Wow! I'm calling shotgun!

Ok, now that I have that out of the way, thanks for the continued ideas with the watch lists, Jeff. I'm still slowly working into my positions with my new rules.

Raimo- Love, love, love the poem.

Kim

Yahoo! I am back! I am ready to find those great trades and catch up on the blog. I have been in cash since I left...

I appreciate the posts about timeframes. I need to clearly define my timeframe per trade. I get caught grouping my trades all together and treating them the same. Although I didn't have time to trade while I was gone, I made time to review trades that didn't work out. My biggest losses were on the days that the market lost 2-300 points. I didn't have a plan for those trades. I had a mental stop that was triggered, but nothing that said GET OUT NOW. I waited until the end of the day to exit and my losses were even bigger. Moreover, I was being successful previously to those trades and the big losses hit my mental persprective hard. I am not sure what rule I will create when the market is moving against me and takes my trades with it, but I WILL NOT enter another trade until it is fully planned. Any advice would be great.

Jeff, thanks for the watchlists...I have plently of homework tonight. I am glad everyone made it back safely from Chicago. Where's the next conference?

Glad to be back!
Amy

Okay Brett and okay Arty...
You both think your real smarty
Enticing the bears that makes me nuts
Don’t the two of you have any guts?
I hate to be on the other side
But with the bulls I have to reside
I cannot sit here and remain quiet
Nor do I look to incite a riot
I do fear that you guys could be right
But I am not going down without a fight
Bring on your bears I will swing with my sticks
Can I please get some help from the good ole VIX
Where the hell are my Bulls they are leaving me stranded
Running with the bears I hate to be branded
So Brett and Arty put up your dukes
Let’s fight off the bears they are nothing but flukes
Come out of the dark side step into the light
Cause Raimo here is going to fight……

Hello fearless traders,

Raimo, the poem is priceless.

All,
I think the market is going way down next week for sure. Call me crazy, but I found it highly suspicious that a ton of bearish news came out all at once in mid August and its been bit quiet since. I think the banks will ALL decide to give their bad news all at once to push the prices way down and create a buying opportunity for themseleves. Who was it who said that the little guys go out of business and the big banks get bailed out? They are really pushing for a rate cut.

Jeffy boy that is the funniest video I have ever seen. you are hilarious. thanks for the conference call. Congrats on the year you made 300%. I dont know if my comfort zone could handle that but I am sure trying.

The dow is in a funny range between 13125 and 13185 that is until the financial aliens make it go lower. Buy puts.

SFM

Hello all. I took profits on my IYR trade today. Getting used to these shorter timeframes is tough but I had a great profit (nearly 50% on an ITM option) and only one contract so I had to do it.

I am trying to make my timeframe super short and just play from support to resistance. This is different for me as I prefer to ride the trends but it seems to be working so far.

PAYX is redeeming itself today and I think it still has a chance to run up.

I bought puts on XHB when it just peeked its head above $24. I see very short term resistance there. Here's hoping I can take a ride down. I am watching that one like a hawk.

thanks Jeff!! So when will it calm down?ever?
do you think it's time to take profits on KBH?

Sarah

Jeff,

All the symbols seems to be in great set up. Thanks as always...

Meena

Jeff,
Thanks for the list!

Sarah, I took profits on KBH this morning. Should have taken them on a few other Sept contracts I have. Now I don't think they are profitable any more.

Very bullish into this last hour. Feh. It's all Raimo's fault.

Jeff suggested a bearish trade on BJS if it closed below 24, which it did, yesterday. It is well above that level, today. Am I watching the market too closely or is it a bad idea to be in a put on this? Any input would be appreciated. Did I mention I'm short patience?

VeroBarbara

Brett,
I see bullish haramis on every index here going into the close. Shouldn't we bears be a little nervous here?

Sarah,
I am in KBH, too, and I wish I could see the future on that one. MACD and stoc are both down but in this market, that could mean everything or nothing.

I let my profits dissolve once and I don't want to do that again.

So to answer your question, I have no idea. :-) I think I'm done with it as of 3:58 today.

CVH........

DG...
I am sorry.....but it is okay, blame me...

:')

I'm so bearish at this point I can barely convice myself to take a bull trade. I did take one today on SII. I hedged a bit by buying the stock instead of the options.

I saw it as bounce off a sym triangle.

DG-

Haramis don't bother me much. I'm a little surprised by the strength that developed mid-day, but there's still an hour left. Plus, after 2 strong down days, i'm not totally shocked to see an up day in there. Where it leads is much more important to me.

Jeff, Admittedly, I have a lot to learn. But in studying DRYS, which is now above 65, the Prophet pattern chart shows a rising wedge, a bearish indication. Does it look to go higher, or is this a point at which a bear call spread would be in order?

VeroBarbara

or anyone who might want to tackle this.

Thanks for any feedback.

VeroBarbara

Have I mentioned how aggravated I am that I got stopped out of SLB yesterday? Perfect entry, too tight a stop...by pennies.

Doji Girl,

thanks on KBH. I'm thinking of taking 1/2 off let the other half run. BTW great call on TSL. I've been watching for weeks, jumped in early this mornig :)

Raimo,

CVH looks like a good entry. I am slowly figuring out REE. Do you consider the higher low during the middle of the month or is that just "noise" as it moves back up to longer term resistance?

