size or use diversification or got into positions at the wrong time. Don't give up. You will experience days where you are up no matter what the market does. Try to do something fun this weekend and refocus next week.

Michelle

Labey,

Yes, I was up this week. Sold calls early in the week. Sold some puts Thur and Fri. I have been watching my trades VERY close and as soon as they get a good amount of virtual profit, I stick stops or triggers on them. I started doing this ever since I lost me ass back in Feb. It's worked for me since then; in steady weeks and in wild weeks like this one. I should also say I have a small account that is working it's way back up... My best holding today is actually a call on VSDI. It has been up the past few days. Go figure.

Howl -- When are people getting to Chicago? Any chance it would be Friday night? I'm pretty sure that is way to early, but I'm leaving Sat for a 5 day golf trip so if not Friday, I'll have to miss.

I have been to Howl and it is a fun time. It's hard to leave there with out a smile on your face, providing you like to do one of the following:

a. drink
b. sing along loud to songs made popular in the 80's & 90's
c. don't care about making a fool of your self doing a. or b.
d. enjoy watching others making fools of themselves doing a. and b.
e. all of the above.

thanks
strat

Thank-you Pat, Michelle, Sean and Strat.

I am not giving up, I just needed to step away from the market for a while. I am ready to re-group and plan for next week.

I rally appreciate this forum so much because I don't have a trading group. Thank-you all! Have a great weekend!

Strat,
That was funny.

Laney,
I also did today what Strat is talking about. I took some profits on trades I just took last week. Eric and Jeff mentioned that on the Market Cast. When the market is wild like this, I don't let my winners run very much because the profit dissolves and you have a loser. It worked today.
Hope this blog helps you. It has me becuase I have had many days like you and I am still trading.
Have a great weekend.

Michelle

Strat,
our plane doesn't arrive till Saturday afternoon. Sorry we'll miss you!

Pat

Strat,
I've got some stock in VDSI and was suprised it was up today also. It's been on quite a run. I sold a call against it today thinking it will probably pull back. If it doesn't pull back I'll get called out at 30 and say thank you.

Laney,
Don't let today's one day get you down. I was floundering all week, a little up, a little down...nothing. Today was my day. I am mostly in cash but also some small positions in SDS, QID and IWM puts. More than made up for my 2 lagging bullish trades. I still have some clunkers in there (like an OIH spread that is totally upside down at this point).

Use the weekend to figure out what to do to balance your portfolio out a bit more.

I'm tired. Those drums sure gave me a workout tonight. It had to be 100 degrees in there. We actually went outside during the break to cool off. Imagine cooling off by going outside in the summer...in Florida. That's how hot it was in the dojo.

The singing on the marketcast kinda scared me but it was funny.

I hope everybody has a great weekend.

liz

HELP

Wow. What a day I missed.

Been up at my lodge where I rely on Wild Blue Satellite for internet. Paid $600 14 months ago for equip and install, and not working that great yesterday (friday)- down most of the day for no good reason. Tech says a known issue with the equip, but I am 2 months out of my 1 yr warranty. My options...a repair/replacement for $250 with no warranty, or can I can "JUST" buy a new system for $325 which would give me a new 1 yr. warranty. Yeah, okay so I spend $850 in 14 months...ouch.

I have not other options for internet here other than dial up..not happening. I will deal with Wild Blue on Monday from home and see who I can talk to about this. In any event, if any of you have any experience with other satellite providers I would be interested in your comments..even other options that I may be un-aware of. (my zip code here is 18832)

And a BIG THANKS to Brett for keeping me up to date on the market thru out the day Friday via CPT communication. Invaluable.

My bear hunting was unsuccessful as most of my time was spent trying to get my satellite to work. Seems like there are a lot of bears lately. But for you deer hunters I did manage to lay eyes on a 10pt, 8pt and 6pt...so it looks like PA hunting shaping up nicely.....

Time to pair back trades, analyze and see if some dust can settle here, then take advantage of what the market offers us.

Be back Monday for sure....

Have a great weekend all....

http://www.smartmoney.com/marketmap/

Check out this link for a color coded snapshot of specific industry/company performance. Let's you know at a glance what's hot, what's not.

