Expiration Day

September paper expires today. Sell it like it's hot.

Aside from breakfast, the only constructive thing I have been able to do is tighten up risk in my positions and add a few contracts here or there. My high flyer's have become hard to add to add to (entry & pricing), unless we are talking stock positions like ZNH, AMZN, SCHN or HANS, which I effectively added to today. I am scaling out of GMCR to buy more HANS. Coffee served cold is the next biggest trend, and I'm way ahead of the moves to come.

I love DRYS, CNQ, POT, BIDU and BIIB. I'm addicted to the early profits I am seeing in my October paper.

I wish the option market was more like a swap meet, where I could trade up old hand me downs like GRMN, ONXX, ISRG and VDSI to the old lady that ran a shop out of the back of her van. If you knew her well, she always had something special for you.

I took profits in SYNA, LIFC, and MON today. Once management found out about this they almost elected to go private, since they lost one of their biggest shareholders.

All in all, I have been automatically enrolled in the "Jelly of the Month Club" for all the commissions I have contributed to my online brokers bottom line.

For my index traders out there, I will disclose my long position in the Russell this morning.

Addicted to $RUT (20 Day Chart)

I couldn't leave without a couple good set-ups to share...

Long: SNDA
Short: AZO...again.

The remainder of my day will be used to monitor positions, delete e-mails and prepare to catch a flight to Oakland. Since I elected to go with a Johnny Cash cover of a NIN song a few days back, I will ask for redemption with the attached offering...

Recommendation: Have a great weekend

Long: NIN

Short: Churning

Disclaimer: I probably missed a few things...I had 20 minutes to write this. I was Free-stylin'

Jeff,

Your the bomb...

Anu....RTR is my way of setting (reminding me) to have a target price for all my trades, and it is an action point, meaning I have to do something. RTR is Raimo's Target Reached, and when my trade hits that target, I take at least half my profits off the table, I'll re-evalute the trade, and let my winner run....

Too often I have let profits diminish, so now I have my RTR on the chart before I take the trade, when I hit it, I take profits..

Thanks, Jeff, for all the posts lately on the blog, and all the ideas.


NKE, looked at it just because it was in the news -- is that a cup and handle forming?

Michelle

Thanks, Jeff.
SNDA ...another China stock to add to my list.

I hope you did something to liven up your oatmeal. Blueberries, walnuts, and coconut do the trick for me.

Have a great weekend!

--Patti

Thanks for your help Jeff - have a great weekend!

as for high flyers you forgot to mention solar stocks taking off again
FSLR
TSL
JASO

I'm in FSLR, but if TSL holds 50 as support that could be interesting.

Hi Sarah,
LDK and ASTI are solar looking good too. SFM

Today is one of those magical days when nearly everything is going the right direction. Short MNST and VAR and long GRMN, CNQ and SNDA.

Makes me think "hey, I can do this." But also makes me get trigger happy and jump on RL earlier in the day before it had a chance to retrace all the way. I hate emotion. Oh well, I do still think RL is retesting an inverse H&S breakout. Or, quite possibly RL is just a terrible idea and I will be out by day's end. We shall see. Either way, small risk.

Long: good entries
Short: bad entries

Holy Molely!

Stepped away for 10 min. set a long shot stop on ZNH and got stopped out at 87.35 Got right back in around 87.15. My first $100. a minute trade and it was shear luck to have caught it.

Long: Luck

Short: Stops

Diana

Jeff, Have a great weekend! DRYS,POT and CLB have been dumping money into my account over the last few days! As a new trader, this has been my best week and a half so far! Since talking with you and Eric last week,, my confidence and focus have improved to a new level. THANKS!

scott aka tallred

For all the China fans out there ... CPSL ... China Precision Steel

JB

Raimo,
Thank goodness you're back. "The Artist Formerly Known as ARTY" has run amok. I love him, but he's out of control with this thing. Whenever I read hist posts my brain abbreviates it as FARTY.

The Artist Formerly Known as ARTY,
Please forgive, I just couldn't help myself.

Raimo,
Thanks for nothing, pal. Oh... welcome back, by the way. Nice snap... what's that you're holding? Another rattler with rigormortis? I can only buy stocks in my RRSP and have always relyed on some research and lots of dumb luck when buying. My first year with IT that netted me 80%. Dumb luck always beats out brains and good looks, I find. Otherwise I would have chosen to be smart and good looking. Clearly I chose neither. So now I have to go off into a closet and figure out a STRATEGY for trading stocks too? Man this is getting more and more like real work.

I couldn't get out of my CAT puts the other day due to my stupid job, so I finally got out today. Nice bounce 3 days ago... too bad about that. The good news is that I got into DRYS a few days ago. All Water Transport stocks are doing pretty well today.

VFC is down a bit today... just bounced off REE yesterday. Still an excellent entry on a most excellent put, me thinks.

Jeff, thanks for another great post.

Oh, and Raimo you post on the last thread was awesome! You are clearly at one with the universe after your time on top of mount Vaseuvius.

Jeff- thanks for ending the week with another great post. Analyzed the AZO trade and took down some Dec. 115 paper.

Raimo- I love the idea of sending myself of a chart when I take down a trade. I can't believe I didn't think of that. I've just been leaving the marks on my charts but the longer I trade the muddier it will get.

I keep the following watch lists in Prophet:

- Closed Trades (Green highlighted candles for getting in, red for getting out)
- Current Holdings (I keep the $VIX, FXY, SPY, DIA, QQQQ in this list regardless)
- Sector ETF's
- ETF's that short the market
- Currency Plays
- Marketcast Picks
- Bearish
- Bullish
- JKB watch list (Jeff Kohler blog picks)
- Never Trade List
- Covered Call Watch List (this is a Cpt 1Lot strategy)
- Global ETF's

I go through my bearish, bullish, JKB and Marketcast lists daily looking for plays. And of course I am always lurking on the blog.



