Ben's speech was the generic "same-old-same-old":

"Things look worse; we'll do what we feel like when we get around to it."

Why do I keep fooling myself into hoping for more from this guy? Not to mention nearly falling asleep as he drones on...

Time for me to drink the purple Kool-aid and end it...

Jeff,
Any new downside ideas?

I laughed out loud when the one guy actually asked Bernake if he thought we would have a recession in 08. I almost expected someone to ask him whether the next cut would be 25 or 50 bp.

Jym,

Yes. Stocks.

YXC is breaking out...

Anyone else taking it?

YXC..."symbol not recognized"

?

YZC ?

Also watch the FXE...getting fairly close to new highs...

YZC doesn't appear optionable?

YZC...yes.

http://www.optionaddict.net/blog/2007/12/31/watchlist.html

Gecko,

Right, not an option trade here.

CFC? Wanna bet?

POT sitting right at support for great REE.

CFC Country wide in advanced talks with Bank of America for buyout

Got stopped out of OMG today...right at the low before it reversed. I am not so much disappointed as I am wondering if I didn't play this one correctly. The stock dipped below the triangle and the stop loss executed. Even though I am kicking myself anyone want to still tell me I did the right thing?

wow... I am just glad I didn't short CFC - up 70% in just a few minutes on buyout news. getting into it now feels too much like gambling to me.

I took down some MELI earlier today - it's South America's GOOG and BIDU equivalent but a lot cheaper. strong support bounce today.

Jeff,
Could you give me some insight into how you plan/price your option stops? Typically I use the ATR of the underlying, take this off the price of the option and hopefully that figure sits at around 35% discount (potential loss) off the price. Really keen to udnerstand how you/others calculate their stops.

geckoJB,

You are out of OMG? That's a drag.

This is why I avoid mechanical stops, and wait until the last hour of the day to exit a trade. Had I used your approach, stocks like MOS, POT, AMZN would have given me HUGE losses yesterday. However by the end of the day, I was back to making money.

I dig some RIG here

Can You Help?

I cannot open 'COMMENTS' for the 'Let the Games Begin' thread. I get a message that URL is Blocked.
Any suggestions?

Norm

CFC...Maybe buy the rumor and sell the news??

Doug,

Nice one. I'm in today on RIG with ya.

Sledge

Sledge, is your name in reference to pretty much the greatest movie of all time?

Peter V,

My siblings and I caught every episode when it originally aired in the 80's, and then on re-runs in the 90's. Now the DVD keeps my spirits up when I'm taking a smack-down like the last six-month period.

Here's the official site. If any of you haven't seen it, it's hilarious. That, and Flight of the Conchords...

http://sledgehammeronline.com/

JASO looking juicy here, btw. Just picked up a few calls...

I'm seeing PCU here as a descending triangle. Any takers?

BEAV-

Looks like a rounded top with a support bounce. Thoughts?

Just realized PCU is on the watchlist. Thanks Jeff.

Hunter .. I am in PCU .... with about a 25 pop downward once it clears this area.....I see it as a DT also.

Hunter I am liking PCU, but I need to see a breakout and a close below 100 for it to be confirmed. It will be a nice 10 point move.

I don't like Industrials and Metals right now too, so this is a good fundemental play as well.

Run DE Run!

Jeff,

LFC, CHL, FXI... breaking above the wedge. Is China play back on? or are these bad plays due to resistance?

Calvin

Hunter,

Great minds think alike...

Don't worry I am not territorial. Joint custody will work fine with me.

I bought Feb calls in CFC this morning - anyone tell me what is liekly to happen to them in connection with potential BoA take over?

And we have bounce.... Good thing someone had news like this handy to boost the market. Coincedence? I think not.

Jacksoo,

B of A may hire you to takeover their future forecasting if you bought CFC this AM before that run-up .... Congrats!

Jeff's better to give you the official line on this type of play . but my gut would say - in this market - take the gift and pat yourself on the back - at least 1/2 of it anyway!

I got out of OMG yesterday as well.But that was by choice when it was down below the triangle. I have to admit though - it was a panic exit.
Next time.

I'm wondering if I should exit DRYS today while the gettin's good.

IBKR giving a shot at 52-week high, trying anyway. Volume is up more than usual today. Thanks to Jeff for this one from a ways back in December.

Jacksoo, nice call, buddy. Wow. CFC surprised us all.

Sledge

FYI...I just put a fib on the SPY with 100% at the low of 1/9/08 and 0% at high of 12/26/07 and today is @ 61.8% retracement!

At least is was @ 61.8 as of 1:30!

Thx Benton - makes up for the ones that got away. Looks like someone has a clue on $ as the price hit around 8.70 or so and refuses to go any higher - I guess there are nosecrets on Wall Street. Might take 1/2 and see how things then unfold.

Any takers on VIP calls - bounce up from ascending trend line?

Tom In SC

The PCU DT looks great, but the spreads on the puts are really wide. How are you playing this one?

Tom in SC,

I was looking at a potential entry in VIP today. Not sure how I feel about today's rally, though. What setup were you thinking of?

~Cameron

PCU
Has failed to close above 100 since Jeff pointed it out on Monday. I bought Puts today as well

Tom,

I've been in VIP since Monday. Got in around $40.70. The darned thing is finally starting to move.

Krystal,
I'm in it, too but Theta is killing me. It expires next Friday. blah

Well, Bank of America practically owns CFC anyway because of the 2 billion they put into them. So BAC probably said we are buying you right now or else.

Wait for all the 4Q write offs from the subprime mess. Coming to an earnings report near you.

Laney, GIRL! Didn't I read that you just got into that one one Monday?!?! Mine is an April expiration...

No, I've been in. :-(.

Thanks Jeff,

Bought some GILD calls earlier. Took profits on VIP and OMG calls for a nice gain.

Jeff,

I must say that your blog did take a turn for 2008 - for the worse. You seem to be so stuck on yourself and what you can do that you have lost what I think was your orignal intent - teach those that wanted to learn from you. I am extremely happy that you have made tons in this market - so I have I but there are tons here that are not even trading accounts over 5K.

I think you are a well intended person just got up in the "moment". You also are so negative on the markets that it only helps create more fear in the masses that you reach or feeds their own negative bias'. I am not saying that the markets are not under pressure - they are but show us why. Show us why the markets are reacting the way they are that makes a technical sense that we can understand. BTW if you take a long term technical chart greater than 1 year you can see that the markets are still in a Up Trend. While we are in a Bearish Posture that may turn into a full blown crash we are not there yet. Did you not tell us to trade the individual charts and no the whole market?

I expect you and the regulars to react in a negative way but truth is the truth.