Jeff,
Are you predicting a market crash?

And the new picture up there, isn't that when he was getting the arrows shot into him in the movie?

I am not sure what this means.

Michelle

Jeff, I agree. It's like watching paint dry (or time decay) today.

If you or anyone else are looking for something to comment upon, how about AZO? I'm in puts from two days ago. The thing is not going down but it's not really going up either. Trying to decide whether to exit today or give it more time. Fortunately, I got in right about 115.75 so I have very little loss at this point. 115ish seems like a good resistance point and it's not breaking through with any kind of conviction, but it's not going down either.

Thoughts?

(From last post)

Raimo, are you out there, buddy? Was it you who I talked to about OI?

I took OI yesterday and am loving it today. And yes, I believe it was Raimo who was touting it yesterday. Thanks!

POT just exploded!!!

Krystal,
Raimo is hunting this weekend.
He is the one who mentioned OI.

AZO, I got stopped out of that days ago. I used 115 as my exit point.

Michelle

Michelle,

I try to avoid predicting the market. My predictions are usually only related to stocks.

But perhaps there are some innuendos?

And the word "crash" is a little severe.

I got into OI a few days ago as well. Nice move today. Yes, it was Raimo--the discussion being support bounce (targeting at least a few points) and anticipatory breakout with the target in the upper 40's. I believe he is busy hunting, or preparing for tomorrow's opening day.

Tim, it seems like you and I are in a few of the same positions!?!?!

My price target on OI is about $48 or $49, but I'm mindful of the POTENTIAL resistance from 1998.

I exited my AZO put position today. If you're still in it, I hope it works out for you.

Anonymous, I'm kicking myself for not being in POT...Thanks for reminding me! Just kidding! Hope you're in it. Call me when you exit...you can share your profits with me! HA HA!

Jeff,

Speaking of market crashes, you said once that you named your son Crash... is that true or were you joking? :)

If so, I like the name. It's unique. How did you guys spell it?... Krash, Crash...

Krystal,

The crew here helped create that nickname..."CRASH."

In fact, he usually gets up to trade with me in the morning. Next time I do a webcam/instructional video, he might have to be involved. If the keyboard is in reach, he takes the most unusual trades!

anybody watching HUM for the retest and BGC for the trend reversal?

gmoney

Does anyone know if there is a symbol for the SPX and NASDAQ futures that you can chart? (investools)

May we give a hand to SCHN
I hung in there as long as I could and pulled the trigger to take some profits. This has been one of the best trades I have done in a while. Thanks for all the guidance along the way.
Barry

looks like SNDA giving another entry point

gmoney

SCHN, POT, both trades I didn't get into.

If there were an OA dunce cap, I'd be wearing it today.

Woe is me...

Is there an OA dunce cap...?

Krystal, I noticed that as well. On OI, I am in it with stock and it's in my longer term trend trade category so I don't really have a target.

And, holy cow, i didn't even know the stock was trading in 1998, but you're right, I see that prior high from way back now.

Krystal,

we dubbed his youngest "Crash" because he was born on Feb 27

Tim, when I get into any trade I like to take just a quick look at the stock's entire trading history. That way, like with OI, if there's a yield sign, at least I know about it in advance (part of my rules).

I think it'll break through this time, though. But even if it doesn't, my REE should still give me a small profit.

DavidS,

There should be a "futures" menu in your prophet chart right now (left column). We just had it added. Are you able to see it?

Sue,

OOOOOOHHHHH. Gotcha.

BTW, is that you in the pic w/Arty, the Marketcast, and hot wings? Or are you a different Sue?

that's me,,,we had a great time

ISRG looking like a good entry here around $230 bouncing off old resistance as new support.

Joel R.

Jeff I see it now. Great tool.

Thank you

Anybody think BIDU has the gas to start running again? Flagging here and ready to run some more?

Joel R.

BIDU...

Dunce cap...

So Jeff,

The video means you are gonna light a fire under the market's a$$ next week?

James H.

Is anyone using the Patterns in Prophet Chart? A good portion of past predictions are correct.

I just sold my AZO also, it is not going down...

too risky...

Mimosa

Did they recently change some options to trade in pennies for front month contracts?

I am noticing a particular apple option is trading in penny increments when all others seem to be in 5 cent as usual(i have ameritrade). maybe its a new addition from ameritrade.

Ben

Anonymous,

I'm not familiar with the "Patterns" you're talking about.... Is it a tab under the Studies link?

Dunno...

PAY - Check it out. Yesterday was REE, with support at 42-ish. Making a nice move today.
VeroBarbara

DVA looking good, too.