Thanks for the help.

Amy,

I ignored it..

$57/$58 a good resistance area, a close above that and I am out.

Rising wedge?

In an uptrend?

Yikes!

I guess I am old fashioned. A rising wedge is normally something you'd find in a down trend, signaling that there is still more room to the downside.

I took a day trader mentality today and late this morning purchased DIA September 130 Call @ 3.60 as well as Ebay September 35 Call @ 1.10. I just got out of both scared that the market may reverse again. I sold the DIA at 4.50 & Ebay at 1.45.

I was looking at 30-day chart. A 3-month chart shows a Channel-down, bullish pattern. I guess I thought I should look at shorter time frames in this market. Should I be looking at a longer time period?

Thanks for helping a rookie.

VeroBarbara

Oops I had an Ebay 32.50 Call not 35.

Jeff or whomever

What are your thoughts on BTU I have $8.00 profit per share in this sept put and the stock is staying in this small range is it time to say bye bye or what?

califorina trader

MCRS.

Check out that bullish engulfing candle formation on ELON.

Hmmm, on second thought. I think it has to be in a downtrend for it to be a bullish engulfing.

Jeff,
I've been watching VMI for weeks. When I wanted to enter, I had already taken too many bullish plays to add anymore in this market. I am still expecting bearish action, so I will wait for a REE. It's nice to see you watching that one, too. It has held up well the last month.

Brett,
I am still kinda bearish, too.\


Michelle

Is there any doubt where BSC is going... maybe they will lead the charge tomorrow. The bulls are delusional.

I WANT the bears back! Raimo! Back off!

Dow 250?

Cue the video again...

I'm pretty surprised right now. We sold off heavy right into the close yesterday, and below support on all indices.

Then today, we open higher, survive a selloff and rocket higher.

Buying right into the close today, you'd expect it to carry into tomorrow morning, but who knows?

Call me nuts, but all my market posture charts are still bearish, despite today's action.

Jeff, any insight on today's move?

Unbelievable.

Oh and Raimo every time I think I have something even close to a pattern......Wham

You are the Bull Master...today

As my wife pointed out to me ;-)

there is a reverse head and shoulder on almost every index in the 15 minute chart. And it got played out to the tee at the end of the day. How knows may be the market will fall again tomorrow.

Ouch!!!!!

I just on the news that Bernake sent a letter to Sen Shumer stating that fed act if needed. the letter was sent yesterday but revealed today.

may be that was the reason for rally in the afternoon

Jeff,

You mentioned a couple of times about posting info on day trading the current market. I for one am ready for it. I didn't see today's action coming and didn't take advantage of it. I'm watching intraday charts, but not sure when to get in.

HELP!!!

Karen F.

So, here's one way to look at it -- imagine that the markets didn't go down 280 yesterday and up 250 today. Imagine that they just went down 30 over the course of two days. Still looks like a bearish downtrend to me, at least in the short to intermediate term.

Of course, that's not to say it couldn't break its downward trend tomorrow, but for now, that's how it looks to me.

Sigh...much of yesterday's gain evaporated today. Michelle, you were fortunate to be able to sell your puts before yesterday's close.

I decided to follow the Marketcast suggestion last night and focus on ETF's, Spreads and Cash.

I bought FXI, a China ETF, just before close. It is listed today in Investor's Business Daily as the top ETF winner of the last 3 months.

I would like to daytrade but would have to have a minimum of $25,000 in one acct (I have 3 different brokerage accts and am reluctant to put too many eggs in one basket). I have a fairly new acct with Interactive Brokers as I want to eventually daytrade e-mini futures and currencies..and they are only .75 per option contract.

Anyone know of other ETF's worth looking at? I already have XHB.

Thanks for everyone's input and support, esp our big-hearted leader, Jeff.

Judy,
I didn't sell all of them. I sold half. I don't by any means have this market figured out. I don't plan on day-trading, but the market forces me too just to hang onto any gains at all. I just followed what Eric and Jeff said about taking gains quickly. It feels weird to sell something when it is doing well and you get in at a good time and it hasn't broken support or resistance, but.....
I don't know what the answer is.
What is everybody else doing?

Michelle

P.S. I have bullish and bearish positions, but I (like Brett) see the market as kind of bearish right now.

Hooray for the bulls....they had my back today.

Now what, the bears knock it down 200 pts tomorrow...Jeeeeesh...

The tug of war continues....

The 2nd to last day in August, Dow & S&P have been negative 9 of the last 10 times.

Brett, you're killing me buddy.

Tomorrow we make it 9 out of 11 times, or I am buying you a buritto!

Dang bears....

ARTY???

Wow ...welcome to the world of trading low volume weeks I guess. RTI, ATI, ICE all with lower highs yesterday. Today incredible bounces. Position sizing, made this a little more confounding than painful.
CAT up but puts still profitable.

I bought SUN calls mid-day. Bouncing off diagnal support, made a short term higher high. Target 5-7 points. Maybe somebody likes the trade ?

Jamie

On days like this I just read the disclaimer on the bottom of the blog and laugh.

Raimo please post your poem rules:
Are you Poeming:
Haiku's
Ballad's
Sonnet's
Free Verse
Ode's
Blank Verse
Limmerick's
Beginnings (Entry signals) and Endings (Exit signals) also.