Kim

Jeff - My first comment, I've been reading for a while, you have a great blog, thanks for the insight.

And for the weekend here are my NFL picks:

- Vikings +3 over the Chiefs! (did you see how bad the Chiefs looked last week?)
- Panthers -4 over the Falcons (I think I will just pick against Atlanta every week)
- Cowboys +3 over Da Bears (Chicago not looking good right now and Dallas does)

Everyone have a great weekend.

Can I ask a, maybe, dumb question. When you guys refer to "paper" do you mean paper trading or something else?

anonymous,

paper, in the context of the previous discussion,,is slang for option contracts

Put in a day order on my POT play "just in case" it hit my target and I am amazed it actually did. The stock price didn't quite get to $105 before my limit order filled but who cares? 222% in 4 days. I'll take it and run.

Kim

This comment has been removed by the author.

FYI....7-11 on the corner of beach street and south street is stocked wth your monster java....(daytona bch)

Sue,

Glad I was able to get you xcited..

LOL,,,I call them as I see them

Sue, You didn't deleate fast enough....Raimo's sighted you (pun intended).

Raimo, Isn't the photo of 'Jeff' with sunglasses really you? At the time it was posted, I thought someone said it was.

--Patti

Hi Jeff, Thanks for the post and the blog and for being the picnic host.
Hi Amber, I hope you got the message I sent Wednesday. Too Funny!

In an effort to add value and compensate for my own chattiness, here is a tip for anyone finding it hard to follow their rules, .... courtesy of Trading in the Zone.

Say this to yourself until it rings completely true to you.
1. I am willing to create trading rules.
2. I am willing to take responsibility for my own trading plan and trades.
3. I am willing to stop randomly trading and trade deliberately.
4.I build the self trust necessary to operate in an unlimited environment.
5. I learn to flawlessly execute a trading system.
6. I create a strong unshakable belief in my consistency as a trader.
Good luck! SFM

Raimo-
Nice pic! By the way, I loved your post. I don't email charts to myself which is an excellent idea but I started keeping a "journal" on my charts, printing them out along with an excel worksheet that has my R/R and all the option pricing info. I keep it all in a folder that's separated by calls, puts, spreads & stocks. I can flip through it and see what I've done in the past. I've only been doing this for 6 weeks but it's very helpful. Thanks for all the great info you've been posting.

liz

Susan FM..

How about 'The Five Fundamental Truths' of Trading in the Zone:

1. Anything can happen.

2. You don't need to know what is going to happen next in order to make money.

3. There is random distribution between wins and losses for any given set of variables that define an edge.

4. An edge is nothing more than an indication of a higher probability of one thing happening over another.

5. Every moment in the market is unique.

Patti,

Jeff's picture is actually fithclansman,,,I think that's what he said

Hi Patty,
I completely agree! Love that book. SFM

SFM-
Just to let you know...I responded back to a question you asked about Trading in the Zone but it was a few threads ago.

liz

Jeff-
Thanks for the song. And thanks for the bonus set ups. Very nice. Have a wonderful weekend!

liz

Last night I dreamt that somebody loved me...

and that POT & DRYS and CNQ!


It looks like BCSI is making a nice little bounce.

liz

previous post:
bad sentence structure. sorry.

liz

Sue-
Are you available after the market closes today? If so, I'll email you. I would like to wait until the kids are taking their nap because then I will actually be able to hear you.

Thanks,

liz

Nice job, Kim! Looks like that 3 day class really is paying off.

Hi Liz, That was a great quote from it. Thanks for answering.

I was going to write back when saw it yestersey. oops, bad spelling. Bad, bad kitty! meow.

SFM

Liz,

sure

Sue-
Thanks.

liz

Liz, good going on the POT, CNQ and DRYS!
I am in POT too. And FCX, PCU and I caught 87 in the ZNH dip. Hope it holds....SFM

Try TNH looking good here about to break out, albeit volume is not there.

Mike G,

Love the picks!!! I fedexed these to my bookie and FYI, I didn't properly position size. So when they go bad, expect an e-mail from me asking when to get out.

Who else is calling out the upsets this weekend?

If anyone likes to do the Fibonacci (sort of like the Macarena, only more Italian) go to X. Start your fibs at the peak of the 1 year chart and run it to the bottom (this puts the top around 120 and the bottom around 55) It is uncanny how each line has become support and resistance during the past year. 105 is now a line of resistance and when it breaks through this, it should go back to 120. Wait for it to get thru 105, as it will probably be a bit of resistance here, for a while.

I find Fibs vewy, vewy cuwious. Some times the work, some times they don't. But when they DO work, it's almost spooky how good they are at predicting support/resistance.

Just a thought on this hot Friday afternoon. Everything's up today. I'm up 9% in my RRSP in the last two days. I'm rich.

No wait, that's the other dream.

Jeff,
I thought you'd left for the weekend. I have an emergency question. With the market going up today does this mean we're in a bull market? Should I sell all my puts and buy nothing but calls? Why is GRMN not participating? Why is POT high? How far is up?

I think our DVDs from Orlando may have arrived and tried to break down the front door today. Unfortunately DHL took them away in a straight jacket to spend the weekend behind bars. They thought they might meet OJ, but no one told them he flew the coup.

Have a great weekend and thanks for a very, very fruitful week. There's more information on the blog this week than in quite a while.

Chris-
I agree. Sometimes the Fibonacci's are so spooky how they work. But they seem to work with some stocks better than others.

You're getting closer to your dreams all the time.

So, I sold half my positions in POT because it got close enough to my target for me to feel okay about taking profits especially with the parabolic move it's made. And now, just going to let the rest run.

Can you believe the volume on DRYS? Now just waiting for GRMN to do something.

liz

SFM-
Looks like FCX is holding. PCU looks good. ZNH has made some great moves. Very cool!

liz

Jeff,
If you're looking for someone to call upsets... I think DG is your girl. Seems to me she can get pretty upset on a moments notice.