Have a good weekend everyone.

Raimo,
We missed ya.

Brett,
What a good friend. Traders like you are invaluable.


Michelle

Steve K -
Thanks for the map - what a great tool!

:-) Pat

Michelle,
Awesome to see you are adapting to the market and having success. keep up the good work.

You have seeded many ideas that have helped me over the past several months.

Keep it up!

Cheers,
ARTY

Michelle, I am so glad you were able to keep trading and that you are doing better. This week was strange for us as it was one of our better ones too and Friday was really the only day we lost and I was out all day or that would not have happened. I compare this with 2/27 and WOW what a difference.

I am very interested day trading and I have time Monday (I think) but no knowledge. I have read the link Jeff gave us but really still do not know where to start. Where do you find charts for the e-minis? I thought they traded nearly 24/7. Sorry for such newbie questions but I think Doji Girl and I are looking for the same information.

I found this site which has some charts of all the futures...

http://sites3.barchart.com/pl/vsn/default.asp?code=XVSN§ion=metals

Wait...let me tiny url it...

http://tinyurl.com/23f6gs

I know this isn't what Jeff is talking about but I confess that I bought 2 November OJ contracts on Friday. I had to resort to my (gasp) retail broker to do so because I can't do it on TOS and that's the only account that has clearance for futures since I've done them years ago. But I think you can do the e-mini stuff on TOS now.

Bob (and Pam),
The only time I have day traded has been on a momentum stock that is on fire and I get a contract and ride it up for a day or two and sell it. But I don't have a lot of knowledge about that. Sorry. I have been doing a lot more shorter trades with the market all over the board. PCP -- normally I would have held onto it, since it was a stock play, but it moved $9 from the time I bought it, and I sold it and took profits because Jeff and Eric suggested doing that in this kind of market. That has helped me hang onto profits more in this environment. Hope that helps some.
I am going to take a look at defensive plays next week as well. I hope Jeff addresses that. I would love to glean some insight into how to manage a bear market.

Okay. I'm rambling. Have a great weekend.

Michelle

I checked out the link that Jeff posted yesterday on CME for the e-mini's, but when I go to TOS, I don't see any options listed with them, so I'm confused. I've been day-trading the $RUT pretty successfully, when I pay attention to the signals, but I'm certainly interested in something with a tighter bid-ask. More info, anyone?

See you in Chicago!
Debbie, SC.

Debbie

Newbie here, I can not figure out what CME is. Possibly just a brain fart. I have looked all over his blog posting, don't remember him saying anything on the MC. I'm drawing a blank.

Thanks
Diana

CME is the Chicago Mercatile Exchange. Don't know if that answers your question or not.

Michelle

So who is with me in thinking that while Bernanke may not reduce rates (yet), this may be the week where he changes the language of the speech and finally hints at the possibility that reductions may be on the horizon? Maybe it took the financials taking a nosedive to get him to take out a pencil and eraser?

If so, GS on the cheap? I believe even the hint, the change in language from Bernanke puts an end to most of this market panic. Maybe puts us back up above support at least? Hopefully before we take the panic nosedive down to 12,750?

James H.

Alas the markets take us on a ride,
and with the blog we take it in stride

To those that help one and all,
we salute, thank and stand tall

We’ve had some characters without names,
now one...the “Rogue” he claims

Our money he will take?
Not from us, we won’t give him a shake

He doesn’t even qualify as a puss,
this one is much more of a wuss!

Now the other as yet unnamed...Phantom Poet,
who has always been a friend don’t we know it!

The man who has written in the spirit of fun is a Pro,
he rhymes and plays and wants us all to make dough

Now Raimo who has traded words,
agrees this man does not deserve our birds

This talented Poet Poltergeist is one of us,
his moniker "The Phantom Poet" he’s made famous

So his real name we should learn,
we will honor and not spurn

And unless I’m mistaken, this guy is not a ham,
as some call him BD or Bob (and Pam)!

Great verse and welcome another,
who can write and trade, one we call a brother!

is Bob the Phantom Poet???
Time will tell.
It's 3 am & I couldn't sleep. Hope nobody reads this for a few hours.