VeroBarbara

Patterns is a tab right next to drawing tools

I haven't posted for a long time.

Still love the blog (and the dude).


Check these out for trading opportunities:

AFL, CCC, HNSN, CNQ, DVA, EMC, ENR, ISIL, RESP



Have a great weekend!


Brent in San Antonio

Brett-
Great post from earlier. Love Colin's voice. Love the lyrics. Great way to start off the weekend.

Thanks,

liz

Sorry Anonymous,

I was looking at my ProphetCharts from InvesTools, not from TOS. That's why I didn't see it.

I've never used that, but now that you brought it up, I'll have to check it out over the weekend.

Jeff,
The Boiler Room Vid from yesterday brings back horrible memories of my days at Merrill...but how true it is.

Tues and thurs were manadatory cold call nights for the rookies and the manager would bring in catered food just to make it more palatable. Oh god was it awful. These evenings were 100 dials min and hopefully yielded 2 leads if you were lucky.

That was of course after making 300 dials from 9-5am.

Congrats on finding a way out.

Brian K

Wall Street dips as quarter comes to a close
Friday September 28, 2:38 pm ET
By Caroline Valetkevitch

NEW YORK (Reuters) - Stocks declined slightly on Friday as the weaker dollar raised concerns and money managers locked in profits on the last trading day of the quarter, while data showed consumers kept spending in August.


Is this why we will be on fire next week? Because new money will flow in?

-steven

Blah day for my accounts. Blah cloudy day outside. The only thing looking good is OI & CROX. I had to sell a bunch of my puts today, like PXP & AZO so now I'm heavily bullish. I'm waiting for a bunch of set ups for put plays that haven't happened yet so... in the meantime I'll be studying this weekend.

liz

Anyone still holding on to AZO, although it has moved up it always comes down to the resistance level of 115 116. Sto and mac are starting to roll over. If I was nutty I would add to the losing poition since its do or die here.

What say you?
volume is also going lower

Liz and DavidS,

You know guys, I don't know about these puts. The only puts I can remember making any money on is CTX and HIG. All of my other puts like AZO, AMG, ESI, X, etc, ended with losses.

I'm a little sour on puts for now. Only time will tell. :)

Jeff-
Nice video clip. So, should we be keeping an eye out for the market getting a light under its seat or maybe POT making higher highs? ;-)

liz

AZO - I did a bear call spread on 9/25 when the underlying was $113.75. The premiun was $2.00. My exit is if the spread goes against me, I am willing to lose the $2 + $1.
I have the patterns added to my study set, and it is fun to see the computer's viewpoint. But, after talking with Jeff, he relies on what his eyes see. I do both.

David,

I'm still in AZO. It's not breaking resistance as far as I can see, but it's not going down either. I think it's a coin toss, but I have very little risk at this point so most likely, i will hold it.

Dang Friday selloff...

BCSI and ELON just went below 30 day MA after dropping below my support lines in the sand for both in the past couple days. I waited to see if the 30 MA caught them. I'm tempted to wait for Monday and see how everything bounces back from this little selloff. What are the rest of you doing with BCSI/ELON?

GRMN knocked down below 120 also ... yukko friday.

Time to throw on the rally cap.

James H.

Krystal-
You know... I was thinking the same thing about puts the other day. I have not been as successful with them. There are a few exceptions like SHLD and... well, I'm sure there are a couple more but none that I can think of at the moment. I've been much more successful with calls but on those crazy days when the market was dropping severely they did help me. Not as much as any of my calls (in the long run) but it helped keep my account neutral instead of it being in the red. So, I guess I look at it as a form of insurance--- just in case. The market's bullish so I'm more bullish but I still would like to have a few more put plays in my account.

liz

AZO
Tim: Ditto.

Thanks to Cramer's best friend .. William Poole from the Fed Board for the comments in the last hour - kicking things downward on a light volume day ... Good thing we don't deal with the market but stocks ....

Liz,

I was taking puts for the same reason- a little insurance on those down days in the market. But they just haven't worked out for me.

I'll keep my eyes open for them and add them to my watch list if I see any, but for now, I just don't think I'll be getting into any more. :(

Any thoughts about the market closing on the 14,000 again. Should we anticipate another sell off, or will it blow thru.
Something is telling me to be a little cautious. Does this make sense?
Barry

James H. -
What was your plan for BCSI and ELON? You should follow your plan. For me, BCSI went below my trendline support and my horizontal support so I'm out. Same with ELON. But if you had different lines in the sand you've got to go with what you had planned for the stock. Sometimes that may mean you get out of a stock and then the next day it does what you want but if you don't follow YOUR plan you won't go anywhere.

liz

I'm still in AZO. My line in the sand is a close above 115.90. It is getting dangerously close, but we still have over 30 min. to go. Though I am not that knowledgeable in Candlestick patterns, the current one on ProphetCharts is a "spinning top." Maybe I am wrong about that. But the Advanced Tech Open House earler this week mentioned a "spinning top" as a trend reversal.

