Amy,

email me your number and i will talk you thru it,,you will love it

sue

Speaking of shows, anyone know when Lost starts again or Survivor?
Those are the only shows I watch. Can't keep up with any more.

Michelle

Jeff,

I have an upset for you for the coming weekend. Nebraska Cornhuskers over USC trojans.

Let hear for Huskers!!!

So, the S&P couldn't get to or over 1490 today, would this be a low risk entry for puts? My concern is that with the market expecting a cut a decline would be short lived or won't materialize at all.

That brings up a question I have always wondered, how do the indices even have patterns that seem to hold up when they are technically made up of hundreds of stocks. Are these self fulfilling because people will buy or sell stocks at a certain level on say the S&P? Like do insitutions look and say "well, looks like we hit 1490, time to sell." Or do they have quantitative systems that also regard these levels?

I can't wait for the garmin video, LOL. Jeff you tolerate us so well. :-)

Do I get into BIDU here? JK.

On a side note, I did take the GS trade yesterday, so far so good. I did exit again with intentions to take it to the original price target of 195 but wanted to start attempting/learning to use daily price action to further help with entries and exits.


Ben

I must have waited to long to post this, so I am copying it to here as follows:

Chris and Catherine,

Thanks for your response.

Have any OAs ever traded directly as a result of Patterns that come up on the Prophet Charts? Because I am seeing various Patterns that sort make sense, as well as a few failed patterns. One example I've found today, is NHWK breaking above resistance of 23-ish.

Anyone else's thoughts would be welcome.

VeroBarbara

Jeff,
If you do have the CEO of GRMN on the video, I'll expect you to shave your head, roll up your sleeves and yell stuff like "Booya!!"

Please don't disappoint.

Speaking of disappointing, that's my day in a nutshell. I sold EXM and am looking to bail on ATI if it doesn't smarten up in the next hour. Tim, I don't do spreads yet... but it looks to me like it'll stay below $100 for a while. Good luck with that.

I am a bad person.

Catherine bought some trail mix and I just ate most of the smarties out of it. This makes it "Tail mix", I believe.

Actually, Chris, you're a bad person for not taking down NUVA today, not for eating a handful of sugary goodness.

Is that a H&S on ELON??

It broke both my lines today and I think this might be the end for me.

Laney,

Draw a trendline and relax. ELON is a symmetrical triangle-type setup right now. Volume is confirming a continuation, NOT a reversal.

Everyone take a look at VAR. Look at the Nov $45 puts. You're paying virtually NOTHING to hold these until november expiration. That is, if you're bearish on it.

Brett,
GNK would you call that a potential cup and handle forming ? I bought the calls at diagnal support this morning figuring it was right nwear my exit as well.

Jamie

Brett,
VAR - There is long term support around $40 and earnings coming up in Oct. If you are truly bearish, why not buy more time with Jan. paper for a few pennies more?

Jamie,

I had a channel breakout with a retest today (for what it's worth). But sure, i could see a saucer with $60 resistance.

Yvonne,

Yes, I see the long-term support around 40. The stock is below it. What's the problem?

Brett,
Not enough volume. I think it will bounce higher before going lower.

Yvonne,

Please look at a 3-month chart of VAR. Notice the high volume on the down days. Notice the increase in volume the last 5 days of selling, including today's break of support. I don't know what is driving you to your conclusion that there is not enough volume, but 3 of the last 5 days of selling were above the 20 day average of the stock's daily volume. When a stock sells off below support on increasing volume, generally I wouldn't expect a bounce over support again, but hey, who knows?

In the immortal words of Ron Burgundy, "Agree to disagree."

Michelle, Sistah!
I thought I was the only one who still watched Survivor and Lost. Glad to know I have company. They are the only shows I watch also.

OA Faithful,

I've been listening to the Marketcast and reading on the blog. I've bought the McMillan book "Options as a Strategic Investment," and have just begun reading it. I'm pretty much a break even options trader at current (well straight call/puts anyway). I do well when the market is doing ok and and my account flies up and down violently as the market does the same.

I've been around for awhile and have gained quite a bit of knowledge from this blog (thanks to all). I've posted quite a bit but I'm pretty sporatic as my job takes alot of my time and I read more than I write though I try to contibute here and there at least a few times a week with what little I can.

What I need to know at this point is this.

A. Is the McMillan book the best for learning about Volatility and options outside of Straight Calls/Puts (which is all I know)? Or should I go with the other book that Jeff mentioned several days ago - the Natenberg book "Option Volatiliy & Pricing" or do you all have other suggestions?

B. I've listened to Jeff/Eric talk about options being too expensive lately - are the rest of you holding back on buying call/put options lately and using other strategies? (selling options, advanced options, or going with stock etc.)

C. Once the rest of you became break even traders (and I am so break even ... seems like all I do lately is lose 10k and make it back, rinse and repeat). What did you do to advance? Given, all I know is the very basics. I do not know any advanced options strategies and have not decided yet whether to go on to the PHD program with IT (listened to many who said Masters program was worth it but PHD was not - I am in Masters now). As I said, I just bought the McMillan book and have begun it, but if there is a better book or a better one to start with ...

Any and all advice is appreciated, sorry for the long post.

James H.

Brett, Yvonne,

I gotta come clean here. I took down down VAR as well. Besides $40 being resistance, and the volume as Brett indicated, how about the bearish engulfing at resistance on an up day?? Not to mention the options were free...

Free, at REE.....

If the trade goes against me, what will my loss be, 50 cents?

I gotta side with the mocha king here....

I am also a viewer of Survivor. I might need some persuasion on Lost.

Brett,

Those Nov $35's look a lot more interesting to me than the 45's.

MikeH

Will have to see how they look on Friday.

survivor starts next thursday, and Jeff, lost rocks..

Jeff: I'm in the LFG trade-originally on 31Aug-then doubled up on 7Sep. Liked the dive today(13Sep) at noon.-- I love the Maize and Blue (Michigan) but it's more like Black and Blue lately. Michigan by 7 (cause we can't kick field goals). Thanks for All!

only tv I watch is Lost and ER,,,come on Jeff,,,,Lost is just completely addictive

sue

Jeff,

go rent season 1 of Lost and watch the first episode. One of the best one hour pilots I have ever seen. Better than most feature films. trust me.