:-) Pat

James,
I don't agree that Uncle Ben will magically lift the markets other than a possible knee-jerk reaction. I think the only reason the selling stopped on Friday was because the bell rang and the market closed. Lowering rates (which are already low by historical measures) won't do much to help the housing market. It's like putting a bandaid on cancer.

Just my 'pinion and YMMV.


GS - even with a brief rally I don't think it will get above 190 (at which time I will short the crap out of it.)

Isn't Jeff going to be in Chicago the next few days? I was hoping he would do a post on defensive stocks to put some of my cash into. They mentioned gold and silver but don't look like good entry points. I am mostly in cash right now except for a few puts and some strong stock plays.
Anybody else have any ideas?

Michelle

___________________THE ANGRY TRADER______________________________________
.....................the puzzling years..............................

"I'm angry," Kohler said, as he sat at the kitchen table. Behind him his adoring wife Amber quietly made tuna fish sandwiches (on rye) and wrapped them in Scotties Wax Paper (extra strength.) "Of course you are, dear." she replied through clenched teeth. She had made over 200 tuna sandwiches over the last three weeks and was getting more than just a little tired of her loving husband's fetish with them. She was angry too, but for a very different reason.

"And I'm puzzled too," Kohler stated emphatically. "Yes... Puzzled and Angry. That would be me."

"What puzzlement ails you, my pet?" she asked. "Is it the whole "If a tree is pushed over in a forest and no one is there does it make a sound?" thing again? Or is it something more... dare I say "important" than that?"

"No, it's the markets, my little Leipshun." Kohler stated. His wife had been raised by a rogue band of elephants and although she could remember almost anything she'd ever seen or heard, puzzles were pretty much beyond her comprehension. The markets had been all over the place the last couple of weeks, and Kohler was spending way too much time on his blog, trying to field the questions and concerns of many of his faithful followers. "And some of them are so SHORT!!" he thought to himself. "Tall people don't worry so much. And they can take a direct hit by a tuna on rye so much better, too."

"Chicago is fast approaching," he stated absently, "and I need some kind of rallying cry to rally the troops (because that is what rallying cries are meant to do) and make sense of all this up and down shenanigans that this market is doing. What should I do, my wee wifey?"

Somewhere in the back of her mind, a plan started to form. Back beyond the tunafish years, Amber Kohler had been a top-ranked Navy Seal Market Mixer. She knew what confused markets meant... and it wasn't good. She knew it could only mean one thing. Her arch-nemisis Eric Utley must have escaped from the cement tomb she had encased him in years ago and be attempting to manipulate the markets for his own gains. "Curse you, Utley." she mumbled to herself. "Pardon, hun?" Kohler asked. "Oh nothing, my pet. I just was was cursing the ugly people again. 'Curse you, Ugly' is what I said... ya, that's it. I know how angry you get at those nasty short people, and I thought I'd rally the 'anti-ugly group' as well. Just trying to be supportive."

Although the story was plausible, Kohler felt there was more to it than that. For years now he'd wondered if his wife had been involved in some kind of government conspiracy. Her love of Tuna made the Seals the most obvious group. But not many people knew about the Navy Seals Market Mixers and it didn't seem logical that she would have been involved with that group. He'd have to investigate some day. But right now his chief concern was ensuring that the markets didn't out-maneuver his wonderful flock of traders.

Stay tuned next week, as Amber discovers the truth about Utley, and Kohler embarks on his search of the Meaning of Life, The Universe, And Everything... in the next installment of

The Angry Trader... the discovery years.

Wow, Chris. All I can say is wow.

Chris,
That was one great story. You've got talent! I couldn't stop laughing. I await the next installment.

--Patti

Chris,
That was funny and refreshing after watching "Dinatopia" and "Free Willy 3." Yes, there are three of them.
Anyway, could Chris be the Phantom Poet? He sure knows how to write (and maybe rhyme.)

Michelle

Chris,

this should add to the trading day experience, Can't wait to read the next episode. I might have to have popcorn with me while I am reading the blog and trading :-)

you need to do an episode about Kohler and the dark side (spreads).

Mahmood

That was great Chris...this blog holds everything together!! Thanks for the laughs!
Amy

Chris, all I can say is, some people have too much free time.