Anyone care to comment or enlighten us?

Thanks, VeroBarbara

Funny thing is, I'm holding mostly short positions and they're all UP and I closed AZO cuz it wasn't falling either and my "line" was crossed. OI is carrying my account today. Thank goodness for that.

James H.,

For now, I'm holding on to ELON (small position size of 1 contract).

I started my ELON trendline at Feb 6th with touches at the end of March, beginning/end of July, mid August, and today. Monday's price action will likely tell me if I'm right or not.

I find it a little more difficult to formulate my exits when using diagonal support since diagonal support changes every day (based on where I drew the trendline). In other words, it's a little trickier to calculate reward/risk when using a diagonal support.

Any tips, OA?

I'm sitting tight with AZO for now as well. Unless something drastic happens in the last half hour. As of right now, I'm not considering it a failed trade since it has not crossed my line in the sand for exit. However, it doesn't have much room left before it does.

Missed LAMR the first time around and it looks to be at a pretty good entry point. I may jump into this one. Thoughts from anybody? I definitely need another put in my account since AZO is the only one I have...

Brett,

You were right on ELON. another reason for end of day trading.

Krystal-
I find this helpful... I draw my support and resistance lines and trendlines and then I switch over to "line" view on the chart and re-adjust my lines. It takes away some of the "noise" on the charts. And then I go back to candles.

liz

Krystal-
I forgot to add that when only using trendline support I will find a horizontal number that's close to the trendline to give me a figure that I can calculate but I end up closing out trades based on what I see. Anyway, hope that helps.

liz

I am still in AZO also, although that may change in the next few minutes as its right at my line
I'm alittle nervous with only having two puts, I am looking at SHLD and Brett's recommendation of NTRI

Greg
Long Island, NY

Hey gang, still in AZO as well. Even with the treading water through what most may draw as a downward trendline, it has really battled with $116ish/30MA for a week. I draw my trendlines with a fat sharpie so I am still in the small loss category. Still looks toppy. Next week is the make or break for either the price or time in the trade with no movement.

Liz,

My plan for BCSI and ELON was for them to go HIGHER. I tried to follow that plan as best as I could but it didn't work out.

Joking aside, plan was a simple price pattern/triangle for ELON. I don't like to see a stock come down below the breakout point, but I don't fret much as long as the apex/diagonal support holds.

Today is the first day it went through that support, yesterday's volume at the end of the day worried me, and normally today I would have been out of ELON, however with its 30 day MA right below, I held to see if the MA would kick it back up.

BCSI was a similar issue, though no triangle. I would have been out on the drop today, but with the MA right below, I waited to see if that would boost it back up again.

While evidently a mistake, both stocks appear to like the 30 day MA as support, so with the MA that close to my line in the sand, I fudged a bit.

BCSI has now bounced back up above MA. I don't think ELON is going to get there though.

James H.

Just got back after being away all day (again). Stopped out of PXP, AZO (ELON took me out at yesterday's close). Took profits on CROX and NVDA while I still had them. Still in LAMR and VSEA and TRAK. Since I can't be actively trading next week at all I am almost all in cash. I'll still be checking in but won't have much if anything to contribute. Please don't forget me while I'm out playing Grandma for a week!

Gonna do some serious drum banging tonight first.
xoxox,

Arrrgh, a great week gone ugly. I'm going to have to punish the market next week for steeling my profits.

Well, my comments above aside, I ended up exiting AZO and ELON. ELON stung me more than I had hoped so everyone who told me I was brave for getting in today, thank you! However, I would rather be successful than brave. Still an acceptable loss, but I will definitely be reviewing this one.

AZO was a tough call but the buying at the close and on the 10 day it just looks like it is winding up tight at 116 with the potential to pop to the upside. But, I think there's just as much a shot it pops down so no worries.

My short term, small account is now down to just one position CNQ. Notwithstanding today's losses, this has been the most profitable week in my short term account in a long time.

Ready to find some new entries next week. Everything in my longer term account is still trending along.

ELON finished near its 50 day MA, and appears to be vaulting back up after hours. At current, it is up $1.31 after hours to $26.32 (5.25%).

Wait and see time now, til Monday. Good luck all.

James H.