As for ELON can you have a head and shoulders pattern trending up? I don't think so,but could be wrong. Nevertheless still in this trade. I prefer to look at higher highs(except one) and higher lows

Sue,

I actually bought Season 1 of ER last week, and I can't keep watching it any longer. Should I try picking up somewhere in the middle? Season 3, 4, 5?

Brett,
Thanks for the heads up on VAR. I took it. It's a perfect REE set up with low volitility.

Hey guys, Don't any of you watch the CSI shows? I like Survivor and love CSI. But for most of a year I gave up TV except for 'Nightly Business Report' and studied IT every night. So it's been a treat to catch some of the CSI reruns over the summer. I did see some of the last Survivor episodes.

--Patti

If all you have is one hour a week for TV, I recommend you do not go back to my 73 posts of two Sunday's past. I do reco the best hour of TV, however; HOUSE. Nuff said.

You will be seeing less activity from ARTY as bird hunting with my dogs it what I enjoy most and that season is upon us.

Cheers,
ARTY

James H,

McMillan is a in depth read of options in general. Mathematical applications, strategies, volatility, pricing, etc. All but application. Same as Natenberg. If you want to be an options trader, these are essentials, but you will probably feel like you are not walking away with much to fill your pockets. Most financial authors are guilty of this crime.

I don't think it matters which order you read them in, so long as you read them.

Eventually.

Truth is, becoming a breakeven trader is an important landmark. This means you understand the theory, but your execution is likely flawed (entry, exit, trade selection, market, etc).

Congrats on your milestone, as well as on the building of your Empire.

Patti,

How can you tolerate David Caruso?

I'm clearly too opinionated to stay out of this tv show debate any longer.

I used to watch Survivor, and loved it. It was my Thursday night ritual. I got tired of how all the groupies would join together and gang up on the strongest player. I like the survival of the fittest theory. I didn't like how the guy who floats under the radar only doing enough to get by, but never over trying or over excelling won. However, that being said, I might catch a few epi's this fall. It is interesting to watch human behavior - even if it's slightly modified.

Arty, I love House - he's brilliant!

That's my opinion, take it or leave it

Jodi

I'll cast my vote for Monk.
Lori

Jeff,

Although I suggested season 1 of Lost. How about season 2 of ER. I actually make an appearance! My one and only on camera experience. It lasts about 15 seconds so don't blink :) Don't get me started on the ER stories. Stick w/ Lost.

Jeff, So you watch it?! I like David Caruso's calming voice. I didn't watch the show he used to be on so had no opinion of him before his roll in CSI Miami. And even if I couldn't stand him, I'd probably watch because I find the whole forensic thing facinating.

--Patti

Jodi,
Not only is Greg brilliant but the timing of his sarcasm is priceless.

Cheers,
ARTY

anybody watching prison break? new season starting on monday btw. I love that show!!!! :-)

anybody watching prison break? new season starting on monday btw. I love that show!!!! :-)

-steven

Love House! Another show with a bit of caustic humor thrown in is Burn Notice.

Lori-
I like Monk as well. And I love Psych. That show cracks me up.

Just realized I mentioned three shows on USA.

Patti-
Use to watch all the CSI shows because I'm fascinated with forensics as well but now that I'm doing the whole trading thing, I've cut my shows to pretty much Friday night nowadays. To many things to do.

liz

Chris-
I realized that I didn't respond to your gravel response. This week has been a little crazy. I've only had enough time to keep track of my trades and that's about it. Congratulations on the gravel. I'm glad things are moving along for you guys. You'll have to take more pictures.

liz

Brett-
I'm a bad person for not taking NUVA.

And VAR looks great.

liz

David Caruso is in the running for worst actor of all time, along with Kevin Costner of course, lol.

I never got into survivor, I am a big 24 fan. I am going to get caught up on Heroes this weekend to get ready for season 2.

A show that looked funny from a preview I saw was "Chuck" starting 24th on NBC.

on the entertainment topic, I saw 3:10 to Yuma and really liked it and would recommend it.

Also if you haven't seen Superbad, that is a must in my opinion.

Disclaimer:feel free to take or leave my advice.

Ben

Ben-
I can't believe I forgot about Hereos. Hiro had dinner at my husband's restaurant last October and my husband took a picture of him for me. I was so excited. Yes, I am a dork!

liz

===============================================
Computer dies and Blogger is never heard from again!!
===============================================

Chris, I even lost the I am late sign you gave me. I am so very far behind now. I have not listened to the CAST in days (a first for me), I missed MT last night and I am days behind on the Blot. All because of this _________ computer. Well and a bit of work too.

I know you all missed me right? Or is it now, Bob who? I have lots of blog reading to do this weekend as Friday is already booked.

Weird day in my account today and not sure what is up but Jeff I look forward to you explaining GRMN.

LONG: More time
SHORT: Computer shopping

I know some in the group were looking at NYX yesterday. I bought a $75PUT when the stock was at $69.86. Today was looking pretty good until 2:30pm. Any thoughts on this one.

Also, what about PAYX. Is it broken? It has visited 43 recently and bounced back but ProphetCharts has it breaking a bearish wedge 4 days ago. This was one of Jeff's bullish list 6 days ago. BUY-SELL-or Leave me ALONE?

I haven't heard anything about GMCR. This one is at REE. Bounce-babie-babie-bounce!!

Long - GRMN (can't believe it didn't blast off today)... ERES

Short - PNR (needs to break $33.50)


Calvin

Is anyone watching Rock of Love with Bret Michaels? It was some awful strange watching until last week's episode when it got better when he slept with two of the contestants in one show episode! The girls are on the crazy side, you'd think he could get himself a model somewhere. I remember him from my own days as a heavy metal singer in the early 80's when they came to Phila for Look What the Cat Dragged In. Back then they were young and pretty now I dont know what to think! SFM

Jeff,

If you are looking for the #1 reco,,,go with Lost,,get the previous seasons to get up to speed'
I love ER because it is like a real big city ER,,,and that is because most of the extras are actual er nurses to "keep it real", and from a technical perspective I have only seen 1 minor error

sue

Ben,
I am with you. nothing beats 24!! House is good, CSI is good, ER is good, reality shows are not my cup of tea but I enjoyed the Evil Dick video.
When we bought the first season of 24, I would leave for work at 7 am and get back at 7 pm and my family was still watching it in their PJ's. I wasn't proud but I understood once I started watching it.

