Bullish? I remember a few years back, like a giddy kid, I would call Investools with my $26K paid PHd password and explain how bullish I was with charts resembling the last few days – boy did I get beat up! So, looking at the DIA chart, let’s take a look; just broke thru the 10 dma, under the 20 & 50 dma plus the 1K dma & volume not that great. OK, look at the QQQQ’s - so, (for me) I really don’t want an elephant to trample me on a retreat, ‘Just my thoughts and caution’.

Oh! Feb 17th is Ash Wednesday – the start of Lent. Could be nothing to most, “God Bless America”.

Nice work Jeff !

Searches - nothing is perfect but here are a few ideals from the RSI pro search <10 (NEU) and >90 (PETD) (heavy to the Feb open interest on the call side). Oh, this search gave me AONE – only up 11.12% today but much more with my OTM Feb options that I bought at the close yesterday – thank you very much!

Excessive compulsive????? – my wife just came in my office and reminded me that she loves me – a 38 year romance. In my office my TV is on; I am watching Fox News and here I am still looking at stocks. It’s a passion and I love it. But, who doesn’t with the money I am making. For all out there, I really & truly want everyone to enjoy the same rewards I get (most days – there a some really bad days but most are good to really great like today) from this wonderful world of stock trading – for me, it can’t get much better! Study, plan, set rules, question, log, keep track, don’t quit and most important have fun! Good nite.

Me likes the homies. Solid work OA.

Who Dat?!

OA,
Do you see this as confirmation on bullish trending market? or expecitng pull backs in the tail end of the week?

When I trade the homies also trade (and follow) the building products, suppliers, etc too...
MAS, WHR, MHK, LPX, WY, PCL, CUT
OA thanks for the heads up on the home builders a few weeks back.

Jeff

Not sure whether you look at Elliot Wave analysis, just wanted to throw out to all the bloggers here that everyone in that camp are super bearish right now, most forecasters called a top at S&P 1150, with a retrace going on now to 1115 -1120 now and then a drop to 1040. This should resolve it self one way or the other in the next week, a break above 1120 and all bets are off for the Elliot Wavers.

Thanks

Ken

Getting ready for battle: "Hump Day" - to that, will the S&P slid back down the hill today? To a certain degree, I am leaning that way. My portfolio is still very heavy cash and I come out, take some fast trades - back to cash (day to a few day trading). For me, the trend is sideways to a bit down. My Toyota Feb $75 naked puts are taking a hit today, one I will be ready to short if I see the 15 min bar dip under much more - my plan was the $77 so, the TOS alert will hit the cell phone on the bell. BIDU, I have Feb $400's naked puts and all is well there with earnings coming up. My real concerns are front month options that I am working very fast. Back to strategy camp.

GBE - Grubb & Ellis $1.55 / 100K shares a day (not much) but if you have a long horizon and just want little bumps in your retirement acct., this one should be just like buying land - it ain't going away but down the road there could be riches.

Obama speaks and the house falls (I am in BZH, RMIX, HD and XHB) - TM; bought some Feb $70 PUTs as it crossed the $75 level - not sure if I will hold very long. Other than that, the market is flat for me and I am in a wait and see mode.

TM - sold 2/3s of my PUTs - house money now.

TM - plan the rest of the Feb PUTs by day end or by $73.50. Buy Mar PUTs if it breaks the $72 level which is past pretty good support.

TM - out, for a $1.50 a contract ($3.00 roundtrip) there is nothing with cash on the side. Oh! I still own the $75 naked PUTs - call me crazy

Trading fees: when I first started actively trading, I concerned myself more with the cost of trading then being right or wrong. Heck, it cost me $1.50 per contract or $3.00 round-trip – the cost in nothing. We all have been taught, cut your losses and let your winners run but there is also great satisfaction in closing ‘front month’ options every day or not more than a few days into them (for me). Gamma excels 12 days prior to expiration. So, if within the last 12 days of X, I typically close the same day or if I get in late in the day, I typically close the next day. My game plan.

Exception: Naked PUTs – I am a bit more reckless. We all know the stock can go to zero ($0) and I have been burnt with AAPL, BIDU, GS, GOOG and maybe right-now TM (today, I made up lost ground on my quick PUT plays). Once the stock is assigned I play OTM calls till the stock is taken away and even buy calls if I see the play to make additional profits. This type of trading over the last four years has worked very well for me – so, I am content knowing that I am not always going to be right. One exception, I lost big on Bear Stearns – “””so know your pain level.””” And, do not trade NPs on margin - "no, but hell no!"

GBE - took my advice and filled at $1.53 - now at $1.57 : better then nothing - just going to tuck this on away.

$uvol-$dvol is gradually moving down - could be an exciting close today. Time to step away BUT, before I do, (sure is quiet) guess no one else is trading here today. Just so you all know, my (full) acct is up $1K then down $1K and it is really doing nothing.

Great calls Bro Montana!

Biotech has been one of the hottest sectors this year. BBH broke out yesterday, though on light volume. In looking at my biotech screener, this flag stood out on NKTR. http://screencast.com/t/ODZkMmMyN

Today, if it were a baseball game, I got on base with 2 strikes and 4 balls - only cuz I waited out the pitches. BIDU was my game changer.

i'm just trying to resist the urge to over-trade. I think that has been one of my biggest liabilities.

Over trade? It is said we enter trades incorrectly over 60% of the time (For me, I was 72% wrong a few years back). More interesting I have found I make most of my gains over 5 of the 12 trading months. And, that is happening more and more because I am heavy in cash when we are in grinding market as we are now – minimal trades. Plus, I am 57 and my game might be different then a 30 yr old. Bottom line, I am a firm believer you can make 20% annual returns in just trading 2-3 months of the year and beaching it the rest of the time. Any input from others?

Check out BX- symmetrical triangle; it broke down on nice volume and now is having a retest and running into the 50 day MA. On the PnF, it printed a sell signal and trendline support is down around $10 which is pretty darn close to the price target from the 3 point Triangle. I think 13.85 would make for a good stop. Thoughts??

P.S. Anyone else take a ride on WGO (pardon da pun)

Winnie (WGO) – yes, I own as I have stated numerous times in the past. Plus, look at THO (Thor Industries), then go into the company and notice they own so many of the RV players, then there is NAV, they own Monaco and the Workhorse chassis. This last week, I was just in Yuma, AZ and there were no shortage of beautiful coaches or buses (in which I own one), only mine is a ’09 Tiffin Allegro Bus (a privately owned company) out of Alabama.

All said, Jeff missed this one – it was not the homies but the motor palaces on wheels.