The Imperial Eagle
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First, I am up over 200% YTD. This is not my all-time high. My 2008 return was 256%. My goal is to hit 300% YTD for 2009.
I have nothing to add, except that we are still consolidating. There seems to be a lot of folks that are confused as to why the market is moving the way it is. If you used technical analysis and not some useless fundamentals, you may have realized that there are 3 key short-term MA’s that are boxing in the SPX (15-, 20-, 30-day MA’s). These MA’s are creating the narrow range that we are in right now. Stop wondering why the market is doing what it’s doing by doing some simple homework.
Let’s talk about why I post my trades. They are NOT for you to follow. They are for public documentation purposes. If you join me, you do so at your own risk with the assumption that you know what the fuck you are doing. I get really annoyed when people ask me if I am “still in” or “when I will sell”. Shut up. You should already know when to exit prior to entering. If you enter blindly, you are sheep waiting to get slaughtered.
Here is a sector breakdown of the SPRD Select Sector ETFs:
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Since I don’t have much to talk about, let’s mix in a little education in here. Today’s topic is on FEAR.
Fear, and it’s powerful ally – worry, ruin more ideas, intentions, business transactions, and the vitality and energy of more people in the world than any other single thing. The USA has become a nation of worriers. If you intend to build a strong, successful trading future for yourself, you must learn to eliminate unhealthy fear from your thought processes.
Besides the ruinous forces of fear, it can also be one of the greatest motivating forces in the world. Shakespeare said, “To fear the worst, oft cures the worst”, meaning that sometimes a good scare accomplishes more than good intentions.
Why do we learn? We get an education because we are afraid of being ignorant. I mean, come on, you don’t want to be following my trades forever, right? Most people obey the law because they fear punishment (Unless you’re Bernie Madoff). You take a shower and brush your teeth everyday, hopefully, because you have a healthy fear of disease. The point it, some types of fear have value. Fear forces you to think about things you might not otherwise worry about.
However, the negative kind of fear will cripple and debilitate you mentally and then destroy you and your dreams, if you let it.This unhealthy fear will inhibit you and prevent your progress towards success in whatever you do, in this case, trading. It holds you back, prevents you from ‘pulling the trigger’, restricts you from taking advantage of the ideas you create, and in the end, stops you from taking action, until it’s too late to act.
In essence, you become your own worst enemy. There is no one or nothing you can blame but yourself if you let fear take over your life. As yourself, “what are you afraid of”? Are you afraid of losing? Stopping out? Taking profits too early? Deviating from your system? Events outside of your control? What in the world can be so scary that it prevents you from winning in the trading game?
Whatever it is, this fear will prevent someone with great potential from going as far as they might have otherwise. This type of fear usually becomes a self-fulfilling prophesy if it is allowed to grow (being fed by you, of course). Basically, you will lose before you are even given the opportunity to consider any victory.
Where does this fear come from? When you were a kid, did you ever burn your hand on the stove? I bet you didn’t touch the stove ever again. Or, if you’re a rare case, you kept touching the stove and it took you a while to figure it out. The point is, these fears are usually well-grounded by events that took place in the past. Perhaps you suffered a huge loss, or a string of losses. Your confidence got sapped. I tell my students all the time, “don’t dwell in the past in order to see the future”. This is an obstacle that only you must defeat on a personal level.
How do you deal with this? It must be done in a straightforward manner. Most likely, each fear developed from a bad experience. We all fail, and we all lose, and this can be extremely demoralizing. When you fail, it is likely that you will start believing that you will fail again. Here are some solutions for some of the more common psychological issues related to trading:
- Anger over a losing trade – Close out your positions, take a breather, move away from your computer and come back when you calmed down.
- Trading too much – Pace a limit on your trading activity or even take one or several days off.
- Wishing, hoping, praying – Base your decisions on technicals.
- Adding to a losing position – Instead of averaging down, average up on a winning position. (You have never seen me adding to a losing position, ever)
- Afraid of ‘pulling the trigger’ – Again, base your decisions on the technicals
- Fear of being stopped out – If you use stops, let them do their job.