What happened about talking about stocks?? We have treneded to talking about TV Shows LOL! It is the fall season coming up I guess Okay i will chime in.. 24 is the top show hands down... keeps you on the edge of your seat. But back to the market. I am liking AMZN RIMM GRMN and many more working with. Also look at FCX it has been on the move agian..go go go! I need to find some more REE stocks any Ideas out there??

FYI Regarding the southern califorina housing market. Our current inventory that is listed right now in most cities would take about 12 to 14 months to sell. With the new limits on Jumbo pricing that has cut down the amount of buyers. So like any good hard working Broker I have to prospect daily being on the phone talking to propspective clients all the time who want to selly buy or refi. There is however a vast amount of opportunity and if the hard work is put in place now you will reap the rewards later kinda like trading stocks and options. Funny but very true..

I need to chime in on TV viewing (one of my favorite activites):

1) Entourage. Jeff, I'm assuming you and Amber haven't missed an episode since the show began, but if you did, run, don't walk, to Best Buy and catch up. The show is absolutely top-notch.

2) Lost. The best drama on tv. bar none.

3) Curb Your Enthusiasm. Come on...what is funnier?

Anybody been hanging on to the following(PUTS)

BZH and or CTX and or KBH and or XHB and or LEN??

they have treated me well thanks to the all mighty option Addict.. Jeff thanks for your words of wisdom on the HB's

I can't believe you are all talking TV and nobody has mentioned GRAY'S ANATOMY! Even if you think Meredith is whiny and McDreamy is McNauseating, you gotta love the rest of them, not to mention the snappy dialogue.

Jeff, if you're going to watch LOST you need to start at the beginning. So much from season one shows up later.

Bob-
I missed you! I was wondering where you were. I'm right there with you on being behind. I'm wondering how I'm going to get caught up on everything. I also have these other projects I'm suppose to be doing and I'm not sure how I'm going to do them all. So I'm also...

LONG: Time
SHORT: AMG

liz

Haha, I can't believe I forgot Entourage, I am wearing my Ari Gold shirt right now that says "hug it out bitch" on the back.

great show.

Ben

I gotta agree with Arty - House rocks! - Houses's sarcasm and timing are unmatched. Then there is also Scrubs, M*A*S*H and Mind of Mencia if you just need some good laughs.

Sean,
Our neighbours got addicted to 24 and bought every season and we didn't see them for a month. Personally, I don't have time for TV. One of the reasons I married Catherine is that she loves sports, and Home Debot is her favourite store (actually it's Canadian Tire... but you guys wouldn't know what that is. It's like a Home Depot... only Canadian. And they sell tires... and other stuff.) So virtually the only tv we watch is sports. How perfect is that?
But with two teenage girls in High School, there's not much time for any sports... indoor or otherwise.

As far as VAR goes, I sort of like the fact that it finally broke through resistance at 40 today on average volume... but it's moving 5 bucks in two months. Not what I would call a wicked trend. My take on it is that it's not meeting my "Must Buy" strategy in this market. Personally I'd prefer it to be in a stronger trend.

liz, thanks... we're hoping to find something within the next few months. All the home plan sites everyone mentioned have been great.

Bob (and Pam) we missed you... but only at 1 AM when we're all catching up on what we've missed during the day. My laser printer will print you off a new MIA tag.

Jeff... if you're going to spend time watching TV, throw in a video of your kids when they were babies. It will keep everyone glued and may even bring a tear to your eye. This is why god invented TV.

Long: Home movies
Short: Time, winning trades (but only for today.)

CHEERS to DALE!

Anybody watch TRADING CHARTS, TRENDLINES, CANDLESTICKS, PATTERNS AND TRADE RELATED STUFF????

And where the hell is CHIP these days? What is going on? Where is VA beach Girl?? Phantom Poet??

I for one do NOT like all the NON TRADE RELATED BANDWITH these days....

I love all of you guys, but enough already...

This is supposed to be a tough market to trade, a PERFECT opportunity to learn and get through it, there are some really smart traders here to learn from, and we are talking about building houses and watching TV.....

The only thing MCDREAMY right now is my LVS trade, I am LOST in my BG Profits, I had to CURB MY ENTHUSIASM on my CVH trade, and am looking to see if GRMN is a SURVIVOR this week. Can we get back to trading in 24??

Jeeeesh...

The only #1 reco I am interested in is the one that puts $$ in my bank account!

I've been reading this blog for a few weeks and could never contribute anything until the subject of TV shows came up. (I am in the same boat as James H). It's Always Sunny in Philadelphia starts season 3 tonight. It's on FX, I believe. Season 1 was the funniest thing I have ever seen on TV and Season 2 was pretty good too. So, hopefully Season 3 won't disappoint. Friday Night Lights is good and they replaying Ice Road Truckers on the History Channel right now. Soon I hope to know as much about the greeks and option pricing as I do about Big Brother and the Hills.

Chris-
I know what Canadian Tire is... I bet Jodi does too.

We haven't watched video of our children for awhile. Maybe we'll have to do that soon. I take A LOT of pictures of them. I put together a book of the year's highlights for the rest of my family. I like doing that.

Just as much as I'm liking BIDU.

liz

Raimo-
Well, right now I'm PSYCH'd about BIDU. I maybe giving a BURN NOTICE to ATI in the next few days. I'm sending MONK to do some investigating on GRMN and I need some HEROES to push POT up higher.

liz

lighten up Bob,,you can skim thru the tv stuff if you don't enjoy the friendly banter

your friendly co-blogger who doesn't want to piss you off by signing

I am loving BIDU as well. ATI, I for one did not think it was a good trade to take either way in the past few days..but for those that took it, either way, I hope it puts $$ in the account...

Ooooo an anonymous Anonymous. Don't worry... he's mostly harmless.