Just make sure the drumsticks are out in the garage.

Sue-
I just emailed you. I'm here all day today (for once)!

liz

Raimo,
That's quite a picture! Maybe I'll have to go back to calling you Rambo.

It's interesting to hear how everyone keeps their journal. Emailing it to yourself is an idea I hadn't thought of. I mark the chart up with my entry, target and stop and then print it out and put it in a binder. When the trade is done I go back and write the result on the original sheet.

Overall, a good week I must say. Missed most of today due to the Closing From Hell but was able to get home in time for the last hour. Saw I was stopped out of NYX early which was a good thing and took some profits on others at the end of the day.

Jeff, have a good trip and thanks for everything this week.

Holy $#%&*, just saw Raimo's picture. I am sorry if I ever said anything to piss you off.

Here's some shorts to check out for next week.

USTR (flagging), LFG (flagging)

Oddly, my options sucked air this week. I need more capital I'm spread to thin. I finished right where I started. But my 401K stock picks went crazy. Best week ever thanks to ZNH.

Cheers, MikeH

Liz,
I also took my POT profit. It passed my target and I saw it backing off at about 3 PM (profit taking) and I wanted some too. I love 5 day trades like that! I weighed the choice of letting my profit run, and run the risk of giving it back, and since I'm still not trusting this market, I'd rather err on the side of caution.

C2,
Watch it or I'll come after you with my drumsticks which are as lethal as Catherine's hammers!

Doji Girl-
You could just use your wand on Chris.

I'm also not trusting this market too much either. I just left 1 contract running on POT.

liz

Haven't posted for a while - I've been on the DRYS and POT ride for a while. DRYS has been by far my best pick EVER. Now to make the right exit!

John M.

Everyone, have a great weekend and if you are out hiking and see Raimo in the woods, just think of his most recent picture and then....RUN LIKE HELL!!

Raimo, this poem must be amazing since you have been working on it for over a week now! Looking forward to it.

PP

Wow, anybody playing the GOOG? I just read about it in the news and pulled up a chart. Finally getting over last earnings' report.


Michelle

I posted when I took GOOG days ago, and am enjoying the ride...I hope you are too!

Bottom Feeder..

It's all good, you are safe..

Raimo-
I feel safe when I'm on the blog! I just feel sorry for those that try to mess with any of us on the blog.

liz

Raimo-
Soon, very soon I will be able to make trades like GOOG and CME. Can't wait!

Congrats on GOOG!

A lot of stocks are just rocking right now. I love consolidating... and then wham!!!

liz

Thanks to Jeff and all on the blog for giving such great insight and content this last week. I've copied and filed for future reference info from Jeff, Brett & Raimo. And thanks to Sue for your willingness to share outside the blog and walk us through some very cool stuff on TOS.

I hope you all have a great weekend. And I look forward to trading with you all next week.

liz

And for Brett & C4 (TAFKAA)-

I leave this thought for you (one of my favorites)...


You smile and think how much you've changed
All the money in the world
Couldn't bring back those days.
You pull back the curtains, and the sun burns into your eyes,
You watch a plane flying across a clear blue sky.
This is the Day -- Your life will surely change...

liz

Hey Jamie,

Are you here today? I did a paper trade on NILE yesterday, and got in for real today.

I think it's a breakout!

Krystal

Oh, yes and Kim...

Congratulations!

liz

Liz,

Is that "The The?"

2 words for you all: Loca Moca. It's all over. Hy Vee now stocks it here. Kohler, no joking, I'd be willing to bet there's as much Java Monster in my basement fridge as there is in your vending machine.

Who thought of these names anyway? Big Black, Mean Bean, Loca Moca? Sounds like a prison movie! Long HANS. Long cases of 15-oz Taurine-induced seizures. Long Venizen Jerky (which I'm sure Raimo actually killed).

Have a great weekend everyone! I leave you with this thought, complements of Moz:

"So, I broke into the palace
With a sponge and a rusty spanner
She said 'I know you, and you cannot sing'
I said 'That's nothing, you should hear me play piano'"

Matt,

Sorry this took so long to answer your question, but I missed it among all the posts....

I have in prophet the following watchlists:

Almost all the industry groups with there stocks in them. I like to be able to look at all the stocks in a group. Yeah, it took a long time to get those set up...

I also have:

MARKET...various stuff in here to give me an idea of market conditions..all the indices, vix, fxy, etc...
CURRENT TRADES
PAST TRADES
CLOSE.. trades almost ready for an entry
TODAY..trades I a thinking about taking today
FAVORITES
KOHLER

Matt,

all the industry groups I also have listed together in a watch list "industry groups", so I can get a fast snapshot of the groups as well...

Krystal,
I think NILE broke out two weeks ago. To me this looks like it's right at it's peak and ready to re-test support. Especially with the "Death Doji Thunder Stick" candle that formed on Friday.

Brett, Raimo, please tell me I'm wrong on this one.

liz, I get a warm fuzzy feeling when I look at your new photo. Brett's, on the other hand just kreeps me out. Actually that's not true, Erin. It's just the thought of that allegedly being Brett. Maybe it's just that the lipstick's the wrong color, or something.

C2,

Ok, your wrong.

Mr. Raimo,
I reverently and humbly beg your pardon in advance of my next question. I am searched, researched, and read out. I need a little bubblegumm for the mind so here it goes.

I need a recommendation for a "trading" movie that would fun and relevant to trading in some way for my evenings festivities. I just can't read another word.

I will going hunting in the menatime.

Thanks in advance to all those who have ideas.

Cheers,
C4

Arty,

Try Trading Places, Eddie Murphy and Dan Akroyd....

Raimo,
I am going to need you to dig a little deeper. This aint our first trip to the rodeo.

"Your Blocking!"

Come on now show me something!