In conclusion, I want to share with you an old fable that I’m sure you already know. It is about the mouse that roared.
Once up on a time, there lived a little mouse. He lived in constant fear of a cat that lived in the village. One day, a powerful space alien magician came to town. “M’lord,” the mouse begged of him, “thou art wise and powerful, and my life is most miserable because of a cat. Woudst thou return joy into my life by making me into a cat? Then I would no longer live in fear.”
The magician smiled, raised his wand, said some magical words, drew some lines on a chart, and the mouse found himself a cat as he wished. But, he was the most frightened cat in the land. A dog that had been of no concern to him before, now made his life unbearable with fear. Every time he ventured out of his out, the dog chased him.
The cat, desperate with fear, went back to the magician. “M’lord,” he said, “being a cat is most miserable because of a dog. Wouldst thou return joy to my life by making me into a dog? Then I would no longer live in fear.”
The magician obliged, and the cat became a dog. But he became a dog that lived in constant fear for there was a huge tiger that lived in the forest and made his life…miserable.
Again, this poor creature set out for the magician. This time he asked to be made into a tiger, and it was done. Suddenly, the tiger now found himself in the most terrifying circumstances he had ever known. Hunters came into the forest with rifles and dogs. They even set out traps for him. He had never known more fear than he did now.
Finally, the magician was asked by the tiger to be made into a man, that he would fear nothing from that day on. For the first time, the magician spoke. “As a mouse you knew nothing of cats. As a cat, you knew nothing of dogs. As a dog, you knew nothing of tigers. You know nothing of sickness, old age, or failure. You know nothing about finding and losing a job. No, I will not make you a man, I will again make you a mouse, for in your heart, you are a mouse anyway.”
Don’t be a mouse.
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And then the mouse said, “But M’Lord, to provide for my family I have undertaken ‘The Way of the Trade.’ Yet every trade I undertake moves against me.
“I fear, oh Merlin, that I cannot navigate these complex charts. How shall I master this craft and claim domain over this wasteland in which all of my effort seems to yield but shit?”
And the magician turned him into a fly.
I tried many strategies. Some worked better than the other, but I always came down to this after tried one fro a while. It does not work unless I can control myself!
I still have long way to go to became a pro, but thanks to your work(seriously!), I can deal with my fear so much better and I rarely freak out now.
Thanks John!! You gotta got more sleep!
Don’t download Firefox 3.5 … deleted all recent bookmarks … I have bookmarks from a year ago … fuck me! fuckers .. who do they think they are, MSFT?
great story thanks for the lesson as I needed it to make back some missteps
Here is a few long setup hope it helps.
CRIS, CRYP, IMMU, ICAD, CNO.
They are all forming a bullflag on their daily chart. (except CRYP flatbase)
Ouch DSCO going to get murdered today, down 45% last night in afterhours.
If I were the mouse I’d say “turn me into you”! In a way that is what I’m trying to do. but since I can’t find the space alien magician, I must work on this on my own.
Dude… you are a crack up. Congrats on your successes. And thanks for posting the sector charts. Lots of 20-dMA’s coming down like something out of missile command. Usually not pretty when they cross…
If Utilities and Healthcare sectors (and Consumer Cyc/Non-Cyc) are outperforming S&P, that might very well indicate a peak in the rally cycle…
I fear i dont have enough vodka and scotch for the upcoming heels and bikini party for saturday…I shall be a man and remedy this post haste..!
Following you?
My guess is even if you are making 200% a year — completely unverifiable despite posting daily picks — your followers are getting fleeced like the sheep they are trying to follow you into penny-lottery picks.
And very good of you to post the Imperial Eagle — what are you a fucking Nazi?
Classy.
Amazing and insightful post!
Everybody here gives these morons the light of day… who cares if they write negative shit about CA. They’re looking and counting on responses from all of us. Fuck them, and don’t pay attention. There will always be haters no matter where and what you do.