Well ELON and VRTX just grabbed my stops by pennies, and headed back on up. This is the most frustrating aspect of trading to me- where to set the stop. Perhaps my formula should be to set the stop .01 lower than I think it should be to prevent this in the future. It's only 1:21PM on the West Coast, but I'm ready for a cold one.

Peter

ELON is dead, Peter. Don't feel bad. If anything I'm upset I didn't take my profits and then buy puts before the close.

I don't know if it's bad earnings coming up or what, but the trade is over.

1) A lower low.
2) A failed symmetrical triangle breakout, then a breakDOWN.

The smart thing here is to get out of the way and watch what happens.

VRTX is a jeff kohler-textbook example of a symmetrical triangle breakout coming back and retesting the triangle apex. It doesn't get any clearer.

Is everybody gone for the weekend?

After today's price action, just ready to get AWAY from the computer...?

Krystal,
A lot of us will check in over the weekend. You won't be alone here. I'm hosting the monthly meeting of the IT Master Mind group that I run tomorrow after which I will be toddler-proofing my house in prep for next week. But first some Me time at the dojo with the drums....

Have a great evening!

speaking of user groups....

Jeff, i think someone asked about this before, but can you send me the contact info for the BAMM group?

Thanks,
Kevin
kevin9679@gmail.com

James H-
Are you sure your plan was for those stocks to go higher? I thought everybody's plan was for them to go lower. (just joking!)

Have a great weekend!

liz

Nice picture bottom feeder!

Everybody's got some very interesting avatars of late.

liz

What's the BAMM user group?

krystallwilliams@hotmail.com

I believe it's the Bay Area Master Mind.

Alright everybody, I'm checking out for the day. I got 'puter head, mushy brain and crossed eyes. Have a great weekend everybody

And Jeff, kick some a$$ at the tryouts this weekend will ya.....we're all rooting for ya!

DG,
I'm in the Oct 65 calls for CROX at 2.95 currently trading at 4.65.
Don't bring me down, down.

My plan after watching Donnie Deutch(sp) and listening to this guys story about the company way positive. I'm going to hold and sell before earnings unless we go below 3.00. I thought this should be a winner to let ride. I'll watch time value and and the decay....

Hope it works out, I agree with the posts on put options being very difficult to hold onto, lotsa suprises in the markets.

Have a good weekend

Brian, I still think CROX is a good trade. I had the 60's with a huge profit and didn't want it to sit over the weekend especially since I can't be actively watching the market next week. Stay with your plan. It might pull back a bit with the market on Monday but I think it still has legs.

A window of opportunity amdist my hunting, satellite is working up here for a change, and WTF am I doing..checking the blog...talk about an Options Addict.

Brett...sorry I had to cut you off so quickly dude...but you caught me in a tree, in the pouring rain, with deer approaching...I'll catch you Monday...

PP.....your a$$ is grass. I will own you pal. (nice one!)

OI....Rock on...

Monday..I am back..

Kim-
Great sounding martini on the marketcast. We must have been on the same wave length this week. I was thinking something similar the other day. Anyway, sounds so yummy!

liz

Have a great weekend everybody!

liz

I've got AFG winding up tighter than Adam Scott standing over his puts at the Presidents Cup right now.

Can I watch a stock to just coil up and not know which way it will break? Come on weekend bloggers bring it on!
Opinions?

Cheers,
C4

C4,

why not put a OCO contingency order in,,,it really could go either way,,has not too shabby fundamentals,,,group is showing some recent strength,,,but still looks like it could dive,,,straddle it and play it the way it breaks.

my 0.02.

sue

Ok Jeff,

We're waiting for the results....

******* MEAN BEAN SIGHTING ********

Hoodland Thriftway, East Highway 26 Welches Oregon. Hidden behind the Monster Energy Drink on the back right-hand side of the top shelf. The JM slot was the only slot in the cooler that was less than half full.

Once I read the infamous “Game Changer” thread. I went out and bought myself one of the new Java Monster drinks and was quite disappointed by what I had ingested. I liked nothing about it.

A week or so later, I read a post about there being three different flavors and have been in search of a stocked shelf to give the other flavors a try. Nowhere in over six weeks has there been one can of Java Monster to be found. Today was my day. The Mean Bean is 1,000,000 million times better (an exaggeration only my wife can enjoy) than the one I bought that fateful August 8th. I am a believer in the Mean Bean!

I will hold on to my position in HANS until the shelves are full more often than they are not. Not true. If it is still going up, I will always keep it!