Cheers,
C4

scanning the watchlist i see that both TSL and JASO broke above resistance on friday w volume, but JASO has made an all time high and has no over head resistance (TSL has resistance ~60 and ~70)....i just thought i would share that....happy weekend

Tonya,
Nice call on TSL. I think it can be seen as both an inverse H&S with a 10 pt target ($60) or a sym triangle, both of which were broken out of yesterday.

Prince Tafkaa, try Wall Street. If that sucks, any of the three Shreks would work (he's handsome, he's ugly... she's beautiful, she's ugly... everyone's trading.) Failing that, any Schwartzenagger movie would be a nice one to snuggle up with your favourite Tomb Raider.

NILE's a good entry at $95, in my opinion.

As for trading movies, how about Wall Street? Boiler Room is pretty decent, though it blatantly steals from Glengarry Glenn Ross (Ben Affleck is no substitute for Alec Baldwin) to the point where they even reference the movie in it.

And if you haven't seen Glengarry, add that to the list of must see movies. You won't find a cast like that anywhere, except maybe A Few Good Men (another great movie).

OPTIONS ARE AMAZING!

so is your site. very nice.


love the power of OTHER PEOPLES MONEY

leverage = mo' money!

www.BuyOnTheDip.com

Go team!

Phantom Poet I do respect
Thinking back I must reflect
Times you’ve busted and broken my nuts
And you still hide in the dark, ahhh…no buts…
Now I know and appreciate the times you’ve backed me
But I have to get you don’t you see?
You came out of the dark but not into the light
It was you my friend who started this plight
I appreciate and offer my thanks
In ridding the blog of some cowardly scanks
But truth be told without our hammering prose
This would be no fun don’t you suppose
Now yes I know I’ve attacked you hard
Even made fun of your ass of lard
Ah, Phantom, but all in good fun
Are you still wearing that thong in your bun?
Phantom I hear your hair looks like lo mein
But are you the master of your domain??
Closet bound and you won’t come out
A belly so big you can’t see it no doubt
I’ve been slow to respond yes I’ve been a slacker
But you’ve been patient I hear playing with your tallywacker
Weight watchers for you please give it a try
The McDonalds you eat goes right to your thigh
Come get me Phantom and don’t be nice
Hit me with prose and add in some spice
This is all in good fun and with a sense of humor
But are you a trader or is that just a rumor?

BVN.......

Well, I think I finally got the picture thing working. Me and my youngest (3 months old).

Things are going much better for me lately, thanks to all of you. I have a great deal more confidence and more money in the account.

Calvin

Brett-
Yes, "The the". I even like the song with the M&M commercial.

liz

Raimo-
I like BVN. Nice easy out if it goes the wrong way.

liz

Calvin-
Nice picture!

liz

Chris-
I agree, the candle on NILE doesn't look very promising but you still have to wait for confirmation.

liz

Tonya-
I like the looks of JASO.

liz

I use Internet Explorer to view the blog comments. It allows me to keep track of unread messages but I'm not all that happy with it. I can't see everyone's pictures unless I go to post a comment.

Does anyone else use something different?

More ideas for the coming weeks.

DECK-if you're not already watching... Broke out of symmetrical triangle 4 days ago and just broke above 105 on Friday. Still have some overhead resistance around 113 but still one to put on the radar again.

AVTR-Just broke below 56/57 support/resistance. Wait for a pullback for a better entry.

SNCR-Nice uptrend. Just had a decent pullback on Friday.

ISRG-looks like it's making an ascending triangle.

GS-Made its way back up to 209/210 resistance/support. Could go either way but will need some volume to move up more.

SNP-ready to make a new high? Waiting for a break above 116 or so...

RTP-broke above some previous resistance around 324 but w/o much volume so there might be another good entry on this one.

BAY-Just had a nice pullback. It's at a nice REE around 78.10 or so.


liz

Wow Liz..

I worked for about 8 hours today on charts myself...and you come out with that list...

Next time tell me you are doing that please, you'll save me lots of work....!!

liz,
Great list. Thanks for the comments too. Have a look at CROX. It's up to something... I'm just not sure what. It's coiling and waiting to spring. Maybe, like a rattler, it's waiting to strike at those too stupid to keep their feet away from the moving bits of escalators.

Grant, congrats on the pic. Let me get my sword and dub you an official Knight of the Option Addicts.

Liz,
Nice work! I especially like SNP. That looks like its ready to explode.

Chris,
CROX was looking great to me until that escalator news a couple of days ago. It might be okay since the news only took it down to diag. support and not lower.

Question for all of you seasoned traders. I'm looking at GRMN- we believed it broke out of an asc. triag. but I drew some new lines since it just refuses to take off. I drew a diag. line touching the tops of 8/8, 8/22, 9/6, 9/19. It looks like a wedge- yet wedges, do they go in the direction of the trend? Just a thought.

Liz,
I saw that on ISRG, too. Entered the trade Thursday (a little early). Friday was a better entry.
We'll see. I also see it at two levels of support (my reason for taking the trade.) We'll see.

Just another of Jeff's great picks.

Brett,
My husband mentioned that movie Glengary, Glenn Ross this morning (guess I'll have to watch it.)

NILE,
Just checking (do I see what you see.) Breaking out of previous highs and diaganol support?

Raimo,
GOOG --
No, didn't take the trade. When it was at support, I was trading cautiously. But I'm glad somebody is riding that thing up to new highs. Make some money.


Michelle

Liz,
BAY: The last couple weeks volume has been falling as price was rising and vice versa. Not sure what to think of that.

SNDK:
Formed a triple-top pattern (with volume decreasing at successive price peaks) confirming 9/13 with a close below support at $52 on decent volume. Price has since crossed back above $52 level on declining volume.

Opinions requested:
Now that the price has crossed back above $52 is this more likely a failed reversal pattern, or a low-risk entry for the reversal pattern?