I am not sure which is which but they are very funny.

Jamie

I can definitely see why people would be bearish. But, I can also see reasons to be bullish. Aside from the Fed's potential lowering of interest rates, and willingness to step in in other ways, the nasdaq doesn't appear to be making lower highs and lower lows, and if you ignore the out of whack day on 8/8 you would have a higher high and a higher low, as well as what would appear to be another move higher on the way.

You have a $SPX and $COMPQ that will both cross their 30 day MA if they go up much at all tomorrow.

James H.

Judy,

Take a look at EWZ and EWY.

James H.

Judy I've been playing the inverse ultra-short moves 200% of the index.
DIA=DXD
SPY=SDS
QQQQ=QID
IWM=TWM
IYR=SRS
IYF=SKF
Please paper trade till you get the feel for them! Good luck!

James H,
You are too funny. I don't think you can just throw out the days you don't want. I'm not sure how that works.

Michelle

Judy, also if you like China, PGJ is another China-ETF with a different variety of stocks I believe.

James H.

James,

Thanks for the info - I will look forward to see what they do tomorrow.

Option Fanatic,

I have been looking at some of these but I don't understand what they are about - can you please give a brief explanation? Thanks - am leaving the house now and will have to check in when I return.

Jamie,

I haev no clue as to what I am doing...just wining the poems as they come to me.

Now, here is some critical trading news..

Bear season in PA is fast approaching....and I am already on the hunt.

look out....

Ummm, that was 'winging' the poems..

Judy,

If you look at www.proshares.com you can get some information on the ultra shorts and how they operate. The prospectus should provide you with some good information on the investment objectives of the funds. This is just one of many sources, I'm sure...

Jeff,

Sorry I missed the call today. Was here, but working to get a loan closed so I couldn't dial in.... I'm sure I missed a good discussion. I will make sure I catch the next one!
Thanks for taking the time to do it!

Michelle,

LoL M, I know. I'm not ignoring it in my analysis. I may not have worded it well. I merely meant that if that day hadn't happened you would already have a higher high and a higher low. The nasdaq just appeared to be holding its own and moving upwards ... was the point. I just want the inverse H&S to form on these bad boys.

But I shall wear yon dunce hat if ye so chooseth.

James H.

For those of you who want to day trade but have <$25,000 in any one account, you can still do up to 3 day trades in 5 business days. So, if you do 3 on Monday, then it would be ok to day trade the following Monday. Or you could do one day trade on Mon, one on Tuesday, and one on Wednesday. On the following Monday you could day trade one trade.

You can trade the same stock 3 times in 5 business days.

Buying today and selling tomorrow is not a day trade.

Check with your broker, but this is my understanding of the rules.

Karen F.

http://www.youtube.com/watch?v=sDKH5c_yqrI

This is in reference to being asked what my take is on today's move.

Karen,
I was wondering about that. In my Options Express account, you can trade whenever or whatever (of course it costs more.) But in IB, they won't let you move in and out of positions quite so freely. Normally, I wouldn't, but in this market you do what you have to to survive.

Michelle

Jeff,

I laughed even harder this time.

Diana

Raimo,
Good one! I just got home. Didn't want you to think I didn't appreciate your retort. When I am feeling creative, I will respond.

PP

Jeff,
That was hysterical! How do you find these things??

And, fwiw, I feel exactly the same.

Hi all,

Most of my positions are bearish...because that is what I am right now based on what the $INDU's and the $SPX's charts are telling me (and of course the charts of the stocks I am in). They are making lower highs and lower lows.

That trend was not broken today.

I will stay bearish until the charts tell me otherwise.

Maybe the battle was lost today....but not the war

Thanks

In case anyone is lurking...Jeff is doing the Master Talk right now.

Kim

Kim,

I am, and am getting my bear gun loaded..

Don't shoot ATI, whatever you do!

Kim

Raimo,
As far as the burrito is concerned I have to talk to Jeff about some of his references on the Cast last night.

For now, captain my captain, you are my captain of trends, and poems.

More powder BOB..........


ARTY

The video expresses my thoughts exactly.

For me... 2 cases where today's move up exceeded yesterdays move down.... and I'm talking about stocks that that moved 5+ each way in each case.

Just an ego bruise. Not a broken account. Small number of contracts.

You're right this is unreal.

Michelle,

I have an acct with Options Express as well as IB. The daytrading rules regarding 3 daytrades in 3 days out of 5 with an acct less than $25,000 have nothing to do with the brokerage. This is mandated by the SEC.

Lisa,

Thanks for the info on www.proshares.com

Jeff,

Just as you guys were talking about the inverse ultra-shorts (DXD, etc)
on the Cast, the audio shut off. Can you share what I missed on this topic? Thanks

Hmmm, GRMN im seeing ascending triangle, anyone else see that?

I'm posting this but it is from Dan. Take a look at ACH. Mon-Wed candles this week formed a nice Inverse Franks and Beans formation.

Dan is now doubled over on the sofa from laughter. Hope someone else gets this besides us.

Kim

Kim (Va beach girl) and Dan.
Comedy.
that is funny
Thanks for the laughs

Kim and Dan,
Still laughing....seemed to have dribbled as well

Oh, I forgot,

The Inverse frank and beans is bullish????

correct?