Speaking of MCD (as sir Raimo did) did anyone else take the time to look at that chart? If ever there was a stock that begged to be spread this was it. 47.50/52.50 was a license to print money for months. Then KASLAAM!!! today hits. What's up with that? Does anyone have a clue what's likely to happen here? Do you think 52.50 will re-test, and then higher we go? The last three "up" days have been on significant volume. I sure wouldn't take it down tomorrow, but on a re-test to 52.50 I'd jump in and give it a buck to play with.

That's what I give my children, too.

Raimo,

What was it you didn't like about ATI? I PUT it down four days ago on what was a great REE and bailed today for 65%. Should have been 100% but today's action got me creeped out. I'm agreeing that I'll leave it alone for now... but I have the hairy eyeball on it.

James H.-
Not that long ago I was in the same place you are now. (Before that it wasn't so great until this blog) Except mine was something like $2000 up and $2000 down. And it never seemed to go anywhere. It was getting really frustrating and I wasn't sure what to do. This was right before we took our 3 day in Utah. I'm actually glad that I took the 3 day when I did because I believe it's helped me get over this hump.

I thought I was really good at position size and diversification but I was always buying the same number of contracts on everything. I may not be explaining all of this in the correct terminology so bear with me. I always thought 1 call or put equaled 100 shares. I didn't really understand the whole derivative thing. That has made a big difference so far in my trading since Utah and that was the beginning of August. Now I'm still refining but I believe I'm getting better entries and I'm still working on my exits but they're getting there slowly.

And I really started keeping a detailed journal of my trades and started to use some different terminology to help me to make this more into a "business". (which is what I wanted to do in the first place) I have expenses and deposits. For me, at least, this has helped me lessen the emotion of trading. I'm not winning or losing per se.

Anyway, understanding what your risk is (1 to 5% of portfolio) on each trade and understanding your R/R can help you not only figure out how many contracts you should be buying but how many shares you are actually controlling.

I'm sure all of this will change again as you learn more but like I said, this has helped me get over this back and forth thing.

liz

C2,

MCD was a home run for me yes,...as were a lot of trades JEFF has reccomended the past several months...yet none of those get talked about?? H,mmm...why are so many great setups being missed when they have been served on a silver platter by the big kahuna himself?

I don't hear anyone talking about them...

So I have been sitting quietly on the sidelines these days enjoying the best search engine available...and profiting.

Thanks Jeff, I have been nailing your trades.......

Raimo & Chris-
I got into ATI on 9/5 and I told my husband to watch it today. While I was gone it was above my sell line so Grant sold it. And of course, by the end of the day it came back down below my mental hard stop. I made 30% profit on it. So, not as much as you Chris but I'm still happy with it.

liz

Jeez I hate this. Ahem...
Brett, I just re-read your post and I now see exactly what you're saying. The Nov 45's are MegaCheap, although I have to agree with whomever it was that said that Jan 45s are better value at only .25 more than Nov. Bottom Feeder I don't like the 35s because the stock's got to move almost 5 bucks before you get any intrinsic value, and that could take two months.

Where did that humble pie go? And does it go with ice cream?

That's VAR I was rambling about up there, by the way.

I know some in the group were looking at NYX yesterday. I bought a $75PUT when the stock was at $69.86. Today was looking pretty good until 2:30pm. Any thoughts on this one.

Also, what about PAYX. Is it broken? It has visited 43 recently and bounced back but ProphetCharts has it breaking a bearish wedge 4 days ago. This was one of Jeff's bullish list 6 days ago. BUY-SELL-or Leave me ALONE?

I haven't heard anything about GMCR. This one is at REE. Bounce-babie-babie-bounce!!

Long - GRMN (can't believe it didn't blast off today)... ERES

Short - PNR (needs to break $33.50)

cnbc featured MCD last night. It must have gotten allot of attention.

Calvin

Ah, this is more like it...thank you C2...trade related....:)

ATI, while I agree at a perfect REE a few days ago for a bearish play just under or at $100, the bear flag breakout was on weak volume. When I look at the chart, I see a level of support fot ATI at $90..debatable perhaps, but I believe it to be support. So for me, a very limited potential on the trade. Look at the price movement every day...this stock could have easily been up 3 or 4 dollars one day, and down the same the next, all within a tight trading range (ATR). Had it had the volume break, I might feel differently, and the same for the gap above $90 on 8/17....so for me, not really a great setup. In these market conditions, I am looking for only the best opportunities with the greatest potential. ATI just did not do it for me.....

but that does not mean for others it is a bad trade...just not what I am looking for in a trade these days..

Raimo-
Which trades in particular? I've actually done better this last month (really last few weeks) than I have in a long time. I've increased my account by about 40%. But I haven't had much time to talk about what I've been in or doing. And even though I'm excited about how well things are going I'm cautious as well because even though I've increased my account, according to my journal I'm still expected to lose a little more than I gain at this point. I'm sure some of that will change as soon as I close out a few more of my trades so I'm cautiously optimistic. And I wish I could catch all the great set ups and I know I miss a lot because I can't be in front of the computer all day but it is getting better. I did catch ATW & ELON, (actually those 2 were thanks to Brett) ATI (three times), EXM and AMZN. And I'm BIDU, ABC, ACLI, AMG (as of the end of today), GRMN and POT. So those I did catch.

liz

liz

Jeff,
Where can we get the stats on advancers and decliners you posted above? Thks

dav

dav-e,

This was posted on the blog a day or two ago and is a good reference for following the market intraday. It mainly helps if you are using TOS as your online broker. Click on this: http://www.shadowtrader.net/videos/bonusvid100406.html

Can one of you OT technical analysts tell me if "I'm seeing what I want to" in CTSH? I only in Paper, but the day after I bought it it starts to trend up. I never saw the support it's showing, but I labeled it a descending triangle (too bad I can attach a picture of my prophet chart).

Now I can see a support at $67.74 or so. Is it a descending triangle?

Thanks,
Jay

i have not had a chance to read the blog yet 2nite, so forgive me if someone has already mentioned these, but TNB broke out of sym tri yesterday and retested the apex area today and what do you think about MPEL ??? inverse H&S breakout??? what do you guys think?