Mike fr Seattle-
From a long term perspective BAY has been in an uptrend for pretty much 5 years. Yes, there's been decreasing volume this last week with a slight little pop in the middle and huge selling volume on Friday. Remember that this Friday was expiration day and people were probably selling off all week accumulating with Friday-taking profits. I don't mind seeing decreasing volume because then it usually goes up slowly or it pops. And I love the huge pop up on buying volume. Anyway, I just liked the pullback because the last pullback was in August. But, alas, my opinion only.

liz

Michelle-
I keep seeing all these great set ups (like ISRG) but I am at my personal limit of the amount of trades I allow myself to take at this moment. I don't allow myself to take on more than 12 at a time. Most of the time I only have between 8 and 10 trades going on at once. I'm not that talented yet to keep track of any more.

liz

Raimo-
Promise! Next time I'll let you know in advance! Actually, I wasn't planning on doing any research but the kids were in bed and my husband was at work and I thought that instead of eating my time away, I should study some charts instead.

liz

Doji Girl-
I like SNP as well.

liz

Chris-
I think everybody and their children have Crocs, especially here in California. Everybody I know that has them say that they're really comfortable. I think my husband would kill me if I bought them for my boys. Besides the whole escalator thing... Anyway, I think it's up to something as well. Looking for a break above 60!

liz

Lis-
I'm not a seasoned trader but I'll try to answer your question for you. Hopefully, Jeff, Raimo and/or Brett will answer you later.

As with all patterns a confirmation is required. But here's the definitions of a Bearish Rising Wedge Pattern and a Bullish Ascending Triangle Pattern

In a Rising Wedge (which is a bearish signal) the price action will bounce between two converging, upward sloping trendlines until it breaks out to the downside with volume. Volume decreases during the formation of the wedge.

An Ascending Triangle Pattern usually occurs after a large run up in price. There will be a brief consolidation of price within the triangle with decreasing volume. False breakouts are common as well. 150% of normal volume is a must to accompany a valid breakout.

So, it did look like an ascending triangle and TO ME it is starting to look like a Rising Wedge. Confirmation is always key. I'm in this trade so I'll be watching carefully. Once again... my opinions only.

liz

Mike,
SNDK - I see resistance at 55 and lower lows and (somewhat) lower highs. If it turns down from 55 I'd say it's going lower.

Liz,
Thanks for your additional thoughts on BAY. Very helpful.

Doji,
Thanks for the feedback on SNDK. I hadn't looked at it as lower-low and lower-high, duh. Very helpful.

Liz,

DECK is setting up a nice cup and handle, but there's no symmetrical triangle to be found.

Isn't that a hammer at the top of the NILE uptrend?

Michelle

Good one Raimo,

I will be composing my retort soon.

PP

Michelle,
Yes, that is a tombstone/graveyard doji or some may call it a shooting star at the Nile uptrend but remember, they are not stand alone signals and by themselves only signal a reversal 50-60% of the time. I am waiting to see what the trend is on Monday and if I miss it, there are many more good trades.

I think posting here on a Sunday confirms our addiction.

Sean,

the true addicts check as often as they can, this includes nights, weekends,,holidays,lol,we are all guilty,,I'm at work,,and what do I do,,check the blog as soon as I get a break,,looks like some good stuff,, too bad I can't get charts here.

sue

Thanks, Sean.

Just listened to Friday's Marketcast. BSCI and VDSI look really, really nice (REE). I will watch and see about entering one of those or both on Monday.
Gonna keep my eye on AVB for that bounce day we should have soon.

Michelle

PP,

I expected noting less

Raimo, I am sending this today because we have trading to do tomorrow.


Raimo, I have been remiss
in not responding before this,

I truly enjoyed your last witty phrases
but to me, a question, it certainly raises,

why do you frequently mention your "Tallywhacker"?
when it comes to self abuse, I don't think you're a slacker,

and yes I am the master of my "Domain"
but you, just like Kramer, can not abstain,

so, give it a rest, or you'll get friction burn
and you can not trade when your eyesight is a concern,

what's with your new picture, you look so aggressive
are you compensating for something that is unimpressive,

I must say you got a little grumpy this week
but your intentions I do not plan to critique,

your message was genuine, although a bit rough
but all of us know you meant well enough,

and we all are again, not a blog but a community
all striving for that golden opportunity,

to make our living as great master traders
and not get your title as Head "Domain" Invader!!

Your Friend,

The Phantom Poet

Raimo and PP,

Thanks for the entertainment tonight. It makes for a nice break from weeding out my watch lists.

I'm off to go hunting for some plays for the week. Got to keep my work ethic honest, even if you all come up with excellent plays. Maybe I can find a gem for us all.

Kim

PP....

Excellent and well thought
Were you self taught?
A response will be proper
I'd look out for the lopper...

Raimo and PP,
Nice repartie. The quality of poetry is exceeded only by your trades.

Someone mentioned Chip the other day. Just thought I'd let you all know he's left the military and is trying to sell his house and get out of Dodge (or Mississippi, as it were.) He's starting up his own business and although he's managing to read the blog from time to time, doesn't have time to post.

Well, I'm pretty much doing a full frontal attack on the market this week. My RRSP is ramped back up (POT, ELON, BPHX, and NOV) and now it's time to get my options trading back up to snuff (which is not a technical term.) Unfortunately I'm in the air a lot again this week, but I feel really good about a whole bunch of stuff that's out there, so I think it's time to take the training wheels off again and hop back on the two wheeler.

Catherine's within a couple of months of quitting her job and taking on trading full time while I luxuriate with fancy drinks and peeled grapes. At work. This will be very exciting for us as she hasn't been very involved in the whole trading thing very much. Just imagine... if my pathetic little brain can get us to where we're at, just imagine what will happen when we turn her whopper loose on the trading world. Watch for a mushroom cloud over Oakville.

Chris,
Wow, that's great news. I am very excited for you both. Guess we'll being seeing Catherine post more when she gets out of the office and trades full-time.