Hey Jodi,

What is Jeff trying out for? He plays basketball, right? I played in high school... :)

Krystal

Hi Krystal

Yeah, he's trying out for the The NBA Development League in Utah I believe (correct me if I'm wrong Jeff). The tryouts were today, and I would say either he knows nothing from them yet, he's celebrating, pooped out, or just taking the weekend off from the blog. Either way he's good, just hoping to find out what went on :) (He posted on the blog that he was going for the tryouts sometime in the beginning of Sept) Are you a newbie to the blog?

VeroBarbara,

The "spinning top" candlestick (i.e., opening and closing prices nearly the same with upper and lower wicks) is said to indicate indecision. On their own they don't predict a reversal but can be used as a warning sign.

AZO appears to have formed more of a non-idealized "hanging man" candlestick (i.e., opening and closing prices nearly the same and no upper wick).
Ideally, this formation:
(a) occurs at the top of an up-trend,
(b) has a long-ish lower wick, and
(c) requires confirmation with a lower close the following day.
When confirmed at the top of an up-trend the hanging man is said to indicate a reversal.

You can probably find web sites with information on candlestick patterns. Here's one with descriptions of candle and price patterns.
http://www.thepatternsite.com/

I hope that helps.

mfs

OK IBD just did a story on dry shippers (water transport) EXM, DRYS and others .... Got me to thinking. EXM is already helping to fund my 11 year olds college tuition. Does anyone know who makes the ships for these companys? If the shippers are flush with cash, ship builders should benifit as should the people the build the equipment in the ports to off load ect... Just trying to follow the money

VA Beach Girl,
Nice recipe on the 'Cast Friday. I think you should share it here for those who didn't hear it. Whenever we all get together for the OA meeting... you and liz are in charge of the drinks.

Prince TAFKAA, (aka C4) I couldn't figure out if your recipe was supposed to be a desert or a final meal before heading to the electric chair. By the way... I think the selling at the end of the day was definatly "end of quarter bonus time" selling. I wish I'd thought of it on Thursday because my RRSP got hammered. ELON is killing me right now, especially with it being down 10% yesterday. I have stock in it though, so my exit strategy is very different. I just wait until I've lost enough money and then run around the house screaming "the sky is falling, the sky is falling" and Catherine knows it's time for a benedril and she fires up the computer and sells something.

HANS and GLD are the two stocks I'm ready to kill some kind of innocent animal over. Raimo... teach me all you know. Find me a rattler and a chanisaw. Anything. Jeff... I should have listened to you on HANS and I came within a whisker of taking Eric's suggestion on GLD but I had no cash in my RRSP and I though "how far can gold go?"

Hey the canuck buck closed over $1.00 US today. Jodi and I are rich.

Should have got into MON on the bounce off it's 70 support about a month ago.

Lots of shoulda, coulda, woulda's right now. I'm almost ready to get back into the options fully again. We've done really well just trading about 4-$5,000 for the past month and a bit. We're up almost 100% (again... this is the second kick at the cat. The first one fell off a hot tin roof, and has slowly climbed back up.)

Well, we took our oldest daughter to a University yesterday for a tour. Made me want to go back to University myself. I suggested to Catherine that we sell the house, take one course a semester and move into residence. The food is awesome, and the campus has lots of great... um... scenery. Like trees and such.

Well tomorrow's a long day (Toronto to Las Vegas, then back to Montreal) but Tuesday I'm going to be around and we're going to make some money. I still haven't caught up on the days that I missed but I shall try.

++++++++++++++++ THE ANGRY TRADER ++++++++++++++++++
****** Chapter 3... Mr Wiggley gets new shoes ******

Kohler woke up with a hangover. Whether it was from the drinking or the abuse his head had taken from Doji Girl the night before, he wasn't sure. All he could remember was a performance involving drums, tequila, and Bailey's. He'd arrived home at 3:00 AM and had been broadsided by a tuna sandwich and a hairy eyeball. Amber had a great aim and had learned the "guilt trip" beautifully from her mother. He was hungry anyway so the sandwich suited him fine.

"Where are your shoes?" Amber asked patiently.

Shoes? Huh... he'd been pretty sure he had shoes before the performance but somehow it didn't seem that important that they couldn't be found at the extremes of those really, really long legs at 3:00 AM. It seemed to be a bit foggy out anyway, and it was entirely possible that they'd just disappeared into the mist.

"We can't afford to be buying you new CROX every weekend, Jeff." Amber continued. "It's time we changed brands. I've seen a really nice new type of shoe. Very similar to CROX but half the price. They're called DORKs"

DORKs? DORKs?!?! Jeff Kohler would never wear DORKs!!! He put it out of his head and went to bed.