Seriously, that was riveting and well written. Had me on the edge of my seat which is quite a feat since my normal attention limit is about 10 lines. Excellent!

That was hilarious Chris!
Another Douglas Adams fan, I see...
Thanks for the grins!

:-) Pat

some things i found as i go through the watchlists....

BEN....broke support @ $127.50

PSA...pulled back and is starting its next leg lower

TTEC... earnings monday @4pm

CBI...h&s w/ neckline @ $36.50

COH...trying to break support ~ $46

DNA...finally turning dwn

FCFS...broken support @ $22

JCP....broke another area of support @ $67.50

RY...trying to break sup ~60ish

STLD....closed @ support (double top??)

LVS...still bullish
ARTC...still bullish
CTRP...still bullish

i see alot of bullish stocks that look like they are forming h&s....but the "other" shoulder is not complete yet.....i guess we will have to wait and see what the week brings....

wish i had my laptop back :-(
i think 2morrow will be an interesting day....i guess i will have to catch up monday night ....hope everyone has a great monday !!!

Who SOLD OUT a piece of national treasure vital to our survival, to Russians, dirt cheap? On paragraph 4.

Watch out SWC on monday for earnings release after hour. Crooks knocked down SWC from $16.47 to $8.56 in less than 3 months, for no good reason. Maybe they want to sell the remainder to Russians cheap?

Deeply oversold, I expect a blowout SWC quarterly earning, and from here SWC MUST have a dramatic reversal and a great rally on the good earnings. Don't let go of the opportunity!

Christine,

Howl at the Moon sounds great!

Is anybody into getting together Sat. night? My flight gets in fairly early that day.

Be careful OA's. Some believe that Bernacke could come in and do a surprise interest rate cut. I don't know how likely this is, just thought I'd throw it out there.

I have been sitting on the sidelines (in cash) for the past week and probably will this week too. I want to review my last 6 months and work on higher volatility strategies. I also needed to catch up on several things around the house and get my 5 yr old ready for his first day of scool.

Be careful out there!
Rene

I just returned from taking my 17 year old twin daughters to Chicago. It is a beautiful city - plenty to do. We purchased the Go Chicago Cards which covers the admission to many attractions and the Grey Line tours. It was worth every penny if you can get to several attractions in one day. The Grey Line tour bus was good but the competitor's company had more double decker buses, Grey Line only one. If interested in photos, etc., the double decker is the way to go. Highly recommend Quartino at the corner of N. State and W. Ontario. Best pizza I have ever had. Weber Grill across the street was also wonderful. Went to the CME and walked through the visitor center. Interesting. River cruise detailing the architecture is also great. Hope everyone going enjoys their trip.

There are moments in life that nearly bring tears of joy to your eyes...

The look on your wife's face at your wedding...

The first time your child squeezes your finger...

The first time you see THE PHOENIX scroll across the CNBC ticker!!!!!!

GO BPHX!!

Then you didn't eat at Giordano's, my friend. Best pizza on earth. I am a Chicago boy, and I've had it all.

Regarding e-mini's, I found a white paper on them from the CME. It's dated 2005 but it's a good comparison of ETF's vs. E-mini's.

http://www.cme.com/files/EMinivsEtfs2.pdf

Kim

Thanks Jeff for putting up the Bob Seger Video! I dug out all my Bob Seger cassettes and listened to them all weekend. Reminded of the days crisscrossing around the country in my Van, playing Bob Seger. My Heart is now singing Roll Me Away!

Brett,

Univ of Chicago is my alma mater. I know just what you are talking about Giordano's. It got me through some late nights.

Anu

Trade smart Addicts.

SCOTT W __________

Post your email address in the comments of my blog. We can take up a conversation there. Weather permitting, we've got a boat hitting Lake Michigan every night this week out of Grand Haven or Port Sheldon.

www.yourboatormine.blogspot.com

MikeH

lock and load

Hang on, people. I don't buy it. The market looks like it's up, but my puts are going to town and I only have three stocks that have not stopped out. I think it is going to head down again after the market settles.

Michelle

If, Pat you are thinking this Bob is PP - sorry no such talent here.