Just ignore them, resist the urge to respond. Trust me – it’s always a mistake and huge waste of time and energy to debate someone that’s over-opinionated and under-informed. As my wise friend Bob the baker once told me, “to some people, I simply must say, I can’t be your baker”
Full Disclosure, i said i went long ETFC at 1.36 last night due to debt exchange news coming out… i sold at 1.34 this morning as the futures were down and stock did not react. First rule when wrong, get out!
But doing just fine, as i went home short last night.
Outstanding Post CA !!!!
great post ..it helps starters
Not happy w/ PALM or JPM’s press release. Will watch it closely afte the open. The QID hedge from yest should help ease the pain.
Good luck today. There’s nothing to fear, but fear itself. Trade accordingly.
Great post CA – I fear I will always suck but I’m learning from you. Thanks!
Thoughts on AIPC as a short, island top head and shoulders with a low volume throw back to neckline? Not quite sure what to think of Russell day action…
UNG getting blasted this am. Gonna buy a position on the open in long term IRA account.
I banned a hater last night, permanently, from the entire iBC site. Didn’t even hesitate, I just did it.
Skeptical – I checked your IP record, and this is obviously the first time you’re even commenting. I’ll let this first one slide.
Ummm,
12 cent stock…
ICPR
MONTREAL–(BUSINESS WIRE)– ICP Solar Technologies Inc. (OTCBB: ICPR.OB, FRANKFURT: K1U.F), a developer, manufacturer and marketer of proprietary solar panels and products, today announced that it has signed a global licensing agreement with Energizer (NYSE: ENR). Under the terms of this agreement, Energizer, one of the world’s largest manufacturers of primary batteries and flashlights, will grant ICP Solar the global rights to its trade name for solar-powered chargers and related products. The agreement, to run three (3) years, takes effect immediately.
UNG is a dog that gets raped each month by GS and its ilk on rollover of futures contracts. The hurricane season is the only hope for the longs in it and keeps it somewhat supported for the time being. But once it becomes clear there won’t be major hurricanes – new lows for this dog.
Your gift is being a teacher. Trading stocks is the vehicle you use to express that gift. Thanks for all you do.
AIPC – interesting. Did you layer the 100-day MA on it? It’s the only MA that can provide resistance, so if AIPC doesn’t fail, then shorting is out of the question, imo.
ok dip buyers…step in ladies..
Good points MarginClerk on UNG. Will continue to watch…
Cut through everything. At the 50-day MA on the SPX
SPX,,50 day is toast…probably today….888-878 area next….imo.
in ICPR @ .15
Shorted POT @91.8…..out all longs
Out UIS 1.68. Out THQI 7.49. Both hit stops.
.15cent stocks………ahaahahahahahahhaaaaaaaaaaahahahahahahaaaaaa….
No, I will recheck the chart with the 100 EMA, the thing could continue higher and we would have just seen a beautiful pullback to the 200 EMA on the daily
15 cents? jesus man
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I mean 100-day SMA, not EMA.
Bought ELN at 8, PT is 8.50
HIG short..and MET & LNC…FCX short,…fyi…position acquired over last 5 days
PALM holding up very well. Trying to go green.
Re UNG – Natural Gas inventory out in 40 mins. Should be interesting…
Actually that bring up a good point I wanted to discuss, why are you using SMA over EMA…given some of the inherent flaws built into simple moving averages. In addition, are you using SMA’s because they are more popular and more traders seem to follow them, sell fulfilling prophecy type of thing.
Lastly, every one seems to be going ape shit over the “golden cross” on many of the indices…the EMA’s have not confirmed this cross, is this something you think has any meaningful value. Throughout my trading career I have learned many lessons and had plenty of homer simpson doh moments when I come to a major realization in my trading. This would be a good example of one, where an overreaction to a technical signal (sma cross) led to an incorrect decision. If the market does in fact turn lower here, there would like be no golden cross on the EMA’s at this time and it would seem EMA’s have the upper hand. Thoughts on all of this and how do you deal with this type of dissonance.
Done for the week, unless something perks my interest… Good weeks guys, up 5.4% on a short week.