Raimo, I was patiently waiting
for your response, I was anticipating,

something witty, your guidance on life
or how you kill rattlers with your pocket knife,

instead, Brett presented DKS for a stock that rocks
but I think it is just a "DKS in a box",

if you haven't seen the video, it is on Utube
just type in the quotes and pop open the lube,

and find out how to surprise the Mrs.
with more than the usual slobbery kisses,

but seriously Bob, I need your sssistance
so please, pull up your thong and keep your distance,

we need to inform those new to the community
about what we are proud of, that is unity,

we have learned that C2 is gifted with back hair
and that, you, Raimo are constantly hunting bears,

Brett is frequently downing huge burritos
while DG swats drums and also mosquitoes,

when Arty sais he is playing with his T-Bone
he is the only one of you 3 that is not alone,

and occasionally we get a post from Sean M.
who Arty thinks writes the phantom po-ems,

then theres Patty, Liz, Sarah and Mahmood
this variety of names leads me to conclude,

That we are all combined in this wonderful venue
to help each other pick from the difficult menu,

of triangles,flags, cups and handles
and the confusing array of Japanese Candles,

so Raimo, pleeeeaaasse let go of your member
or else you'll be blind by early December,

I know you will stop, just before you need glasses
because in your heart you want to help the masses,

Please, Raimo, wash your hands and man your computer
cuz we need you man, our "self-abusing tutor"..


The Phantom Poet

Finally, another battle begins!

LOL! Very funny!

liz

Jay.....i do not see a desc tri on CTSH, if you zoom in to a 3 month chart you can see a narrow downward channel, it has rallied back up to the resistance area of this channel today, if it breaks out of the channnel i se the next area of resistance at 75, then 80...hope this helps ;-)

Regarding VAR, why the Nov 45 and not the Nov 40? I am still in the learning mode.
Kelly

Chris and Cathrine,

If you are out there. Haven't had time to blog. Been baking in the Reno sun for two days. Sad day in the jet class today. They lost a jet pilot in lap 1 of one of the races. Shut the show down for about 1 1/2 - 2 hours for the FAA to come out and get as much info as they could collect.

Other than that the planes have been a ball to watch. Maybe I will bring a T-6 out someday when I learn how to take smaller losses.

Tom D

Kelly, ok, I think I understand my error. If is were a descending triangle, then the bottoms of the days would hit at or near my support.

I've ordered the Technical Analysis of the Financial Markets book. I want to be more comfortable with TA.

Jay

Now this is more like it, talking about trading!!! Lets go get those trades!! I hope all of you have a great trading day tomorrow and begin our weekend phase...

Jay,

CTSH,

Mail me a chart to bob@raimo.com amd I will be happy to look at it...

Jay, (all addicts)

Don't forget Jeff has a huge resource on the right hand side of the blog to answer a lot of questions..Jay in your case, click on triangles...


Phantom....Here you go again...playing with my member...I don't think so PAL..

While you are the one playing with things that go pee
I am waiting to trade LMT....

Response will be forthcoming..

I think I have asked this question before, but I will ask again since I cannot remember things well.

Is there a good way of searching through articales and comments on this blog without having to open each article and doing a browser search on it. This would be very usefull for new people as they join in to go look for topics and discussions from a rich almost 2 years history of this blog.

Phantom,
I enjoyed your poem- you have an excellent memory of what was talked about on the blog and then incorporate it into your poems.

Everyone, It looks like it's going to be another wild ride today. The Bank of England provided emergency funds to a mortgage lender, China cut rates again, and the Fed has already loaned 7.2 Billion to banks as of Wednesday. Another quake in Indonesia... What next!?

--Patti

Trying to house hunt and get ready to move and catch up on the blog.

Jeff,
I think LOST is one of the best TV shows I've seen in years. My husband only watches sports and the History channel, and he got hooked. You can rent Season 1 and 2 at the video store and see if you like it. It's like a well-written novel.

DG,
It's kids of cool when you find somebody with the same tastes. We are thinking about buying a house and finishing out the basement to increase the value. The market is a great time to buy.

Okay. Hubby out of town and gotta get the kids to school.

Check you guys afterwhile.

Michelle

I didn't see any video on GRMN.

It's down $2 Bucks this morning are we still in to $105 - $100 ?

David in NH

I need my support group! GRMN way down this morning! I need to wait and see the last hour of the day, right?
Thanks to you all.

I am not actively trading today but I have my stop in GRMN a bit lower than currently showing in pre-market trading. I modified the stop order to not trigger until after 10:30 this morning so I don't accidentally get whipped out on the open.

Good luck today everyone. Will be back this evening.

Jeff,

As a suggestion for future topics, would love more info about how to read and watch market internals during the day such as UVOL/DVOL, advancers/decliners,trin and so. Yesterday was a perfect example of a bullish day w/weak internals underneath. I think this is a key element in understanding how the day will unfold, but I don't quite understand the in's and out's of it.

Sarah

SHPGY B/O to downside. Is this a good REE for puts. Or has it moved too much?

What say you experts?

VeroBarbara

If you can't handle GRMN, sell it. The stock looks beautiful. It's not even a difficult decision of what to do with it. It's way above it's trendline and even above its support line.

Did you guys enter this trade with a plan or what?

Yes, I have a plan, but being new to all of this makes me second guess myself- I haven't always made the best decisions. Take NUE for example. The reason why I don't like setting stop losses...I had it set just below what I considered the trend line. It opened way below on 9/12 and stopped me out but ended up closing at support and making a big gain the next day.
Just bear with me.

I am having a terrible time with exits. Can't keep the emotion out of my accouts being up 3k one day and down the next.

Would any one like share their rules on exits and experation dates? I am sitting on Oct paper in GRMN. As I am sure a few other people are. I usually set my time lose 4 weeks prior to experation.

Diana

MNST at REE? Trying to work this concept too.

Sorry guys missed the last 3 post. I agree GRMN is a good trade and own the stock. Just looking for other ideas on exits. My game plan at exits have not been working to my advantage lately.