Looks like trades are already being stopped out over here at the Bob and Pam account. I preparation for a bumpy ride we tighten them last night. Strage everything down but one Put. There goes POT..now PCP...

Interesting how the advancing/decliners looks positive and then once the market opens DOWN.

Someone needs to clue AMGN in that it's supposed to go down today and fill my limit order!



Kim

Kim

Agreed AMGN needs to go DOWN not UP!!!!

Yeah, Bob,
I got stopped out of my last POT position, my small RIMM position.
I only have some stock in AAPL and BA and CVD left on the up side.
Everything else is puts (mostly in cash.)

Kim,
I put in a limit in AVB. The spread is too wide. Looks like it is moving, so don't think I'll get in that one.

Michelle

any body know what hit the shipping industry, look at drys

Chris-

I couldn't stop laughing at your story. Love it! You are hilarious!

liz

Hello addicts!

Grant and I just wanted to say a quick hello from the 3 day interactive workshop. Will try to say more later.

liz (and grant)

VRTX

TSL can kiss my pale white, yet sculpted, ass. AMGN too.

Hi Guys,

You might want to watch KO. I bought a call on it on Thursday. So far, looking good.

Last week I called 26.33 as the top for the VIX....let's see if it can hold......

I have paired way back.

With such a big pullback in the market, I am trading "lightly" now and going to let the dust settle, then jump on some great setups..

For me, this is NOT the time to get very bearish or bullish...

It is time to sit back, protect capital, even take a breather, and let the market CALM THE F$%K DOWN!! LOL..

Brett,

Headed out to Gidorano's but was redirected to Pizzeria Due. Good, just not as good to us as Quartino. You have a lovely home town. We truly enjoyed our visit.

Ann

Looks like all the shippers are getting whacked. Don't know why. DSX just took back all my profits.

I have a strong feeling the market is going to tank today. I just sold my AAPL and BA stock. I have more green in my account than I've had lately and they are all puts. That tells me the bears are on the prowl.

Michelle

Oh, VCP is a perfect head and shoulders. I got in a week ago and it is playing nicely for any looking for a put play. ENER has just broken a level of resistance going down today, too.

Michelle

Brett, what is BPHX ? IT site does not pull up a chart, tells me it is an invalid symbol.

Has anybody looked at the indices charts lately? I am not trying to be a major bear here, but I don't see significant support anywhere close from where we broke through Friday. Maybe I am reading it wrong. Any other thoughts?

Michelle

BPHX isn't showing up on the IT site? Shocking, real shocking.

It's Blue Phoenix, and perhaps the fire from its belly is wreaking havoc on the IT servers?

AAPL holding well here....nice retest of $128 breakout...I am adding here...this is a low risk entry on a strong stock, in an oversold market....my opinion..

Raimo,
I see the 130ish support. But if the market tanks, even stronger support at 125ish.

Michelle

Doji Gril,

Try ALEX.....

check out NYX broke SUPPORT!!at the 72.50 area. I like this.

Look at KIM- It looks like a good re-entry. It's been using the 30 day as a resistance/support and its right up there again.

liz

Hey guys. When does the fed make its announcement?

Tim
The fed speaks tomorrow at 2:15 ET.

Scoot

LRCX retesting the 7/17 breakout....$55 nice support too...

LMT also at a nice entry

Here's a solid trading idea for today.

IWM - the Russell 2000 is WAY oversold, but more importantly, it's rallying nicely off the long-term trendline. Could be a nice entry.

Disclosure: I had a lot of IWM puts until this morning, when i hit my trendline target and took my profits. I am not LONG. Low-risk entry.

wow - don't know where the strength in FRE came from, but I'll most likely be out by the end of the day.
Could this be short covering?

Pat

Here's what is puzzling me:
Does anybody have any stocks that are making significant gains?
The market is up, but I don't see where it's coming from. The stocks I was in or watching are all either down or only up a few cents. Just making an observation.

Michelle

Michelle,
The Dow and Spooz are up slightly, the COMPQ is flat and my old friend the $RUT is down, and wanting to go down some more.

If you do not have any big gainers on the big board I think the other markets are still deciding.

