Jeff,

You haven't touched your bullish positions meaning.....? You are planning on taking these trades, and we will be tallying up the win ratio tomorrow?

Jeff, Brett... anyone.
Have a look a GCI. I got in last week at $40 and am up 100% on my put so far. This is the part of my trading that I lack discipline and focus on. Do you think that I should take those profits off the table now? or let it run? My confusion is surpassed only by my charm and good looks.

And gratitude.

I am highly upset I did not enter GOOG at the open as planned, so as it got away from me I started to watch for a top but underestimated the amount of run, my puts then also lost IV as well, so today was not good, I then exited again too early as it looked poised to bounce off 650 so I sold and could have had much less of a loss had I held. OH well, live and learn from it.

Ben

FWLT looks like it may confirm a broadening formation

Brett,
Sorry to go on and on about this SPX thing... but how did you decide to draw your line at those intercepts? If I use the low of 03/03 (which if you look at the 10 year is pretty much the 10 year low), then 06/06 and finally 11/07 I get my bounce today off of the line.

I agree that using your points gives the bounce point around 1375... but why are you ignoring the low of 03/03?

Jeff and all OAs,

Have a really great thanksgiving. I am very grateful for knowing and having the support of this community. Hope you all have an incredible week ahead.

Anu,
I must have my lead underwear on today (ie... dense.) I don't see a broadening formation on FWLT at all. Where do you see it starting?

And....now I would have made a nice amount on them instead.

Chris, I've ready in a few books that using the actual bottom as your trendline point can distort the overall trend. Besides, i like the trend I've chosen, as it spans from year to year well and smoothly (until last year's exaggerated upswing).

Also, on GCI - you gotta set targets, my friend. Since you don't have one, why not sell half and let the other half run until you get a sell signal, whether a candle, bottom, etc?

C2,
Congratulations on your GCI trade. How about taking 1/2? Just a thought.

Chris,

Yesterday, I started a post under the Trader Chat Forum about taking profits quickly in the current market environment and what exactly is the definition of "quickly". As we well know, the definition is completely subjective. I am trying a few things that I posted there. Others have offered suggestions as well.

Good luck!

Chris,

I may be all wrong on this and wouldn't be at all surprised but here is what I see. If you look at the nine month chart and draw a trend line connecting the highs from 10/10 to 11/08 there is an ascending upper trend line then if you start at the low of 10/11 and 11/06 you get the descending trend line. The volume has also been increasing during the formation which goes along with this type of pattern. I don't think the pattern is confirmed unless we close below the bottom trend line. Let me know what you think.

Jodi,

No, no, no! I hope the market dies today.

As I watch the VIX skyrocket and the SPX plummet, it is comforting to know that my account is really bearish for the time being...

Today was a textbook test of old resistance...

Jeff,

Not to doubt your recommendation at all. But it looks like SPX is breaking lower - below 143. Granted, it may bounce from 143. But I am curious to learn what you are seeing. I am just not getting this taking profits quickly business, esp on the bearish stocks if they haven't reached target...

Thanks...

Grace... another member from planet stupid.

After all, why else would I be playing Crowded House today!

Grace,

Which recommendation is it that you doubt?

You can doubt me any day of the week, but just don't invest too much money in it :)

Brett, VB, John,

Thanks for the input. Some days I think the altitude gets to me. I had set 37 as my target (after Brett so gently pointed out I didn't have one) but didn't expect to see it so quickly. I will sell half now and in the 20 minutes since I posted the question I've made an extra $200 on that 1/2.

Brett, I see what you're saying. This is a true education for me as the markets seem to agree with you. Thanks for that. As my buddy Forrest says... "The markets are like a box of chocolates..."

Anu I kind of see what you're saying but it looks like a very weak pattern. It'll be interesting to see if it plays out but I don't see any kind of conviction in it.

Jeff,

After buying puts all morning, i just took SOHU calls. I know it's probably dumb in the face of all this selling, but i like the trendline and pseudo-wedge.

I need to be long SOMETHING in china, right? Now if only BIDU would get down already...

Chris,

It isn't about the markets agreeing with you, it's about not arguing with the markets.

Being so concentrated in puts this week, I sold off about 20-50% of each of my positions. I gotta lock in a few profits before I approach the holidays.

I need to try and relax at the end of the week.