Diana

Diana-
If you are getting that emotional with the rollercoaster ride maybe you need to cut down the amount of contracts in any one trade and/or the amount of trades you are taking (like maybe 4 and build up to 6-8). Yes, you might miss out on some good movers but you might find you you're not as emotional. My opinion but I think it might help. This is what I ended up doing half way through my trading and it helped me.

liz

Sarah,
That would be a topic I would love to hear more on, too.

AMZN might be a good REE today. Gonna watch and see what happens.
(diaganol support.)

Michelle

Liz,
That is great advice. That's what I had to do. Also had to buy stocks instead of options in most cases to keep from biting my nails all day.

Michelle

Lis,

MNST is basing right now. I would not call this REE. I would actually wait for a brekout to the down side before entring this.

REE would be 33.7 for me.

on ascending triangles I use the up slopping support line as my mechanical stop and position size accordingly. I know this means my trades are small and also I try to enter near that support line as much as possible.

GRMN might be a good entry today, lets see where it goes.

Just my thoughts. I like to enter as near support as possible. Breakouts are only if I missed the orignal support bounce.

Lis-
I wouldn't call MNST being at REE. It's hanging out around 32.65 and you had a couple days where the volume was increasing. You need to wait for volume and a break below support/resistance where in this case would be around 32.65.

liz

FWLT might be retesting the breakout point. In fact it already did and now bouncing from it. Dan i missed that, lets see what the day brings bere.

Thanks liz an mahmood for the clarification on the REE for MNST. I was using the support line not the sloping support line. Makes sense.

GAP is a good example of REE entry. I entered it 2 days ago as it touched the diagonal support line. so now my stop is the diagonal support line, my first target is 29 and if it breaks out from there i have 4 point move down. but I am out if it closes above the diagonal support line.

Arty-

Close your eyes, man! The Phoenix is coiling up for yet another explosive move higher!!

GES down to $37.50 - Bad industry and no money going into it. Bad news today on retail.

May the trading gods be with us.

Live Free or Die

David in NH

For those you entered VMC, nice job!

Michelle,

With all due respect...

Not for nothing, but I just posted about all the TV crap, and want to get back to trading...then you come here and re-post more TV and home building and hunting crap....makes me think you are not here for trading.

I like the social aspect Jeff has created here, and we are a very friendly and caring community here. But this is a TRADING BLOG, and while an occasional blog here and there to keep things light is great, I for one do not have the desire to read constantly about whose building a home and house hunting and what they watch on TV.

I am here to trade, learn and help. But I am really irritated when I have to navigate through useless crap, and it leaves me with no incentive to offer ideas, help, or want to learn.

I apologize in advance if this post offends anyone, but seriously...enough already. If you are here for a social aspect and are not interested in trading, go watch Martha or Oprah...

I like the social aspect here, but lets keep the foucs on trading..

Brett,

That needed to be said. Far too many are taking these trades by shooting first and asking questions later. Being new, making bad decisions, second guessing are all reasons that either your position size is too big, or you do not have a good system/rules in place yet, and therefore might want to take care of that first before putting money in the market and then relying on the lack of system/rules or inexperience to navigate.

I would trade with an insignificant position size until these things get figured out first.

NVT is moving in the right direction

I'm okay with the social aspects as well, but only a little bit. Sometimes it gets way too overwhelming. Let's try and focus on advancing our trading skills.

In fact, I'll bet by wading through all the posts, many here missed the calls on NUE and NUVA.

Perhaps in the future we'll have different threads for chatting and trading, but for now, I'm all for trying to stay focused on business.

I'm looking at UA and thinking this is a LOW risk entry. Brett I know you like this one. I usually wait for confirmation,but I like the R/R.......

Jeff, and other bloggers..but mostly Jeff..


Go ahead and hammer away at me if my previous post was out of line..but I remember when this blog centered around trading. Yes, a lot of us have become good friends and such, but the focus lately has been more social and less around learning.

Brett...I did not miss any of the good recos here, but I have to wade through so much more "stuff" to get to it.

And for the new bloggers here, there is alot to learn here, and a great support in place.

Sorry Jeff and anyone if I was to "offensive".

Blast me if you want, I can take the heat..

Raimo,

I agree w/ you about getting focused, but enlight of trading one of the most difficult markets as of late,maybe some are just letting off some steam and are able to contribute other than stressing about how their trading are performing. Clearly a large number of people wanted to lighten up a bit, but recess is over and its time to get to work and make some money.

Anybody having trouble pulling up ProphetCharts this morning, or just me?
Thanks,
Peter

Raimo,

You are 100% correct. I find it tought to come home from work and have to go though 100 post to find that only 10-15 are about trading. I have told other people about this site but they told me it wasn't worth their time because of all the junk. Maybe someone should start a chat room for all the fluf.

Raimo,

I am in complete agreement with your post. This blog provides an excellent forum for learning--but it has become increasingly difficult over the past few months due to all the non-trading related banter that goes on. The education piece is like having another full time job (at least for me), and something I take very seriously. I would also like to see it get back to what it used to be--much more focused on trading. Not just for the "trade picks", but for the actual exercises/reviews of charts, etc. Thanks for stepping up and making the recommendation.

Here is some trading info....

Take a look at ARTC retesting an asc. triangle breakout. Nice entry.

Rd

Jeff-
You are right...my position size is too big for the account I'm working with. The reason being...at the last Investools seminar I went to, I asked one of the instructors his advice on what to do to recoup my loses on a small account. He said my money management rules have to be forgot for a while until it is recovered. Meaning I have to put most of my money into one trade at a time. That is what I have done, but I see that isn't working- I get too fearful when the stock I pick has any bit of a down day- even though it is still okay according to my other rules. It's all so confusing at times on which advice to take.

Liz,

I'd love to know who that instructor was. That's like going to Vegas and putting half your bankroll on a single hand of blackjack. The worst advice you've ever received. Trust me.

The best thing you can do when your account gets smaller is to learn the right way to position size. It's demoralizing to be working with a much smaller account than you had (especially when you're making money), but it will teach you to respect every dollar you trade with.

Raimo,
Hey, lighten up. I think it was a little hard. I agree we need to be focused on trading, but this is a community, too. If I remember correctly, you add humor, poems, etc., so if you want to bash, we'll isn't that the pot calling the kettle black. Just my take.