ELN
Dumb money that plays in penny OTCBB and pink sheet stocks likes to buy at the open and sell at the close. Most illiquid penny stocks pop up in the morning so that dumb money can buy them at highest possible price only to be sold into end of day, so dumb money can sell at the lowest price. Rinse and repeat.
Sorry, hit submit too soon. ELN – out at 8.50, PT hit, +.50 a nice little scalp…
PACR making a higher move.
Will SPPI be in play?
http://www.thestreet.com/story/10533340/1/biotech-stock-mailbag-spectrum-pharmaceuticals.html
Out PALM – +1.15…left some $ on the table, but a win is a win.
Holding QID from yest.
EDGR about to launch..in a shit mkt…volume needed..watch
Jobs report was bad. At what point is the next reversal? .. 889 the SPX 200 dma or sooner?
Portfolio – layer both.
I don’t put much weight on the Golden Cross. It’s lagging.
took a small lotto position in DSCO 0.52
CAR spike
okay, fair enough – cheap-o stocks are entertainment money only but at the risk of sounding like one of those shit newsletters that will tell you about 85 penny stocks and then tells you they won like a mother-fucker cause they got 1 that doubled:
SINX – said buy yesterday @ .18 – hit a high @ .24 yesterday +33%
SOEN – said buy Friday @ .33 with a PT of .44 – it hit .45 by Tuesday +33%
ICPR – bought the open @ .15 – we’ll see……..
I’m addicted and I need help! A LOT OF HELP!
SAY looks good in daily
“I’m addicted and I need help! A LOT OF HELP!”
Ahhhh, retox, the first step.
WOW, who’s the one who shorted POT? thats a rocket ship
AVNR BTFO!
retox – u need a ‘detox’
ES buy 899.75
CNO holding up
ES out 899.75 – BE
WOW, who’s the one who shorted POT? thats a rocket ship
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yes i did that stupid thing..still holding
I know – I’m exhausted – I got a call that they thought my kid ate some magnets in school yesterday.
Apparently magnets will kill you.
After x-rays, it turns out he didn’t but damn, that was LONG wait.
I think I’m out for the weekend… too tired to trade
Re POT
Bloomberg reported this morning that OAO Uralkali, Russia?s second-largest potash producer, said it raised prices for domestic chemical producers OAO EuroChem and PhosAgro by 20% as demand for complex fertilizers improves. The news has potash producers moving higher this morning in a down market. Mosaic (MOS) is up nearly 2% in early morning trading, while Potash (POT) is rallying around 3% and Intrepid Potash (IPI) over 2%. Agrium (AGU) is bucking the trend, ticking down over half to percent to $39.15.
This is for all the chart newbies out there – like myself. If you’re an expert or just more wise than me, please post guidance on whether I’m on the right track. Yesterday started my first stockcharts account and divided all of the stocks under $5 (this price area is what has worked best for me in the past) into sectors. Now I’m going to be going through the bullish sectors, as posted by CA in the morning, and trying to find individual picks that may be good b/o candidates.
Am I on the right track? I will post some of my findings later today/tonight/tomorrow when I get through all of them for the first time.
This is a great site and I’ve learned that the picks that CA and the rest of you provide aren’t meant to be followed but learned from. Thanks for the continued guidance.
BZ basing along 50 ema on daily
I shower because I fear my own stench
p.s. – Skeptical is an asshat
RING –
Ring says:
July 1, 2009 at 1:28 pm
Sold UIS……..holding ATSG & CRGN
plz always talk in % not in $$$$$..im uo 213% YTD…….mostly i trade with CA
I call fucking bullshit! 213% my ass. Look at your POT trade, you’re a lying scumbag. Nobody who is up 213% YTD would still be short, when he was clearly wrong. I fully doubt those results!
Sounds like a good starting point, Jumbo.
@bubbachump: I’ve been watching BZ for a while now too, looks great.
Stopped out of everything at the open, ick.
BLC?