Kim & Dan (K&D)

In red neck country that is how we put out fires. Maybe it will cool the market off too.

Sean M.

You had a way that you measured stock movement. Do you remember when you posted it? If you can't remember, can you e-mail it to me? Degroodtt@qconline.com I have been in DNA for a while and tonight realized the trend line is only falling about 3% a month. The profit on the puts show it's not moving as fast as I would like it too.

Tomorrow it is launched out of the account..

Jeff,

I just got home and listened to the MarketCast. You said something to the effect it was time for the "Trade of the Week" which is why most people tuned in. I think you were kidding, but I just want you to know that is exactly why I started listening!

Then something strange happened. I began to learn things. Things I could take back to my desk and really use! Amazing!!!!!

Jeff, the watchlist and "Trade of the Week" are nice, but they're just one chocolate chip in a mega chuck-filled chocolate chip cookie!

Thanks for your time and sharing your knowledge. Also, I really liked the conference call this morning.

Bloggers,
I got some easy money for you. A Free lunch if you will. I hopefully will be having a beer with Jeff and Eric tomorrow night watching BOISE STATE route WEBER STATE. I will give you the Pat Riley guarantee on this one.

I will enjoy the marketcast on my 6:00 flight down.

Chris a counter offer is coming across my FAX right now for the 60 Acre Farm in beautiful Marsing, Idaho. Ready to farm, stable, raise upland game birds, and train bird dogs. Live out your days as a US American It is not too late.

Cheers,
ARTY

Raimo, I am sorry......you must feel neglected
even rejected,degected and disconnected,

because I did not respond in good time
to your R-rated nursery rhyme,

you went on to say you do not read playgirl
that's because you drool on the centerfold as it unfurls,

It's the pictures you like, you don't read a phrase
could it be you lust for Senator Craig??,

Yes, I did cringe when I watched Ms. South Carolina
thank God she lives near us in Indochina,

once again you dare to reference my "pole"
I know why, yours would look small on a Troll,

My nemesis you are, I can not deny
but sometimes you seem more like an ally,

I do so agree, this is all in good fun
but Raimo, I can not be outdone,

continue we must, trading our prose
so pull up your panties and your support hose,

I know bloggers are likely to stare
but, please, again, put the pretty bow in your hair,

your friends, Brett and Arty are quite concerned
about your cross-dressing of which they have learned,

don't worry, the blog policy is "don't ask, don't tell"
we accept you as you are, we think you're swell!,

and Raimo, please do not confuse
my prose as attacks, I only bemuse,

my verses are designed for the greater good
and to undercut your alleged manhood,

when we are done and you know my name
a Yeungling we'll share and toast to our fame!!

The Phantom Poet

I’m trying to listen to tonight’s Mastertalk and am getting either Kelly’s from this week or David Settle’s from last week. Is anyone out there having problems with the recording?

First, I have NOT read the posts yet so will try to catch up tomorrow. I did make the call today, thanks Jeff. I was caught in traffic until 7pm so only made part of the MT so Logan tomorrow I will be trying to listen and hopefully what you are experiencing will be resolved.

I have been day trading the SPY as I came to the same conclusion Jeff stated about out before the end of the day. Today I had the perfect example as I forgot to get out of put trade yesterday and let it ride to a $1500 loss. Yes, this was just paper but my goal was to see if I could make that back today in a few hours. Good news was that I did and it was easy with today's solid run up. My goal now is to move over to the real world with real money and really small sizing.

Oh and highlight of the night was that Pam made Liz's desert and wow, that was good. Pam said it was super easy too so that was an extra bonus. Thanks, Liz.

Bob-
I'm glad that you and Pam liked the dessert.


Logan-
I had the same problem with MT. I'm going to try to listen to it tomorrow after the close.

liz

Kim-
I'm still dying of laughter over here. I'm going to have to show my husband when he gets home.

liz

Love the War of Words... I thinking laughing makes better trading.

liz

Jeff-
Thanks for the conference call and adding more stocks for us to pay attention to. I enjoyed the marketcast tonight and have already added the "best performing stocks of the year" into it's own folder to keep an eye on throughout the next few months. Hopefully I can listen to MT tomorrow. It's not working tonight so far.

I'm glad that we have you to help us shorten the learning curve. Sometimes I'm very impatient to learn everything yesterday but each day I do learn something else useful and valuable. So anyway, thanks so much for everything you do.

liz

Okay, the war of words is not helping me with my grammar. It should be "think" not "thinking". Obviously I can't do either at the moment. Duh!

liz

Hey Jeff,

I'm sorry that I missed the conference call. Just wanted to let you (and everyone) know that even though I've been posting less, it's not because I'm feeling discouraged. In fact, I am feeling pretty successful in this market. What's my secret? High percentages of cash.

Seriously, I am thankful to navigate these crazy market conditions now and thankful for the guidance about position sizing and protecting capital.

At the same time, I am taking a few trades here and there but only when they jump out at me. All in all, this is making me a much better trader for the long term.

Thanks everyone.

Kim (and Dan)
I've heard of seeing things before but...:-) I will never look at Aluminum the same again.

Ladd,

It is in fact a bullish signal. But a reversal would require a lot of massaging of the numbers!

Oh boy...this could just go on forever.