Michelle

would you guys call AAPL and X at REE.

they both seem to be bouncing from support.

Would SNDK make sense here re test and close to ree

What do you guys think?

LIz, Mechell,

Thak you for your feed back. I guess I put to much on the emotional aspect of it in my blog. My position sizing is in align with my acct. sizes.

In researching my trades I have found many errors at the exit points. I am cuurently paper trading different strategies. I was hoping to start a dialog on the subject.

Isn't this what all the banter is about this morning?

Diana

Brett-
I will definitely forget the instructor's "words of wisdom" and do as you and Jeff suggest. Thanks for your input. I appreciate it.
I am determined to find my niche and with all of your support, I will get there.

Raimo,

I'm back today. I had to go to Baltimore to help my mother rehab her commercial building after the bastard tenants trashed it when they left. If I could show you all the video we took of the restaurant and the absolute filth they were serving people in.....yuck!

Anyway...

DIOD - took a trade on this today as a break out play

VMC - watching this today to take it at the end of the day as a bounce

Kim

Brett - I know you put a lot of time and effort into finding some great stocks. I am trying to do the same but I just don't seem to find as many of the same caliber as you do. Would you mind sharing how you go about finding them?

Scoot,

I store watchlists on INVESTools' website and i continually run searches to add to them. Then, a few days a week, i scan those watchlists for potential setups.

I also read this blog and watch many of the CNBC shows for interesting stocks to add to my watchlists.

Brett,

Which searches do you use?

ELON --- REE

Well said Jeff!! On the topic of inexperienced traders figuring out the rules.

Scoot,
I was going to ask the same question. Brett gets some great trades, and wanted to know his secret.

Michelle

Wow I sure missed a lot for last night till this morning. I hope everybody's trading works today. Hang in there with those trades the last hour is what we look for don't get to trigger happy..

Raimo,
Wow! What did you give up this morning, coffee?, cigarettes?, hunting? your funny bone??
I understand your point and I am sure there is a balance but it is through sharing some personal information that we learn to respect, admire and trust one another as well and when we share trading ideas. I, for one, would miss the banter that goes on.
Please, make nice with Michelle and lets get back to trading.

Lis, I was just about to say "what in the world?" and then Brett said it for me. I also trade a small account and also took some losses early on and the one thing that has saved me is scaling back position size. Especially if you are new and still learning as I am.

Addicts:
Is KSS at REE today? I will probably wait for volume, but this looks interesting.

Raimo:
I only watch the Hunting shows on the VS channel. LOL

Brett,
Which AAPL options (month) did you buy? I am thinking I didn't buy enough time. I got Octobers. I think when I bought them, there wasn't a lot available unless I wanted Jan.

Michelle

By the way, here's a different perspective on GRMN. I mean no offense, but I'm hoping it pulls back just a bit more towards support so that I can jump on before it skyrockets upward.

Did anyone take the call on WNR? It had a nice bounce at 48.

-- thanks, Meena

Just a thought maybe there could be a second post setup for the community stuff like a forum. If we are looking for the trading aspect then we direct that way if we are looking to the community aspect then we spend time in that area there has to be a happy balance between the too. the ying and yang idea... I do agree we need both to fuse relationships and bonds of trust...

Michelle,

I am sure Bob Vila would love to hear about your home on a regular basis, or what tv shows you tivo..I would not..

I am interested in GRMN holding $105 and going higher, or why the options on VAR were free yeseterday.

Or why I might suggest to Mahmood that RESP is at REE and X is not (unless for a put??)

Michelle,

I currently have no position in AAPL.

Scoot,

I use the anticipating the bounce searches, a few breakout searches i designed, and some growth searches you can find on the strategy search tab. It's probably better to use a search that fits your trading style, so I would experiment with many different ones.

Jeff, I don't have a solution although I agree with keeping the chit-chat to a minimum but I think it is hard to not mix other things in when this is the only outlet most of us have during the day for conversation. It has always been like this on the blog but to less extent than of late. I don't post much, especially if others have already said what I wanted to say. I notice that depending on what you post about it gives an opening to other discussion.

I have seen that we bloggers are most appreciative of all you do even though we don't post a thank you every time you give us ideas. Think of all the posts that would be. We certainly don't take you or the blog for granted.

Thank you for all you do!

--Patti

TRMB ... busting out

Raimo,
Can we take this off-line and resolve it? I just sent you an e-mail.

Michelle

Sarah,

I really like the way you think. Plus, check out the bollinger bands on this one, and the move made the last time they looked like this.

Sam H-
KSS seems to have fairly strong support/resistance between 54 & 56. I would say it is at REE but I would like it to break below 54 before I got in and with volume. My opinion.

liz

ANAD breaking out

Hey Raimo-

With RESP, curious if you are you looking at horizontal support as your exit (47.8 ish)? Seems far from diagonal support for me.

Oh, and did you see The View this morning with Whooppie?!!- it was totally awesome! ;-)

Brett-

Volume question. Thanks for the tip on VAR yesterday- I took a position. However, you mentioned that preceding days volume was trending above the 20MA (and it was), but an IT Coach told me this AM that the only volume that matters is the volume on the day you take the trade. Just curious about this debate.

Love and Happiness on the Blog,

Peter

Brett,

I see the move on NUE. Nice. Unfortunately, I was watching some other things early on. But it looks like it could make a substantial move up. Should I move into a January position?

Thanks for your wisdom.

Raimo,

Thanks for getting us re-focused on why we are here.

VeroBarbara

Thanks Brett. I have used the bounce searches and a number of different other ones. I probably just need to do as you suggest and figure out which ones would most consistently turn out the types of stocks that I would want to trade. Good advice, I appreciate it.

Michelle - I agree. Brett is a great role model and I have already learned quite a bit from him. I also learn from every single person who posts here. What a great blog this is!

Brett,

I see the move on NUE. Nice. Unfortunately, I was watching some other things early on. But it looks like it could make a substantial move up. Should I move into a January position?

Thanks for your wisdom.

Raimo,

Thanks for getting us re-focused on why we are here.

VeroBarbara

Take a look at GES. Jeff pointed it out as a 3-top and it is retesting today.

Amy,
I see VMI and SLB as REE and AMZN.