Jeff,
How do you set a target on a stock like ESV that has broken support but has no immediate pattern?

Jeff:
CMG I still see a H&S here with a neckline of 120, target of 110. Are you in CMG puts after this morning's little rally?

I see, so relaxing only comes when you aren't hanging it all out there.....I was wondering when I would get to that place of relaxation.

Sam H

I am still in CMG Dec 125 Puts. I see it tried to retest resistance and has fallen back since.

I still see $110 as my Target

David in NH

2 Questions (ok 3)

1- What will the Fed Minutes tell us? What's imp. about this announcemnt?
2- What does everyone mean by "clean cups"?
thanks :)

Mary Beth,
Clean cups means there's a new post up.
Look in Chit-Chat forum for more info.

When are the Fed minutes being published ?

Oh Jeff,

Don't get me wrong. You have made me a lot of money - as a matter of fact, my account is up this over 6% this week already solely because of you and your watch list.

I just don't understand the taking profits on the bear plays part. (having said that, I took some profits even though they are not at my target) The way you put it, it's almost like you are bullish, or expecting a late day rally to the upside. I am curious to learn what you see, or is it a feeling?

I know I am not the only one that has questions on this... as a matter of fact, there is a thread on Trader's chat " Taking profits quickly, what is the definition of “quickly”?" Perhaps you can take a look and talk about it?

Thanks so much for all that you do.

Grace

David:
Per Bloomberg, the FOMC minutes come out at 2:00 ET

Am I correct in thinking that even if the market likes the Fed minutes, we are still headed down? Say we rally into the close, aren't we still going to crash after it like in October?

I am comfortably bearish.

Jym,

Take the distance between support and resistance.

Grace,

I'm taking profits, on a small portion (20-50% of each trade) because each trade has reached a reasonable price objective, and I want to reduce my exposure over the holidays.

Keep in mind I am trading a reduced position size and I am quicker to start the profit taking process in this market. I still have a good size going in each trade though.

VeroBarbara,
I hope you stayed in STI with me!

Laney & VeroBarb:
I am still in STI with a target of 65.50. Glad I waited for the Fed minutes.

Me too, Sam.

It was hairy there for a minute so I went outside with my kids so I wouldn't do anything crazy. :-)

VIP looks like it's finally breaking out of it's boring sideways track, on decent volume. You've gotta like it's spunk on an otherwise confused day.

LEH - does anyone have thoughts on it for a put play?

Jeff,

Ah, got it. Portfolio balancing / holiday exposure. Make sense. What if one is trading just 1 contract because of position sizing / risk per trade, will you still be getting out?

Looks like I need to look for cheaper stocks so I can get into 2+ contracts in the future. :) I wanted to get into ISRG so badly the past couple of days but didn't because the max loss would have violated risk per trade losses. So sad to see it move up and I can't participate in it.

Ryan,
Homebuilders took a big upswing this morning but don't seem to be able to hold on to it. It looks good to me except for a fib that's lolygagging about on my chart that's based on the last runnup if you look at the 5 year. And the 0% line is right around 58-59. So if it breaks past this area on decent volume I'd say it's a good put play.

Ryan:
LEH: Been in Jan 60 puts since Thursday. Target of 57, but that does not seem very aggressive as of this afternoon.

Call me fickle, but now, I love AZO!

Altogether I am up 174%. Here's the kicker on that though, I am still $225 away from being at zero on it. I lost a lot of money on AZO.

It's broken the $107 support, $100 here we come.

Bear flag on the SPX 1 day 2 minute?

Grace,

I would rather reduce the number of positions I was trading so I could buy more contracts. With one contract a piece, you forego any flexibility.

Laney,

Congrats on your great trades. Glad for those who stuck with STI.

Chris, Catherine & Sam....thanks for the input on LEH

Oh, Barbara, I'm sorry if that seemed like bragging.

You're so gracious.

Me too laney.... I love getting back at a stock!

That's one small shoulder on BEAV.

Jeff,

Do you think buying 2 contracts in less positions, instead of buying 1 contract in more, is more profitable in todays market for a very small acct.?

I ask you this because I sold my 1 contract of LCC yesterday. Trying to take profits quick. If I had 2 contracts I would have only sold 1. Is this wrong seeing I'm still new. Should I keep it at 1 contract per trade?