Kim

Raimo & PP,

I have to confess something. When this poetry thing started I used to skip over them, not being a fan of verse. However I now eagerly await every installment as you guys continue to spar in a most delightful way. Thanks!

Kim,

Massaging the numbers.....Nice.

Dan

Thanks DG....

I expect some verse from you now, LOL...

And PP, touche you dasterdly dude..

You know what's coming...

That, and a bullish day, LOL....

I am telling the bulls to stampede..

You have been warned...

ELON! Brett, I owe you one.
Thanks!

DG- Honestly, i'm happy for you. Glad it's working out so far.

For fans of BPHX and ELON...might i present:

BMRN.

Be gentle on her.

VA Girl. Give Dan a pat on the head for us. Catherine is almost hysterical (but I did have to 'splain it to her first.) Judy mentioned the "Inverse Ultra-shorts" from the Marketcast... would these fit on the inverse Franks and Beans formation? Probably only without the massaged numbers. Oh, also... don't worry about ATI. Once again the reversal today was on very low volume. I still see ATI as a great put play and yesterday's 4% gain was just a good entry point.

Arty... what's the good word? Did the counter get countered? Are you the Daddy of a bouncing baby acreage?

I've got a lot of reading to catch up on. Courtney won her division yesterday so tonight she gets a nice award at the Year-End Banquet. I hope it's better than the award I got for the fasted lap at our 24 hour bike race. It was a lovely trophy of a horse's butt.

Today is starting out as a "Bearish-Engulfing-Neutral" day. If you can figure it out... trade it.

Brett,
That's an impressive resume there, my friend. BPHX, ELON, BMRN... It's enough to make a guy want to get out of cash.

Almost.

I'm in the same boat as Tim. I think I'll get back in the saddle here next week, once the girls are back in school and I have more than two seconds to spend on the computer. Today it's volleyball camp, followed by the awards banquet. Does it never end?

Brett-
Aren't you the one that mentioned ATW as well?

And thank you for those ideas! ;-)

I'm glad to see a mixed market (so far) this morning. I actually have puts going down and calls going up which seems almost magical.

Except ATI...

I've got a few more minutes to ponder the market before I have to drive my son to school.

liz

Amy-
Forgot to say welcome back. Too many things to read....

liz

I smell a lot of bull here...

The bulls are back....

Just my prediction...

Tim-
I'm glad you're still hanging around. I figured you were just very busy with children.

liz

Here's my prediction:

The market will finish down 130 today.

or

The market will finish up 50 today.

or

The market will finish up or down 10 today.

Hey liz,
I hate to say it, but if puts are going down, and calls are going up, I think the world is about to end. Trust me... ATI will follow suit, but maybe not until everyone's back from their long weekend.

By the way... I should have stuck with this one, but a good put right now is LCC. The end of the summer is upon us and the fall doldrums and increasing oil prices will hit this stock hard, I think. And it's at REE.

X doesn't make sense to me but is at a good REE and is in a new trend. You might want to make sure that the trend is valid by waiting for some volume, but over the last week when it was going up... the volume was dropping. Then when it headed back down, the volume picked up.

Thanks Brett, you seem to have great insight into these plays. Love to learn from you sometimes.

add JNPR to your bullish list

good nasdaq company

PS. do you take aprentices :-)

Thanks, Mahmood. I'm in JNPR already.

Brett,

Thanks for that wonderful, concuse and difinitive market forecast.

Dan

Yeah, Liz, there are the children, too taking up time. And my full time job, and my part-time job, and my freelance job ... and trading too of course.

Brett, I'd prefer option #1 -- down 130.

ICE is testing the H&S neckline to it maximum. do you guys still see this as H&S retest?

ATW was mine from Aug 8th which was my entry date. Took a small profit and bailed (too early as usual).

Just got out of my DIA puts with a small profit. Lightening up before the weekend.

VMC - this baby is right up at my resistance and starting to annoy me as it is my only position (currently) that is not doing what it's supposed to do. I'm wondering does Tuesday's low count as a higher low? Should I worry yet?

Dan,

I'm glad that I could lead you in the right direction!

The only thing that's clear today is that things are still unclear.

Chris, I have been eyeing LCC too but cash has been my position and just starting to venture out again.

On the CAST last night they mentioned tick(I think) and put/call ratio in studies in answer to what to watch in day trading. Anyone know where these are? I even found Trin but not sure I know what to do with it yet.

Can't remember who mentioned the asc triangle on GRMN earlier, but it's heading back up to $105. I think I mentioned this one a few days ago. I see 105 as good resistance right now, and it's winding up in that triangle. As soon as it breaks 105 on decent volume (next week, me thinks) it'll be on it's way to the moon.

Raimo, if you're smelling bull, I think you need to close your windows. It ain't happening here.

DG,
Don't give up on VMC yet. The only reason this one might not be working for you would be a questionable entry (something I'm not familiar with, personally. Ahem) It's not broken anything and Tuesday would hardly be called a higher low, I don't think. There is so much "noise" on thes charts now that Tuesday just melts into the background, I believe.

It's easy to say when you're playing with other people's money, but with the volume being as low as it is... I'm thinking that VMC still looks good.

Besides... VMC is a crappy company in a crappy industry (making it crap squared.... or C2. Coincidence? I think not)

Brett..

Gotta run out and kill off some bears for an hour or so. Plese put on your matador clothes and direct my bulls...