Michelle

I think on NUE, i'd wait for a retest. In this market, I wouldn't chase anything, and I'd bag profits if they get big quickly.

As for volume, again I'm amazed by the IT instructor's comment.

1) Volume on an upside breakout should be substantial (you make your own rules but at least average volume and preferably 1.5x or more).

2) Volume on a downside breakout isn't as significant (but still preferable), since stocks can fall simply from an absence of buying but need buying power to rise.

3) Volume DOES matter on other days than the breakout. Any trading book will tell you that volume activity on ALL stock patterns is important. In fact, it's probably more important than any moving average or oscillator you're trying to learn how to use.

Somebody mentioned earlier (sorry, but I can't remember who) about using buy stops so that they wouldn't miss trades. What other techniques does everybody use? Few things are more frustrating than watching a trade that was in my watchlist climb higher and higher without me because I missed the entry.

Sean,

I don't smoke, had my morning coffee, hunting trips for the season all planned, and my funny bone still funny...

No, I gave up nothing but time reading and navigating through an ungodly amount of posts that have really slowed the learning process down on the blog.

I agree that a social aspect is nice, and enjoy it myself. But lately, it is over the top and detracting not just from some of the on going bloggers here that really do contibute, but a new trader comes in here and reads all this personal stuff, what are there impressions?? What are they learning??

Jeff created a trading community...about trading. I work hard, so does Brett, C2, Liz, VA reisling drinker, mahmood, arty all of you...on becoming better traders..but some of the personal stuff..over the top, way too distractive.

Michelle telling me I am the pot calling the kettle black? Please.... when I first posted one post long ago about hunting, I got jumped on, rightfully so..

As Brett would say, tough love. And I did not complain or cry about it, or ask anyone to ease up.



Yes, I am pissed off that yesterday I sold my LVS calls for a 200% plus profit, and it is up again today...other than that I am in a fine mood...

I even love the PP today...

If I hit some nerves on some people today, it was with good intent, not bad intent.

And thank you all of you that have e-mailed me privatley on this, I appreciate your support and conituned friendship..

Now, lets make some f#$king money here..

Raimo-
I would never blast you. I respect you too much. I think it's a good thing that you've pointed out that we've gotten a little off track. I also think that for a lot of us we also enjoy coming to the blog and hearing a bit about the people we trade with. I know that I look forward to the poem duels between you and PP and Chris' humor and Arty and the dry humor of Brett. I think we need a little of that thrown in here and there, especially when trading gets stressful. But I am not offended to be told that we need to get back on track.

LONG: BCSI, BIDU, GRMN, POT
SHORT: ABC, ACLI

liz

Peter,

On RESP,Iactually have it drawn as a sym triangle.It borke out of it on 9/11 with heavy volume, then retraced back and closed yesterday right on the upper triangle trendline. It's price is there right now. I don't have a HZ support line here for it....just the sym triangle breakout re-test....which is an excellent entry. If it closes back within the triangle, your out of the trade.

Hope this helps....

Keep your eye on the FXY...

Garmin going to navigate the sky...

Time for the Blue Phoenix to fly...

Echelon coiling up, oh my!

Under Armour gonna say "bye, bye!"

And so will my baby, VDSI.

Can someone fill me in on what stock "the phoenix" is? I keep seeing references to it, but I haven't been able to figure it out. Thanks!

BLUD has had 4 good days and is almost at its 52 week high.

Any thoughts on EMC? They are supposed to profit on VMW's good fortune.

I'm not sure if this is considered a cup or a saucer or just a bowl but check out FFH. It's been going up, up and up and today it is breaking above a 240 resistance.

liz

Brett,

Thanks you made my day. Was begining to think I might be a little trigger happy.

Liz,

I too enjoy the social aspect...and really do care for everyone here...but it got out of hand, in my opinion. I love the bantor between me and that scum sucking dog PP, love C2's storys, and a limited amount of personal stuff....but I cant be reading through 100 posts to find 10 trade related ones, and stay focused on trading.


You, and anyone here, can blast me anytime..I may deserve it here and there, and respect you as much so would not take it personal and let it detract from any friendships created here.

Also, for the new bloggers and traders here, they need to be careful about being pursuaded be me, Brett, Jeff, or anyone else here that blogs. Some of us trade differently, and taking our advice may be bad. Or taking advice from someone who apperas to have there act together, but really does not..

This is great place to learn, ask advice, get ideas, and meet some really cool people. But a gazillion posts about you rhome project or the TV show you watch..

That is what should be taken privatly after a million posts...

By the way...Brett gets all his trades from his Cramer bobblehead..

COST,

Even though it kicked me hard earlier this on a failed H+S break, sure looks like its about to roll over....

Hey Brett-

Thanks for the response on volume. I've only read Murphy's book, but true there is a whole chapter that contradicts the advice I got this AM, hmmmm. Called back the coach and left a message to clarify in case I misunderstood.

Raimo-

Now I see what you're talking about on RESP. I wasn't seeing the triangle.

Thanks,

Peter

DD-

the phoenix is BPHX. Be careful of the flames.

Raimo,

It's offensive when I say something you don't like, but when you decide to blast me, it's "tough love"? How about let's just call it what it is, mean.

I am sorry that you don't like my posts, me or my ideas, but could you just save your criticism for somebody else, because I've had enough.

Just because you're a good trader, doesn't make it okay to be a bully.

Michelle

Addicts,

Has anyone noticed the huge B/O down on SHPGY? If the Rising Wedge Bearish is accurate on ProphetCharts, a significant drop will occur. It broke down below 71.50.

Any thoughts?

VeroBarbara

CLEAN CUPS!!! CLEAN CUPS!!!
SFM

Liz

You live in southern Cali?? I am not the only one on this blog out here? Great have a great time in San Diego I love that Area!! The OC is great but that area is a lot of fun plus it is close to the Orphange we built In TJ Mexico..

Thanks Sean. I've looked through the video on market internals.

I like the way the market internals is being presented in the format above, but the video didn't throw any light on this.

I'm new here so I may have missed out earlier posts on this before. Anyone out there knows where to get market internals in the above format posted by Jeff? Thanks alot!

Dav