Congrats,
Michelle

Raimo and PP -- nice to have the humor and the banter between you guys.

Brett or Erin-
I liked my symmetrical triangle but I re-looked at the chart and I see a rectangle breakout and a cup and handle forming. You're right. I don't see cup & handles at first. So, thanks for pointing that out.

liz

Congrats Chris and Catherine on the big leap.

I was refered to a link that gives you a perspective on upcoming events that could move the market.

I think this could be a good tool to look everyday before the market opens.

http://fidweek.econoday.com/calendar/US/EN/New_York/year/2007/month/09/day/24/daily/index.html

Enjoy

Chris-
Congratulations to you and Catherine. Very exciting!

liz

PP & Raimo-
Love the verbal sparing.

liz

David S-
Thanks for sharing!

liz

Solars are so hot, my eyes are hurtin!

Will you people invest in some solar, please???? Please? If nothing else, do it to support an industry that is righteous, ok? It will help save our planet, if we're not already too late.

C'mon, man, you just gonna sit and watch this sector rocket to the moon in the next few years? Are you insane? Tell me you gonna buy solars in 2012, just when they start tumbling down. Better yet, don't tell me anything. Buying solars in 2012 is like buying internets in early 2000. You get cracked and you get burned. Now is the time to get in, if you don't already own any.

How long have i been pumping solars for now? How long???!! Just about every freakin day for over a year now!

You don't believe it? Fine. You go ahead and short them to your demise.

Here's the sunny list:

FSLR
SPWR
STP
TSL
LDK
YGE
JASO

There are others, but start with those above. The top three i like the most are FSLR, SPWR and STP.

Liz...wow you were a busy girl today!! do you see a $25 target on ISRG?

C2, congrats to Catherine!!! how exciting for her!!! on CROX it seems to be having trouble getting above $60, i think it needs one of those HANS energy drinks!!

NILE???? i think NILE is an awesome stock, in an awesome trend, it tried to rally hard on friday but by the looks of the candle the sellers won the day (although it did close .23 higher than the open).....for me the stock needs to either pull back a little or close above $100 with some conviction....i know the candle is not a stand alone indicator, but it does visually show the days battle b/n the buyers and seller....i bet there are quite a few traders who bought at $75 and are just looking for a reason to take profits.....like i said, i want in, but i need some conviction or a pullback (just my .02)

ps. liz cute pic.....i wish i could figure out how to update my pic, when ever i ask for help it is always a day or longer before i get back on the blog and i can never find my "cry for help post" and the answer to my problem....

well happy trading, monday will be the beginning of another great week for all of us...

Beanie-
Yes, the solar stocks are awesome and are cranking right now. A lot of great entries were missed this week so have to wait for a pullback or leveling off, especially FSLR. My husband was bummed that he didn't get in when he first looked at the stock.

Regarding Solar (if you're interested). There's a company called Konarka (saw them on the science channel) which has developed solar panels that aren't really panels. They are light activated power plastic. Last time I heard they won't be available until 2009, but this will be a game changer. Mostly because these will be a lot less expensive and once the majority of the population can afford something like this, you'll see more people make changes.

Okay, there's my rant.

liz

P.S. Here's the website: www.konarka.com

Everybody be ready for tomorrow!! Happy trading can't wait had the whole weekend to go over ideas..

Tonya-
I have been busy. Lots of chart studying this weekend. I'm making up for lost time. That, and like I told Raimo studying charts and answering people's questions is better than eating my time away. LOL! You probably won't hear from me again except sporadically. During the week I have just enough time to read through the blog, keep track of my trades, make new trades and take care of my kids.

I would walk you through the whole picture thing but it took me forever to put a picture up there and I'd probably point you in the wrong direction. Who knows what would happen. All I know is that if you put a picture on your blog you can then get the URL from the picture and post it into this profile.

As far as ISRG-I see something more like a 50pt price movement (give or take a few points) but it hasn't broken out yet. But say it breaks out this week. You'd need to give it at least 3 months or so to hit that target.

liz

EXM -52 wk high on Huge Volume Friday, great industry group. Nice consolidation and flag b.o. as well.
Option traders be aware volatility still quite high and choose accordingly.

OI- Marketcast Years Top 10 Performers List. I see this as a retest of an AT (40-40.50) break-out with decreasing volume. Disclaimer:I got in on 9/11 diagonal support, but see this as a good add point.
ISRG high on my watch this week too.

Feedback???

Not finding a lot of good bear set-ups and I need some negative delta.

FRUSTRATION!! Created blog log and joined community but can't post with my blog account. I can see my silly picture but not post *&$##@!! So, still anonymous.

Thanks to all who've shared their research.
C2 Congrats.
Loretta

Test

Liz,

Whatever you saw, you got in at a much better level than someone waiting for the cup breakout, so congratulations on a great trade!

To those of you having troubles with subscribing and posting your picture...just under Jeff's picture where it says Prescriptions Here! click on the link that says Need help? I found that very helpful! Hope it helps you too.

Looks like the China stocks are on fire. Check out CPSL, JRJC and GRRF for speculative stock plays.

JB

All the stocks that are on my shopping list for today are up crazy in premarket. It's gonna be hard to find stuff at REE today.

Jb,

I have been in china for a while..PTR, LFC and ACH..and look at PTR pre-market today..up $15!!

DG..PXP is at REE......and BVN is VERY CLOSE to REE

Just be careful; with the pre market stuff. After options expiration, a lot of put sellers and institutions got assigned or vise versa and they have to clean their portfolios. Also a lot of shorts panic with assignments and they bid up the price.

I like to wait and see if the prices hold.

Hey everybody, just saying hello from Berlin and that I'm just starting to get my feet wet with the options market. Any help would be appreciated. If anyone knows of any good books to pick up or websites for info that'd be great. Thanks,

JC

David, good advice!