Sure thing, Raimo.

I'll direct them right to the edge of a cliff.

Brett, thank you again on ELON. Love this trade!!!!

Raimo - great call on CVH

DG - you picked the bottom on TSL

You all are amazing!.

As for me I'm day trading the QQQQ's, while trying to do my regular work.

Sarah

Brett,
I am laughing out loud. I am with ya. Hoping for a bearish day, RAHHHR. Off the cliff with ya, Bulls!!!!

Raimo/Brett, keep the laughter going.

Michelle

Bob (and Pam)

The TICK is a gauge of the advancers vs decliners for the NYSE. The TIQUE is the same thing for the Nasdaq. Here are the key levels to watch (applies to both):

0 - Neutral

Bullish
+100-200 Mild up
+400-600 Strong up
+1000 Time to sell - overbought

Bearish
-100-200 Mild down
-400-600 Strong down
-1000 Time to buy - oversold

Hope that helps.

BTU...looks like it is forming a triangle

Ooooo Scoot... does that mean that TISK would be the same for the S&P? I thought maybe TISQUE would be for the S&P/Nasdaq combo pack... and I love Lobster Bisque, so Nasdaq TISQUE would have to be great!! Man... if I can combine trading with eating, I'll be in heaven!!!

Sarah, don't get ahead of things on TSL. I see 50 as pretty strong resistance, and it would be intercepting it's 30day ma around there sometime next week. To me, about 48.50 would mark the perfect entry point.

Sarah,
I would love to try day trading but I don't have a clue how to begin. Are you using the Qs or the options? If the Qs don't you need oogobs of cash to do this? I can't imagine making any money buying 100 or 200 shares and that is all my position sizing would allow. Or are there different rules for position sizing when day trading?

C&C
Not sure about the TISK thing but I am with you on that lobster bisque!

One thing that I should have mentioned though was that different brokers sometimes have different names or symbols for this indicators. This is what they teach at the day trading school I went to so I am just passing it along.

Dang it, I can't get the lobster out of my head!

I am in the 3 Day and the Phoenix is rising!

ARTY

How can I run a search on aluminum stocks? It is hot right now. Any ideas?

Cheers,
ARTY

Scoot,

Do you mind my asking what daytrading school you went to?

thanks chris,

I see that resistance. I have a small position on TSL and will add as it confirms. I played FSLR on its last big run from 55 to 115(how crazy is that) and think TSL has some legs if the market begins trending again.

Sarah

About FXY...

Jeff has mentioned countless times about the amazing FXY...you know, when FXY goes up, stocks go down. When FXY goes down, stocks go up. Certainly, there's a tremendous correlation between the two, but so far I haven't found any predictive ability. FXY isn't a leading indicator of market action, it's a simultaneous indicator. Sure, FXY gapped up this morning, but the markets likewise gapped down at the same time and since then, both have reversed and moved in sync. So while their FXY-Market action are exact mirror opposites of each other, I just don't see how you can use FXY to predict FUTURE movement in the market.

Am I missing something else? Please explain.

Matt

Judy,

I don't mind a bit - email me at abletech4718@yahoo.com and I will give you the details.

DG,

Today I'm day trading QQQQ"s options. while paper trading the NDX(options). I'm more familiar with the SPX(spy), but the NASDAQ was clearly leading the market and the bull flag pattern was pretty obvious on the NDX. 10 contracts on q's equals 1 NDX,same w/ SPX/spy. with this kind of volatility you don't alot of contracts to make some extra cash.

I just have to say that I am starting to really love the Market Matrix tool which I never used before last week. I'm just starting to use it more but the 2 really great things about it that I've discovered so far are
1) You can open more than one prophet chart at a time
2) You can see the symbols of the options which you can put on a portfolio tracker and see the price movement along with the stock.

I'm sure there's more but as I said, I'm just starting to use it. Haven't given up my Ameritrade streamer yet.

Matt,

Someone correct me if i am wrong but, i think what Jeff and Eric are refering to when they look at the FXY is the predictive power of the trend. If the FXY is trending up the prevailing market trend will go down. This is what I get out of it.

Good luck,

Dan

DG,

Where is that market matrix tool? Not familiar w/it.

Sarah,
It's on the Trading Tools page of the toolbox. On the left column. It will load your saved portfolios plus it has the Toppers...all sorts of neat things that I haven't even figured out yet.

I've been tracking the symetrical triangle on GMCR, and noticed it passed sideways through the apex, and kept going sideways for last last few days. When this happens, does it negate the pattern? Today it's up a bit. Is this + volume the signal?

Peter

Peter,

It definitely negates the triangle, since the pattern becomes far less reliable as it moves toward the apex. However, it doesn't negate the fact that GMCR is a kick-ass stock in an uptrend that's consolidating, showing huge volume spikes on up days.

It's up, it's down, it's anybody's guess how the market will end up today.


Michelle

Peter,
I started this post and see that Brett has said exactly what I was going to say. The only thing I'll add is that I personally find the trends to be easier to trade and this one's trend seems to look more like steps. It goes up for a while, then sideways, then up, then sideways. It's been sideways for a while and is just about at it's diagonal support line. Time for another upward movement, me thinks.

Check out EXM today.