"ring... ring... RING" The phone wouldn't stop ringing. It was 9:00 AM. Where was everyone? "Ring!!" Oh man... why did his head have to hurt like this? He picked up the phone. "'LO?" he mumbled. His blood turned to ice at what he heard. "PHSAWWWW, Pffftt." That dreaded sound. "Luke.... er Jeff Kholer please."

"Sp.... speak... speaking." Kohler answered... barely able to breathe.

"We need you son. We know you love CROX but... we need you on the DORK side."

Kohler passed out. The drums were ringing in his head. He couldn't take it any more.

He was angry.

"We need you son. We know you love CROX but... we need you on the DORK side."

Chris, great stuff!

C2,

OMG that was hilarius

sue

Chris, nice to have you back and great next installment. It took me awhile to catch up myself. I have been promised my new computer for the past four days and always something wrong so I have put my old one back again. Like washing your car brings rain I am hoping that brings me a new computer

I have been learning (again) straddle and strangle strategies (NTRI and others) but cannot get NTRI to work as I do not see a large enough move. If I am wrong I would love some education.

Kim, could you forward your fav key lime martini receipe to me as I think the ones we have are second tier - bdheinrich@yahoo.com THANKS

Chris- Where do you come up with the funny stuff? Hysterical.

Bob- Sure thing. I'll have it comin' to ya.

Chris-
Ask and you shall receive.


The Monster Java Mean Bean Martini

THE Monster Java Mean Bean Martini

For 2 Martini's

3 parts Monster Java Mean Bean
2 parts Vanilla Vodka
2 parts Bailey's Irish Creme


Swirl the inside of your martini glass with chocolate syrup. Combine Monster Java, Vanilla Vodka and Bailey's into shaker with ice. Shake until cold and strain into your glasses. Enjoy!

All of the Monster flavors are yummy so use your favorite if you don't like the Mean Bean.

Kim

Bob,

I got NTRI to work Friday. I bought a boatload of puts on it!

I love this stuff. Tick, tock, tick, tock..Monday morning's almost here...

This comment has been removed by the author.

Hi Jodi,

Yes I am a newbie to the blog! :)

I didn't even know there was such a thing as the NBA development league. My husband probably knows about it...I'll get him to fill me in.

I hope Jeff did well. Guess we'll have to wait til tomorrow to find out...

Krystal

Well then, welcome Krystal, this is a fine group of people. You will love it here.

Jodi

Mike,

Thank you for the informative comments. I really appreciate all the ideas and education offered by you and the other OAs, especially Jeff.

VeroBarbara

Here is a 2.5 minute video of my 3 year old grandson, Parker, performing at his first gig with a local rock band.

http://youtube.com/watch?v=ZtqNMlLhFfg

Rock on, Parker!

Chris,

You mention RRSP. Do you mean RESP? Or are you talking in code? Oh, and I really like the latest "Angry Trader" episode.

VeroBarbara

Vero,

RRSP is the Canadian equivalent of the 401K in the US. I am sure Chris is sleeping of 2-3 mean bean before his flight tomorrow and can not answer. Plus, I think composing and episode of Angry Trader drains him.

DG

great video!

Just riffling through a bunch of charts. Does anyone else think that ZUMZ is looking a little toppy, short term that is? It is at a support area. If it doesn’t hold, it looks like it could find $40 pretty quickly.

Logan,

I saw the same thing on ZUMZ. I think it just got too extended in it's last run though. I am hoping it flattens out a little then starts the next leg up. If it breaks about $44.00 thoough it may run down for a while I think.

File this under "unsurprising news"...NVT is being acquired by NOK. The only thing i can think of here is that the market was expecting GRMN to buy NVT? Why else would GRMN be down so much in the premarket? Anyway, looks like yet another opportunity to add more bricks in the golden wall of navigation.

Where can you see the premarket activity? I know on the TOS platform, it shows the last price but is there site you can watch the streaming activity?

Jeepers! GRMN is down almost $5 pre-market.

Very frustrating Friday for me. I am still in AZO and ELON. I had an unforseeable situation that kept me away from the computer and unable to trade. Today is all about damage control for me.

Anyone else still iin AZO or does the cheese stand alone?

Brett,

Are you adding to GRMN these prices? It hit a low of 111.26 at 7:04 and has been climbing out of that hole. I have one contract left.

--Patti

Lis- I watch the pre-market activity on Prophet Charts.

PFCB- Is anyone in this with me? I have a profit target around 29. Any other opinions out there? I'm thinking that where it closed on Friday might have been my profit taking opportunity. I'm hoping it doesn't come roaring back today.