Raimo, PXP - I'm assuming you are bearish on that one. Any bullish REEs out there? UA and CROX look tempting. SNDA is not too far but we'll see what it does in the early part of day.

David - great link for weekly calendar outlook thanks ...

I have been using this one for overnight picture daily ... might be helpful to some of you ..

http://money.cnn.com/data/premarket/

Good week to you all!

guys,

RESP at REE?

c2, nice post...congrats to Catherine...and you as well. Another Addict over the wall.

Jamie

GRMN,,,,finally

GRMN!!!

Chris, a HUGE congratulations! Sorry I am late with it. The whole family got sick this weekend and then shared it with me.

You will all be glad to know, or maybe not, that I finally bought a new computer and will be installing next week. So maybe just maybe I will here more then.

Mahmood,

Yes, RESP is at REE.

BVN very close to a bullish REE.

Yes, PXP, a bearish REE

Raimo, I would have never thought of emailing charts to myself but I do save them and even print them on the back of my trade evaluation sheet that I keep in a binder. I know it is a bit of overkill with electronic and paper but it is simplier to get Pam's ok on them if I have them printed. Thanks for sharing your tracking as it gave me several ideas that I hope to implemement.

C2,
Didn't know what all the congrats were for until I scrolled back. So let me add mine - CONGRATS!

Looks like a good entry on LDSH.

C2,


CONGRATS!!!!!!!!!!!!!!!!!!!!!!!!!!

Krystal, now that your in NILE follow your rules. Keep the same emotional level as your paper trade.

Long TSL, CPSL, China stocks in general. You guys mentioned Prince last week. I keep thinking Nasdaq and, hearing Let's party likes it 1999....

Jamie

Yea GRMN, and yea to patience.

I like ADSK at REE if I can get it at 48.

Also, K (trade of the week) is pulling back to a good entry point.

GRMN and SNDK are helping me to make up for my mistakes with retail last Friday in my stock account. My option account is doing very nicely today as it did not suffer from the same crappy decisions made end of last week.

Go! GRMN

Mahmood,

Are you bullish on RESP? And, if so, is Oct. far enough out?

Thanks,
VeroBarbara

WARNING: This is intended to be an educational post.

You may have noticed over the last few months that I get very excited when a stock I have a trade in gets downgraded on valuation. This may seem strange, but there is a very sound reasoning for it.

Generally, I don't take a full position on a breakout. So if a stock breaks out and seemingly doesn't look back on strong volume, I've essentially missed half a move. In comes the 'valuation' downgrade, which I interpret as "Some analyst didn't get to load up before the move."

When a breakout stock gets this downgrade, look for the retest and pound it.

Recent examples: VDSI and SNCR. In fact, I was hit with these 2 days in a row last week.

Chris,

Please congratulate Catherine for me. This is really great news! If she ever has any questions, please let her know I'm always here to assist.

VeroBarbara,

Yes I am bullish on RESP, I have an OCT position a small one. I am adding to it with a Nov position today.

is ZUMZ also at REE? (I think it is)

Brett, that was perfectly stated and even I understood it. THANKS. I normally ignore analyst statements but maybe I shouldn't.

Chris, have you noticed that only you and I have not updated our pictures in a long time? If you remember how to do it let me know and then we can update together.

bdheinrich@yahoo.com

finally on GRMN! the patience paid off. Only problem is that I have Oct options. guess it will be a short ride.

would update my photo,but on a mac,not such an easy task. last time Tim had to do it for me.(thanks Tim)

Mahmood,

Thanks, I have an Oct. position, also. Because I am working on learning more and building confidence, I'm still getting used this idea of retest.

Brett,

Thanks for the education post.

VeroBarbara

EMC is making its move

SCHN is on fire

ELON - Wow!!

CROX too!

Now 'fonely I could get my put stocks to go down!

Brett,
If I were to have another child, I would name it ELON. :-)

Is that a flag on the SPY?

I was looking to get into breakouts on ELON, DRYS (EXM), SCHN and others Friday and missed them due to work. Then I thought I may have a shot today but no luck on that one as they all gapped up and take off. Nice to be right but would have been better if I could have been in them with you all. Next time I want to take a "shot" I will need to borrow Raimo's gun.

I loaded up on ELON at 23, added at 27, and up up and away. So this is what trending following looks like.

Thank you Brett. I owe you a java monster,burrito,iphone whatever!!!

Hope to send a winner your way soon.

Sarah,

glad the trade is working for you. More importantly, i'm thrilled that you're learning while profiting. That's what this is all about. Buy the dips.

BOB,

instead of missing trades while at work,,how about setting contingency orders?, including stops.
This works VERY well for those of us that can't watch the markets all day.

Good morning all.

C2, Awesome news. Dan and I are preparing to take the same plunge when he retires from the navy in 4.5 years. With everyone rallying together on the blog we should all have this as our goal. Congrats!

BCSI - thanks to the person who posted this on the blog. (I know it's one of the trifecta). Got in on the dip and I'm ready to ride.

VSEA - this one may be getting booted from the account very, very soon.

Kim

nice weakness on SNDK if ypu are not in the trade you might want to re consider

Kim, Don't be so quick to give VSEA the boot. I see it at support. A perfect REE at $52.50.

C2, Give my congrats to Catherine!

--Patti

Hey Jeff,
Hope you had a great travel down to the old OakTown. Did you get a chance to catch that great win by the Raiderzz yesterday?
Wish you get a chance to visit us up in Sactown. I'll put in a suggestion to our group up here to see if they are open to bringing you down.

Thanks to all for the great pointers here.... CPSL and JASO to name a few are en fuego...
Hope some of you looked at CMG and NYX on Friday....
Happy Trading to all

I am continually AMAZED at the ability of Jeff (and Brett & Raimo) to pick stocks that MOVE ... That is the number one thing I am working on these days - to be able to see those the way they do ....If you look at the picks being mentioned here this AM ... where did most of them come from? The Big Kahuna, the Burrito Eater and The Bear Hunter!