That is my take.

Cheers,
ARTY

Michelle,
The DOW is only 30 stocks including the likes of IBM, MSFT, GE which are up at the moment. The better barometer is the S&P

Significant..that's not the word..

PAYX!!!

going long CAM and GS

Breaking news: for those that want to brush up on their Scott Baio trivia, for the next Jeff posts something about him, he is on the E channel right now THS.

Haaa! I do not have CNBC on for once!

Cheers,
ARTY

I just took profits on IWM and BRY puts. I have just GME calls and some really awful spreads right now. I see so many great setups but I'm not doing anything til after the Fed tomorrow.

I agree, DJ -

I won't be entering anything until after the Fed either.

:-) Pat

Brett,
Were you in PayX at the bounce or are you playing the breakout?

ARTY

Raimo,
I see the CAM right at support, but GS??

DG,
I am with you. I am not entering anything until the market stabilizes.

Michelle

Raimo,
Love CAM's set up.

I will taking a nine mile hike this weekend to go glassin' for the big guys. Sleeping under the stars. You know what I am talking about.

Cheers,
ARTY

Yes, GS.

We all read and interpret charts differently.

My crystal ball likes GS long here..well, I must confess, Brett and I did compare Crystal balls this morning..we both like it..

I have two support lines for it here.

But, don't take the trade because we do, take it because you like it and it fits your rules.

Again, we all interpret charts differently.

Michelle,

Take AAPL for example. You saw a reason to sell today, I saw a reason to buy.

A lot has to do with what you see, and what you like to trade. And what your R/R is......

Oh, Hutspa sometimes helps!! LOL

Arty,
I am jealous..

Jeff-

Okay we're here in your building until the 8th. And we've brought our option addict gear. Grant is wearing the hat right now. And he just told me to tell you that he's looking damn sexy too!

liz

Liz,
Let us know the "tips and tricks" of being successful in the 3 day. I will be down there the last week August giving it a run.

Wear the OA gear and makes us proud!

Cheers,
ARTY

Okay Liz....Grant looking sexy aye...we need photos, LOL

BRE

Setting up a bear flag AND at rresistance at 53.50....

Do we believe this rally today?

ARTY

Brain exercise today.

What do you see on AVB?

Arty-
We're on a break right now so I have a few minutes to type. I'll definitely let you know how it goes.


Raimo-
Grant wants to know why you want a picture of him so bad? (hee! hee!)

liz

We're a bit giddy today as we have no children for 3 days!

liz

arty,

are you going to be in utah the last week of aug? i will be there the last week.

sue

Liz,

Um, ah, um...ugh....ouch..

Raimo-
We missed you when you were gone from the blog the other day.

liz ;-)

Is someone buying HLYS out there? What is up?

ARTY

PCR-
Break below 55.


OFC-
Looks like it might be a good set up.

liz

HELP!!!
I just landed in Calgary and had a look-see. I'd put a couple of stops in on PCU, SLB, and NOV. They ALL stopped out and I have a total of one stinking greeny today. ONE!!! Puts are up, calls are down. This market is killing me!!! I'm down 25% from where I was 2 weeks ago, and I thought I had a nicely balanced portfolio.

Ummmmmm.... uuuuummmmmmmmmm

I am an Option Addict. Breathe...

PCP is actually doing really well these days and today's down-tick is a good time to get in, if you're not already. I've seen a ton of really good entries here on the blog but I'm pretty much thinking I'm going to all cash for a bit. This stuff is driving me crazy.

OK I flew all night so I'm going to get me some rest, then probably sell everything. Including the friggin' kitchen sink. It's gotta be worth SOMETHING...

AHM (american home mortgage) headquarters is right next to a deli that i often go to for lunch here on long island NY. 75% of the cars usually parked in the street and parking lot weren't there today.

I felt bad for a second thinking how much money I made as these people were losing their jobs.

gh
long island, NY

STRA...off to the STRATOSPHERE.

Wow,
DECK looks nice today. Whoever is holding that one got a nice bounce.

Michelle

Addicts,

Check out the breakout on Kellog. K

Just broke resistance and is off to the races.

Dan

Are we going to see a huge rally or huge drop today? This market is so wild, that all bets are off.