Laney-AZO crossed my line in the sand on Thursday so I'm out. But I am watching to see if it rolls over. Jeff mentioned on the Marketcast that he's still bearish on it because it's pegged at $116.

Kim

Thanks, Kim, that's very reassuring. I haven't listened to the Cast yet, this weekend was insanely crazy.

To VA Beach Girl and TAFKA Arty!
Wow your Monster Java recipes that were presented on Fridays Marketcast sound so good!! Excellent job!! I cant wait to try them!! Thanks!! SFM

Patti,

It's going to open near my long-term trendline. If that holds, I would consider it an honor to add at those prices.

It looks like the day is setting up for a slew of new GRMN questions for Jeff. I'm sure he can't wait.

Hey Brett. I'm with you. I'd like to get back into GRMN if it looks like it is going to hold that trendline.

What do you look for to tell you it is going to "hold"?

AZO may be heading up; if you look at a 5 year chart, it broke above its long term uptrend app. 9/25/06 and bounced off that same trendline 9/18/07. The MACD confirms it. Just a possibility.

Laney,

I'm there with you in AZO. I made my line in the sand thicker. But AZO is poking its little head above it. So, I'll be watching it today, very closely. And Jeff is still bearish on it (MarketCast).

VeroBarbara

Laney,

I'm there with you in AZO. I made my line in the sand thicker. But AZO is poking its little head above it. So, I'll be watching it today, very closely. And Jeff is still bearish on it (MarketCast).

VeroBarbara

Laney,

I'm still in AZO too. Since it is right at my line in the sand, today's action will determine whether I get out. I'm not willing to let it go any higher. I figure I can always get back in if/when it starts rolling back over...

Heads up! GRMN looking to open down big this morning on news of a Nokia/Navteq merger...My guess is it recovers during the day, but not sure how this impacts GRMN long term.

Wow! GRMN premarket! I’m glad I exited on Friday. Why you ask? I had October 120 calls and with being ATM with three weeks to go, I didn’t want to hold over the weekend as the cube tends to melt a bit quicker. None of us had any idea it would be this quick.

Another lesson in position sizing. I rolled out of Oct calls on NVT and into Jan 80's.. The takeover is at 78. These will be worth nothing in a few minutes.

This happened to someone else a few months ago. If I was over-sized on this I would really be p*%$#ed off. But I'm not ....and I'll get to work and make some money.

Brett I am in NTRI as well. A little bounce on an upgrade. I like the trade.

Jamie

GRMN, one word.

Un-freakin'-believable!

I need to vent a bit here...sorry.

I was just starting to get back into trading as we had experienced losses that made me re-evaluate my strategies and rules. After getting my entries right and working on exits I thought we were getting it and GRMN was leading the way for us. I was moving up my stop but letting it run. Today I get stopped out for a small loss but lost nearly a 100% gain!

I am so frustrated as my account is back to the low and yes I was position sized as I only had one contract. Everytime and I mean everytime we start to make some headway we get the rug pulled out from under us like this. I have yet to even tell Pam so wish me luck. I am so frustrated.

Sorry for the rant.

I added GRMN...

REE at $105...

Raimo,

Hope your hunting was great this weekend!

What are your thoughts on PXP? I've drawn my lines a little thicker, but I have a feeling I have violated REE either on the entry or by not exiting sooner because my loss is larger than it probably should be for a picture perfect REE.

By the way, thanks for the help on OI, I'm lovin' it! Thanks for all the help you give!

Angela

GRMN,
Looks like GOOG a few months ago. Don't think I will do anything until it stabilizes. It's out of my league as a newbie.

Michelle

GRMN

102.50 looks like the support at least at this point .... bounced from it twice now ... lowest this AM ....

Just FYI ...

Somebody throw a floor out there in front of GRMN will ya?

Wish I didn't have OCT's.

Market looks good other than that though ... sigh.

James H.

Raimo I'm with ya on GRMN, except I sold last week for hugh profits and rebought this morning.

BCSI.

Going to break out of an ascending triangle and over $100.

I'm holding steady on GRMN; I think the selling is overdone. I added a contract at 104 - so far so good.

BCSI splits 2:1 Wedesday.

--Patti

What are thoughts about BA and ENR this morning?
Barry

I also bought a call play this morning on GRMN. I just did it as a one contract, otm. I'm treating it as a purely speculative play so I'm willing to lose 100%.

Bob-Hang in there. Dan and I have been exactly where you are. This was a news story and was completely out of your control. In fact, you did everything right. You had a stop in place so that you could let the winner run so you have not lost much capital. It sounds to me like you traded your plan.