WOW! Thanks to the three of you!

Keep an eye on CF albeit I am in the trade since the break out.

It could be a nice day trade or even longer if you take it right here. Look at friday's volume also if you go to a 2 day chart you have support at 73. The highs of the day were 75. The lows were 72.60

There is some risk but the pull back compared to the buying volume, looks enticing.

What say you?

Time to get bullish on ICE. Look at the 10-day. This stock will blow up.

JC,

In the archives of this blog you'll see a link for "Jeff's Book Club."

Also, Stock Market Wizards by Jack D. Schwager. (The other market wizards books are good too, but Stock Market Wizards is the best for beginners, in my opinion.) In fact, of the books I've read so far, Stock Market Wizards is by far and away the very best. It's a great read. I got mine off of Amazon.

Jamie,

I'll be sure to follow my rules and maintain emotional consistency. That has been a problem for me in the past, but I've learned my lesson. When I saw the volume spike on NILE on Friday, I was convinced.

And like everyone else, I'm happy that someone finally lit a fire under GRMN. :)

Krystal

For those who can't get their picture to load up when they leave comments, attached is the help answer from MyBlog.com

# My Avatar doesn't show up when I leave comments on blogs
The way that feature works is that it finds you based on the email address and blog address you input when you leave the comment. If those are the same as what you have on file at MyBlogLog, then the system will match your avatar and profile to your comment. If they are different, then it won't find you in the system and no avatar will appear.

However, every once in a while, we do see a few accounts that just won't match up. This is a bug, and we've not yet found out why it's occurring.

For most people, the reason their avatar doesn't show up is because their email/web address doesn't match our records, but if you are doing that correctly, then it's likely that you are an unfortunate member of the bug club. We're very sorry if that is the case and we are working to fix it.

Big thanks to the one who brought
SCHN to the table!
Would one of you with an educated eye take a look at GSF and give me your take. This has been a good one for me in the past, and it looks like it may be close to a good entry. Pattern looks similar to that of SCHN.

Barry G

Brett,
I'm seeing ICE at resistance and was thinking of doing a bc spread on it. I agree today's action is bullish (which has kept me out of it) but why, with lower lows and lower highs, do you think it will explode up? Help me see what you see.

This comment has been removed by the author.

This comment has been removed by the author.

Mahmood,

I like your picture. Can you add a skirt to it? I'm finished watching those pansies.

DG-

Pull up the 10-day chart. See the volume on the huge up spikes? See the triangle breakout? Also, I interpret a descending triangle breakout to the upside as very bullish. I've read that in books, though it isn't taught here.

Raimo likes this stock to the downside. I, of course, took the smarter play.

Brett,


You got some set of GONADS..

You new I shorted ICE...

Brett,

Which book? I remember you said you were bullish on the descending triangle breakout (to the upside)on MTH, and that trade sucked.It's hitting a new low today.

Are you sure you should pitch this strategy?

RW

Lets add GLDN as monster opportunity from Jeff's watch list.

Thanks Jeff

Jamie

RW,

I actually made money on that MTH trade, but the book is called "Encyclopedia of Chart Patterns" by Bulkowski.

I'm not pitching anything. I'm merely shedding light on some of my trading strategies. I wouldn't run out and use them if you don't agree with them.

Sue, I have not tried that yet and may here soon. In the past I got some strange fills that way. Are you using TOS to do this?

Of course you made money, would you ever admit to a loss?

My only point is that this set up doesn't look as bullish as you are claiming.

RW

Bob,

yes I am using TOS, I find that my fills are generally where I had figured them to be

Brett,
You and Raimo are too funny.
Now it's an ICE battle. I have to admit, I am watching to see if it holds 140 to short it again.

Watching CME, too for a break below 540 with some volume.

Too expensive for me to play until I have confirmation.

Michelle

Barry G:

On GSF I like the recovery of the stock, but I would wait until you clear, on a close, overhead resistance, say $77.70 and I would use that as my land in the sand.

Does anyone see CME as a little heavy? If we pull back anytime soon we could see this stock head lower, lets see if it closes below 540. Anyone has any thoughts on this one?

Raimo,
Thanks to your rules teaching last week, I took profits on some trades that had met targets. I sold half and let the other run. It was hard to do because they look strong, but I am going to try following the rules. Never thought taking profits would be hard. So far that rule is helping a lot. Thank you again for sharing that with us.

Michelle

Michelle good call on CME

There once was a trade called ICE
It was Brett who ignored my advice
he went long on the trade
I doubt he'll get paid
For me it will be paradice

Michelle,

Yes, CME...I mentioned that last week here. I did not take the anticapatory play, I too am waiting for a break out.

RW,,

Brett certainly doesn't need me or anyone to defend him,,,but,,if he lost money on that trade he would admit it, he has been very honest with his posts. Everyone is responsible for their own trades and analysis,,,some are ultra short-term, some are swingers and some are longer term

In an asylum on the east coast
Was a guy who loved to boast
Had he waited he'd say
That's it's still intraday
And I will wind up with the most

It's my turn..... CLEAN CUPS!

You guys are too funny. Thanks for the giggles on a day when I need them.

Thanks for the laugh, you guys.

Hey, maybe it will move one way big one day and another way big the next and you guys can both make money.

Michelle

Barry G.,

The trendline on GSF that I drew from Sept. 06 to where it broke its trend on the first of Aug. 07 with volume, it has retraced to its trendline, which is acting as resistance and turning down from this. It needs volume to break through. X is also reacting the same way to its trendling.

Hope that helps.

JP from OC

CLEAN CUPS!!!!!

Gee whiz. Thanks for the insight Sue.

RW

Anybody notice BSCI breaking out today? Again, Jeff's pick from Marketcast.

Go, Jeff, go.

Michelle

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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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