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  • #16
    True master? More like compulsive gambler. Well, that and failing to follow-through on a moving average break along with support levels getting creamed. The overall economic picture is pretty in your face, just gotta watch the market reaction to news though, as evidenced by early last week, then go long 'cause the market more than likely will get goosed.

    I'm getting kinda worried about hanging short over the weekend, the gap down possibility is there with all the bad news, but that seems the easy trade so the market might go the other way, lol. I dunno, the initial panic is over and all it takes is some fund to hit the buy button and create a panic amongst the CNBC zombie traders to cover. We'll see, but I think the Obama stimulus plan hoopla is played out and reality and gravity of the situation is sinking in. My shit has 3 weeks to play out before it turns into a pumpkin, so....

    The main thing is the ability to stay in the game, dont go all in and leave cash available to hit something should the opportunity present itself. Also, hope and maybe doesnt work on a bad trade, take the loss before it gets worse. If you can win more than lose you'll do good. Now if I won a whole lot more than I lost I could quit my job and just gamble away at my leasure for an occupation, but my crystal ball aint that good, lol. But it is a fun game to play and the odds are 50/50 in this casino, better if you can get a feel for how it works, so that's better than Vegas, eh?

    Good luck

    Oh yeah gold fans...watch to see if 930/oz gets blown away towards the upside, that time to watch that is upon us again next week I believe.

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    • #17
      Gold went a wee bit kerplooey. 8)

      Originally posted by Andy View Post
      True master? More like compulsive gambler. Well, that and failing to follow-through on a moving average break along with support levels getting creamed. The overall economic picture is pretty in your face, just gotta watch the market reaction to news though, as evidenced by early last week, then go long 'cause the market more than likely will get goosed.

      I'm getting kinda worried about hanging short over the weekend, the gap down possibility is there with all the bad news, but that seems the easy trade so the market might go the other way, lol. I dunno, the initial panic is over and all it takes is some fund to hit the buy button and create a panic amongst the CNBC zombie traders to cover. We'll see, but I think the Obama stimulus plan hoopla is played out and reality and gravity of the situation is sinking in. My shit has 3 weeks to play out before it turns into a pumpkin, so....

      The main thing is the ability to stay in the game, dont go all in and leave cash available to hit something should the opportunity present itself. Also, hope and maybe doesnt work on a bad trade, take the loss before it gets worse. If you can win more than lose you'll do good. Now if I won a whole lot more than I lost I could quit my job and just gamble away at my leasure for an occupation, but my crystal ball aint that good, lol. But it is a fun game to play and the odds are 50/50 in this casino, better if you can get a feel for how it works, so that's better than Vegas, eh?

      Good luck

      Oh yeah gold fans...watch to see if 930/oz gets blown away towards the upside, that time to watch that is upon us again next week I believe.
      And the truth shall set you free.

      Comment


      • #18
        Originally posted by NoDecafPlz View Post
        Gold went a wee bit kerplooey. 8)

        Market not skeery enuf

        818 again, lol. Wouldnt crack this afternoon so it got gunned once out of the trendline. Booooooring. Added a batch of SPY 82 puts today. Now to make some money..... (or lose my ass, lol)

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        • #19
          Did you do ok? No need for those puts today huh?
          And the truth shall set you free.

          Comment


          • #20
            Razzle dazzle...

            Still holding the two batches of SPY slop, and added a batch of 85 puts around today's stall at spx 850. That's the marvel of extra ammo...you f-up (although you gotta admit that was some good tape painting yesterday, lol), you can dig your way out.

            CSCO 16 puts on the close today. Looks like guidance sucks (duhhh, if T aint buying stuff, who else is?).

            2.5 weeks for my grand plan to take shape or turn into a pumpkin. Although I look to be in cash for the weekend, we'll see.

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            • #21
              What are your thoughts on playing sdy vs spy?

              Originally posted by Andy View Post
              Razzle dazzle...

              Still holding the two batches of SPY slop, and added a batch of 85 puts around today's stall at spx 850. That's the marvel of extra ammo...you f-up (although you gotta admit that was some good tape painting yesterday, lol), you can dig your way out.

              CSCO 16 puts on the close today. Looks like guidance sucks (duhhh, if T aint buying stuff, who else is?).

              2.5 weeks for my grand plan to take shape or turn into a pumpkin. Although I look to be in cash for the weekend, we'll see.
              And the truth shall set you free.