Good uptrend. Bouncing off of trendline support. Ascending triangle. Now I'd just like to see it break above 40.

liz

Brett,

When you get to the edge of the cliff, look over it. That is where I piled up all the bears I've killed. The bulls will bounce off of them.

Put that in your pipe and smoke it.

Michelle,
You have to pay attention. Brett has already given his analysis of the day's most likely moves. So far it's been pretty close to spot on.

Kind of.

POT's still chugging along, and looks to be ready to break out. I'm holding it as my sole hostage in my RRSP and it's up almost 8% in the 7 days I've had it.

BTU seems to be consolidating at a triple bottom (sort of like mine before the "Buns of Steel" video showed up.) I think that heading into the fall this whole industry will get a boost. Right here would be a great Risk/Reward entry point, even though it is a bit of a pre-emptive strike. Those of you feeling lucky might want to get in early... the rest of us might want to wait for a bit of upward movement on volume. Personally, I think it's going places.

Raimo,

I'm already smoking from that giant bong on the VRTX chart today.

liz,
I like EXM. It's right there with one of my faves... DRYS. EXM is a bit more volatile, and it's cheaper. A very nice combination. The indurstry, as a whole, has done quite well through this month of volatility. The entry doesn't look quite right to me, though. I think it needs to move back a bit still. I got killed in August by taking trades that weren't right at the REE, and I think this one could still move back a few bucks before I was convinced that the trend was broken. These days I'm only considering stuff that if it moves ten cents the wrong way... it's "Off with it's head."

I'm not dead yet.

Brett,

You know I can't hammer you on the bong, I am with you on VRTX, AAPl, GRMN, CVH, CSX, BPHX, ATW, ATI, the list goes on.

But it seems to me you are sucking harder on it then me, not sure if I am jealous or not....

What I do know is my crystal ball is spot on, as is yours. Just that my BULLs are kicking you BEARS ass...LOL...

Raimo,
You'll have to speak up. I can't hear you over the din of thundering hooves. Dow's up 0.16

WHOO HOOOOOOO!

C2..

that is REALLY funny, lol...I am definitly laughing over here..very good..very good indeed.

And I am still laughing.....


Hey, anyone eknow what time Bernanke talking tomorrow??

Oh, gosh, you guys are funny.

When I come back from picking up my preschooler, I expect the market to be down -- 250 points would be good. Oh, who cares. If it goes up, I suppose the bull plays will even out my puts.

Michelle

Found it, 2pm..

Something telling me Brett eating a Buritto..a sure sign that the bulls are ready to stampede...

as long as history of the buritto repeats itself.

Brett...give it up, where are you??

I think VIP is done consolidating at $20.

C2,

The DOW was just up about .50 cents, more than DOUBLING your anemic post of it being up .16 cents...

The BULLS are (uh, bull??) is running!!

BBBY is on its next leg down. It is in the retail sector and could be a good Christmas play.

JP from OC

technical issue:

Do any of you have problems with prophet charts where it says you must click yes or always in the security dialog box. It won't let you use prophet charts. Annoying!

liz

FINALLY CELG moving...jeeesh....

Security dialog box??

Liz,

you need to add prophet.net to list of trusted site.

in the browser, go to tools and then security, select trusted sites and enter the site for prophet chart.

at the bottom bar of the browser the little security icon should change to a tick mark from the globe

CVD..

If you are not already in this...

Mahmood,,

Was wondering if you can do me a favor??

liz,
Can't say I've had any issues with Prophet Charts at all. Mind you, I don't use all the Whizz Bang stuff. Just the basic charts.

Raimo, your bull has turned in to a herd of cows.

Has anyone looked at KOMG lately? This one is really bizarre. It's been trading in a wild range of around $0.20 for the last few months. I thought it would be perfect for a spread play, but there's no buying interest on the puts and the calls are only a nickle. This one's the AntiChrist of volatility.

C2,

Really?

You may want to look again. The dow is up $2....rocketing higher!

MTL - doing it's late day thing. Finally!

Sure Raimo, Whats up?

Chris,
"The Anti-Christ of Volatility!" Oh, you kill me! :-)

For all you guys that were talking about daytrading, if you have a Think or Swim account, you can listen to Shadow Trader. He not only gives great market commentary all day but you can daytrade right along with him.

Think or Swim is really great and I never have the problems that you guys seem to have with IT.

I do have an IT account but I rarely use the charts there, just the Trading Rooms and MarketCast.

Raimo,
I agree, CVD just steadily climbing. Holds well in down movements.

Michelle

ESRX looks like good entry at 52 week high and good support, not great volume but that is not all that unlikely this past month.

James H.

cannot take any more Bullish plays. Got too many already. Now I need to find me some bearish to balance it out

Mahmood,

As you know I went long CROX a couple weeks ago...your bearish outlook has me stalled here. I need you to run out and buy some CROX! Your killing me!!!! LOL..

NVT - which I first mentioned Monday is breaking out as we speak. Er, type. Whatever.

+++++++++++++++ WARNING!!!! +++++++++++++++

I now have one teeny tiny holding in my options account.

Prepare for the end of the world.

I see a Parrot forming on the shoulder of GOOG's H&S pattern. This must be the Pirate H&S. Prepare for the 100 point move that this pattern ALWAYS comes with. I've got my position already, as this pattern is 100% fool proof.