Michelle

Yeh DECK's finally bouncing back. I have it in my RRSP and I'm now up 0.5% on it after three weeks. Woohoo!

You know what? The funniest thing happened on the way to the check-out counter. After I stopped hitting my head against the rosewood TV stand in my room, I went through all the options I have (did I tell you how awful they're doing today?) and guess what I saw? Except for the three that stopped out this morning... I've got no reason to sell ANY OF THEM!!! Today is simply "one of those days." Some kind of rent in the time/space continuum has rendered all the ink in my account blood red. Except for the one labelled "Unrealized P/L" and that's all blue (well... it should be green. Why Interactive brokers makes it blue is beyond my comprehension. But it is what it is.) So I removed the emotional "Man of the 80s" from the equation and guess what? I'm not bailing. I am an ex-bailer. A reformed "Buy high/Sell low" guy. I will hunt down some good entries without mercy and make them wish they could meet their maker!! I AM INVINCIBLE!!!!

or is it invisible? I always get them mixed up.

PCP is at a good entry.
AAPL is at a good entry and Brett says it's going to $200.

I am a dazed and confused camper, but I'm back on my feet.

Bob,
I hope you played GS today. Looks like you were right again. Good for you. How was the rest of your trip?

Michelle

Chris,
Good for you. Yeah, IF the market turns up, AAPL is a good entry. I am just not convinced until the major indices hit some kind of support and head up. PCU that you got into and were kicking yourself is finally at support down there.
I haven't found any compelling entries. I am going to do the "wait and see" especially with the Fed thing tomorrow.

Michelle

Michelle,
I know what you mean. I'm only about 50% cash right now and I feel like I'm leaving myself out to dry (like DRYS today.) I don't know what to do as this market is causing me undue stress... but I feel this is the best way to learn. I think I'm going to leave most of my positions open today. I'm quite worried though, because I'm in the air all day tomorrow and will not be able to see what's going on.

I can't believe the Dow's up 150 right now and everything I own except KIM and AMAT are down.

By the way... I'd think twice about GS. MER is up substantially today too. I think the financials are on track for what could be a Dead Cat Bounce. I know that the chief Ball Gazers have deemed GS a buy... but I'm sure not touching it until it proves it's worth to me. As Rambo said, it doesn't fit my rules so I'm not buying. I'm watching... and it may cause me to massage my rules when I see what happens. But my rules today, say "don't buy."

ATI looks like its breaking down below support with decent volume


gh
long island ny

Clean Cups!

Clean Cups!

Michelle,
I think I am going to go with Rally.

Arty

Sue,
Yes I will be in Thu, Fri, Sat three day the last week of August.

Is that the one you are in?

Cheers,
ARTY

What up Homie...I see that you dig Pink Floyd, I got a crazy hip-hop remix of Education I'd like to send you. Send me an email address and I'll push it to you. My email addy is mihgroupinc@yahoo.com

PS. Love y'all on Market Cast...My wife and I listen everyday. See ya in Chi-Town

Frank Mesa aka POUND

Bob -- daytrading. That's just about as emotional as it gets. I had a similar experience once, paper trading with great success then real money and losing. Emotions are the deciding factor. You have to have a system, and I haven't found a system yet that works for me. Of course, I can't afford to put my attention there during the day so that's a lot of the problem.

Everyone - futures. I've never traded them, but I've studied them a lot. Best I can see, they work just like a lot of other investments, only leveraged and margined like crazy. Meaning, you can not only lose the money you invest, you can lose way more than that, get a margin call, and be asked to send in tons of money to dig yourself out.

I like defined risk strategies. Futures are not defined risk. Neither are currencies. I'm sure that one day I might be up for trading them, but one S&P emini contract equals 500 SPY deltas. I'm not up for that Delta risk yet.

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...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT... ...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...I'M AN OPTION ADDICT...

About me

  • I'm Option Addict
  • From Saratoga Springs, Utah, United States
  • I am a professional trader and an instructor for Investools. I've had relations with the markets for 9 years. Born in Concord, CA, but reside in Saratoga Springs, Utah. Father of THREE, Husband of one.
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