              Comment


              • #22
                I dunno, too lazy to figure out exactly what SDY consists of. I like SPY this month, nice chunk o' market.

                Killer triangle, eh? Funny how its about to be busted and news of the possibility of letting the banks use Enron style accounting surfaces. Resistance held, but this thing is getting narrow. Flip a coin time IMO. Getting real tired of this range, I suspect up or down I'm stuck till next week, should be interesting how this plays out.

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                • #23
                  I don't trust this market at all.

                  We have yet to see municipalities go bankrupt yet (Paging California!)

                  I bet Arnold wishes he had never run!!! LOL

                  I am tempted to naked short Simon Properties or another commercial.
                  And the truth shall set you free.

                  Comment


                  • #24
                    Errr, wait till next week to short, or maybe today was the day. Boy that sure would suck down a whole lot of profit if I took the loss today. Anyway, nice squeeze, just under the moving average. Obama better have some good stuff to miracle fix the economy Monday.

                    Interesting that BAC guy buying BAC stock, little conflict of interest there? SEC...hello? I'm really wondering if Enron accounting is ok now as well. Next week should be real interesting.

                    Anyway, might be digging myself a hole here, but a batch of SPY 89 I think (got too many of em) puts aquired today. 870? Hmmm

                    I smell some real fear in the gubment types, and have you ever known a gubment plan to work? I hear that 1st 'cover it up with a TARP' thing is showing a bit of suspiciousness in the news this am.

                    Oh well, enough casino, weekend rest time, no rollercoaster for a couple days, lol

                    Comment


                    • #25
                      Well I got some sh of FAS last week at 8.63 going to get out pre market this morning and get back in at bottom today..
                      Banks ran like crazy friday, now news about tarp not out until tues and not to go to prez until friday might drag banks down for a dip again this week , My plan is getting into cash this morning , wait for the dip then back into banks for a weds run for the tarp plans to come in..
                      DXO might do a little this week , oil production might be slowed down again so will bring oil up again, they cant stand us getting gas under 2 bucks..
                      Also USO etf for oil might be one to get into..
                      Good luck this week all .. post some picks out there to get into..
                      Also might want to keep SIRI on your list been a good bouncer the last few weeks from .11 to .25 (pre-market) last week.., I got in friday at .118 . News is buyout at .20 coming..
                      Gary
                      Last edited by garyv; 02-09-2009, 09:17 AM.
                      T-10 ,,1980,,

                      Comment


                      • #26
                        Fins are still running this morning pre-market,,,,might be MMs keeping it going waiting for news not sure , going to keep an eye on it this morning . Have a sell in on FAS pre market might change to trailing stop ord...
                        T-10 ,,1980,,

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                        • #27
                          Is anyone playing a financials bounce on news tomorrow? I put on a Feb 10/12 Vertical Call spread on XLF earlier today. Pure speculative play, so will see..

                          Has anyone attended an investment seminiar like investool, optionetics, or other? Is it worth time/money? I've been trading for years but mostly learned from online learning from CBOE and OIC sites. Any other good training sites? Jim

                          Comment


                          • #28
                            Hey guys,

                            you really might help me! What I am looking for is what would be the best book ever written on trading. Any advice? There are so many so-called "investment gurus" that I am getting tired of searching for some good (genuine) book on it.

                            Thank you!

                            /forum/showthread.php?t=114358
                            2016

                            Comment


                            • #29
                              Duran, I can recommend 1 book that I've read on option trading. I do more option trading. "Option Trading for the conservative investor" Michael Thomsett. As I mentioned above there are many free online class you can take. Amazon has many books on subject with reviews depending on your trading style and markets Futures, currency, equities, options, etc

                              Comment


                              • #30
                                Nice play on FAS, fast sucker, aint it?

                                I still wallowing in a mess of SPY puts, this week I believe is make or break. Nothing like a bunch of stick saves from keeping the guy with the plunger from clearing the drain, eh?

                                Although the futures taking a dump tonight might be an indication of things to come (yeah that's a good indicator...not). I figure 1/2 my puts should help the other 1/2 come out even, looking for a flat ROI with this screwup.

                                Although with the new Russian default going on there might be some more fun in the markets upcoming.

                                Good luck, and I do believe that this week is a nice inflection point unless the PPT steps in (cue X-files theme) lol

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