Mahmood,

CVH for a bearish play, risk about $1.50 to the upside for a potential long way down...if you did not get in yesterday when i posted it..

i Bailed out of CROX today. so you are free to go. Now I am waiting for it to go above 62.25 for me to play the bulls side.

Mahmood,

I love you buddy!

Raimo,

I still see divergence on CROX but if it moves above the 62.25 then the divergence would be gone.

ATI - I'm not in this yet and thinking about jumping in at the end of the day today but question one thing. The chart looks like a nice drop is coming any minute now. But the company fundamentals are strong and it's industry group is white hot now. Why should this go down (unless the whole market does obviously).

Brett,

This one might be your style - IRIS seems to look interesting on a 5 year and 1 year chart - what do you think?

Mahmood,

Here is another for ya.

I went short CEG on 8/16...still in it with Oct 80's....$87.50 my bailout. heading back down....you may want to keep your eye on this one...I am already in it of course, so just letting the trade work...

DG, That's easy! It should go down because I have a put on it. :-)

Seriously, it keeps hitting its head on my diag support line and its made, by my count, 4 lower lows.

After looking at the DIA, SPY and QQQQ charts and incorporating that the QQQQ's tend to be more of a leading indicator than the other two then I'm nervous about my young put plays.

I know, I know play the stock not the market and I am, but still...rising tides rise all boats, blah blah blah

Kim

DG,
Steel/Iron is an industry that could be slammed by the sub prime meltdown. I think your time frame needs to be long on this one if you're shorting it (long... short... do they cancel each other out?) as the whole credit crunch thing has GOT to play out eventually, it's just a matter of when. I agree completely. A few days ago Jeff did a posting on playing the trend... heedless of news, CNBC, CNN, or anything. This is one that you're going to have to play just on the chart, I think. I'd be tempted by ATI if I wasn't sitting on my hands right now (... well I will be once I finish typing.)

Laney and DG,

ATI seriously flirted with my hard stop earlier today. I'm hoping it stays clearly out of Raimo's bear hunting path.

Kim

Mahmood-
I only have problems with Prophet Charts randomly. I use firefox so I don't normally have problems security issues and it's already a part of my trusted sites. Who knows?!?!

Thanks,

liz

re: ATI-

It may be overall a good company but you can see how the trend has been changing from upwards to sideways to now a downtrend. Obviously things could change any day but for the last few months this company has changed from a sideways trend to a downtrend.

liz

Mahmood-
My sentence should have read "security issue problems" or "problems with security issues".

liz

Kim...
But what does a rising tide to to a Franks and Beans formation? I guess if the tide is cold water, the formation could collapse completely.

Hmmmmmmmmm As the owner of a junior Franks and Beans, I would be vewy, vewy caweful.

Chris-
Parrots & pirates???? Did you say you were smoking something?

liz

Scoot,

It's on my watchlist. That's a hell of a flagpole, but i like the long-term trendline (about $3 above it right now).

liz,
C'mon, I've been pushing POT for months now. But seriously, my girls just dragged me out to Pirates of the Carribean. It was a hoot, but when I looked at GOOG and saw the little bump forming on the right shoulder... well... the parrot thing just jumped right in there, sir.

None of these moves matter until the Dow closes over 13,500 or under 13,000. Until then, this choppiness reveals NOTHING about market direction.

Brett, C2:

Thanks for the insight on GMCR. There are so many nice set ups right now, but the insane volatility has me feeling more like a gambler than a speculator. That's why I'm 80% cash. The rest is in stock: BOOM, JNPR, and puts: GS, IYR and VMC.

All for now.

Peter

VIP - hit my line yesterday at close and I jumped in the last 10 min. for my first pre break out trade that work. Ye Ha!!!

Confidence to do it came from all you guys. THANKS YOU ALL ARE GREAT.

Laney
Today is the first day my puts on ATI have made money. All of $80. I'm thinking of taking it and running.

Diana

Brett,
I took profits, nice ones, on ELON. Thanks!

In a different market, I may have stayed in but I have said "Adieu" to too many profits lately.

"Go on take the money and run."

ah man, i put a bid on a DIA put last time the DIA was right at 132.95, but I didn't get filled and wouldn't let myself chase it. Stinks when you're right but don't get the trade :(

Laney,

Congratulations on a great trade. I have much higher goals for ELON than you do, but hey, you're going out a winner. Personally i see a monster trend on a stock that's going to be a big winner going forward and i will be continuing to build my position on the dips.

Matt,

Holy Cow, I asked the exact same question of the marketcast today. I saw FXY just mirroring the indexes, not predicting anything. This was Eric's reply to me word for word...

-----
Bottom_Feeder,

Did the Dow open and trade at its low Tuesday? No, of course not. It traded lower all day and cascaded into the close. The FXY was up huge Tuesday morning, indicating that there was more weakness to come in U.S. stocks.

How about yesterday? Did the Dow open at its high and stay there the rest of the day? Of course not. The FXY gapped down big. The Dow traded higher all day, ramping into the close to finish near the day's highs.

That's how the FXY is forecasting day to day movements.

Eric
-----------

Diana,
I'm stating in. It has yet to break my line in the sand and the market is heading down. (Well, at least right now!)

I was up and all my profits dissolved yesterday. Today I am 50/50. The chart is telling me to stay. :-)