We had the same situation happen to us on WCC on Friday. They announced a buyback of shares and we went from a 142% profit to a 25% profit at open. We sold with our stop order and the stock continued up another $3 that day. This is why you have a trading plan. Without it I wouldn't have known what to do with the trade and I probably would have just watched in horror as I went from a big winner to a big loser because emotion would have taken over.

Something you might want to think about - Since you are only trading in one play (or were) you had all of your emotion riding on that one play. Every day now I have some plays up and some down as each is working its own path. But the overall is more positive than negative. If we are only winning on our trades 50% of the time or less, you're giving yourself more of a chance to get lost in the losses because you're not diversified in a number of plays.

I'll leave it at this, Bob. Did you have a plan for the trade? Did you trade your plan? If so, then you were taking care of business. It's a failed trade. Pick yourself up and start looking for the next one. I know it's hard sometimes. We're all here to support ya.

Kim

I sold a 100/95 bull put spread on GRMN (actually I added to this position). I figure at that time the vol was high and I wanted to lock in the premium. Based on where it goes and once the vols drop I will then add a call to this position. I see support at 104.23

BIIB looks like it is bouncing from support today. Better entry was Friday but Today is not bad either, do you own Risk Analysis

Brett,

Where do you get your news? Is there a particular website you use? You seem to be so well informed. I would love to know where you go for this information if you don't mind sharing. Thanks. Ann

Well said, Kim. Bob, the same thing happened to me this morning. For a brief moment, I was thinking I should have taken my profits last week, but that would have been breaking my rules and trading emotionally. If anything, I am proud I had a plan and followed it to a T. I can't control the news, but I planned around it, and for that it was a successful trade. You too were successful. You ARE getting this. Stay strong and find a winner to throw your money at today.

OI, oh my!!

Bob ... you did great! WHAT would have happened had you not had that stop in place ... Sure you lost profits but you didn't LOSE in the big picture ... You planned smart with that stop and there are other buys out here today to swing you right back where you left off ..

Steady as she sails my friend .. Long term picture on portfolio .. not on one stock!

Best to you .. you're a joy to read on this blog!

If getting up at 5:00 am each morning is being well-informed, then I guess I am! I just watch CNBC, check Yahoo headlines, etc.

Anyone watching the inverse h&s setting up on GRMN on the 2-day. Everytime I point this out it fails, but if this last move up takes out $108, we should climb above that trendline at $112.50 and make everyone who bailed this am look stupid. If not, then I'm the sucker.

NILE looks like it may break out of its flag today.

James H.

GRMN closes up $1.63 today...

You HAVE to love NILE here. Right at support on a retest, a double-bottom CONFIRMED on the 10-day. Huge upside, big momentum stock.

Brett

Are you still strong on that put play with NTRI? also why would that be. I noticed you mentioned this over the weekend.

I put in a limit order last night to buy GRMN Nov 120 calls at $9.70 and got filled at $5.20. I'm actually up at the moment! Of course that doesn't make up for the smoking hole in my account for my previously purchased GRMN calls but I think they will limp back soon enough.

CTSH having announced a stock split seems to be doing pretty well lately. Could be a good play up until the split date after which it will probably feel depressed once more.
Stan

VAR is right at its trendline. Low risk put if it holds today.

NTRI? I loved the bear flag breakdown. It looked like it was crashing below support.

Today's action appears to be the work of an upgrade, but the flag break has been retested. It's been measured, and it's been defeated.

OI, welcome to the $42.40 resistance level ...

Raimo, you're a trip. But if GRMN closes where you're dreaming of that would be one wild candle.

And I'll use the profits from the one day trade with the massive gain to buy myself one.

Kim

Brett,
You can't look stupid following your plan.

OI.... Had my first target set around $42.50, given the more recent high and the old, old resistance. Figured I would just watch it closely. If it shows weakness, I'll take the profit and move on to something else. Won't complain about 36% for a few days. If it breaks through, better yet.

SHLD is breaking down again. Good bearish play to counter the great bullish plays we have

Long WNR and short DK.

There's a contraDICKtion there, isn't there?

Hosed on NVT...but GRMN is making it back and then some....

I don't know DK but I am trading a GLDN sitch.

Jamie

Brett-

Reminds me of the time in 2000 when I was working in the Investment Department at Citizens Bank and wanted to buy a Christmas present online from Dicks Sporting Goods but didn't know the web address. Without hesitation (or brains) I typed in:

www.dicks.com



True Story

CPSL...nice flag break....bought this A.M.
SNP, ACH, GXC....china...wow

Jamie

CLEAN CUPS...new post from Jeff...