Alright, finally got the borrow for ISRL. Short a VERY small position @ 117.99, believe this goes to $80 very soon. Illiquid stock that the Russell rebalance took higher. ZN is the same type of shit, stock got pumped up and has fallen everyday since. Both are Israeli natural gas companies.
bought BLC 1.88, SAY 3.35
Jumbo – look for BOTH long and short setups.
out QTM, lost 1 cent
looking at NEPH
Buying some KOG at 1.00. tight stop.
MGI looks nice on the pullback to 2.00 as well.
Wow, there are 0 strong buys on PPT currently.
Better day to go eat a sandwich, really. Still, got AVNR @ 2.03..
short SEPR 14.68
CA, you ever play bounces off support? Most the setups I’ve seen you do over the last couple months are all breakouts, but I was wondering if that was just due to current market conditions?
CIM coming back to life.
Off topic, but here’s a good reason to have a trading plan that you follow…the 2009 Bugatti Veyron 16.4 Grand Sport…the fastest roadster on earth.
http://www.rsportscars.com/bugatti/2009-bugatti-veyron-16-4-grand-sport/
Enjoy the weekend!
short ILMN 33.44
Schis – yes i do play bounces off of support. It’s whatever comes to me, and there have been an enormous number of breakout plays over the past 3 months, so I focused on them.
Chart Addict… please take a moment to look up what the Hegelian dialectic is. Then look up Operation Mockingbird. And then once you have read and understood what these are, ask yourself once again why Americans are afraid.
CA,
Great post. Well written, as always. Since you’ve documented your ability, get a publisher. Let us know when the book is out.
CA would you agree that there is a potential for the larger bearish head and shoulders to become active if the SPX moves below the 890 area?
The H&S is still in play.
I have a friend who has published 3 books with Wiley, he’s getting me in.
looks like a lot of names are waiting on volume in order to btfo, but i suppose it will be tough on days like this (tstc, pdii, gsi, ttgt, mems, dfr)
CA- what do you think of MRGE and TRIB on the daily? they are starting to look interesting again.
I call fucking bullshit! 213% my ass. Look at your POT trade, you’re a lying scumbag. Nobody who is up 213% YTD would still be short, when he was clearly wrong. I fully doubt those results!
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whats wrong with POT tade?? we cant win 100% trades right..why ur worrying abt it???on basis your saying clearluy wrong……why do you worry abt my results??? why should i lie to you…….may be you have that king of fucking bullshit attitude….today morning i mention that i sold all longs…..may be ur new here ..im reporting my results for long time in this site……
out from POT
PissAnt- it does look and feel unnatural for something to be ramped up to $120 from $40 in just one month. what were some of the indicators that lead you to believe ISRL will plunge similarly to ZN?
Zeratul – you play SC? I’ll challenge you to a game.
I’ll choose TRIB over MRGE.
Excellent. One of my favorite authors is with Wiley. You will be in good company.
Zeratul – This is more of a fundamental call, the stock in no way shape or form is worth more than $80. I took the most aggressive findings possible at their big natural gas field and doubled the price of Nat gas ($8) from here on out. Fundamentally, cash flows will never add up. This is a small position just on the back burner.
ZN is more liquid, shorts have been pounding that one down. No doubt, shorts are quessy of ISRL with it traded very limited volume.
bought XIDE @ 3.56
Ring – Where the fuck are you from? Learn to type you moron.
What’s wrong with POT is, you dont hold something that goes against you $4-$5. You should have realized you were wrong much earlier than that. Lunatic!
I challenge your results, no matter what you say, punk.
CA,what is this?? why Grouch targeting on me????
I know where you’re from Ring… France, you fucking pussies!
Look at you whining to CA
ESLR second wind? in at 2.41
Grouch says:
July 2, 2009 at 11:58 am
Ring – Where the fuck are you from? Learn to type you moron.
What’s wrong with POT is, you dont hold something that goes against you $4-$5. You should have realized you were wrong much earlier than that. Lunatic!
I challenge your results, no matter what you say, punk.
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what fuck u want ??????
taking 4% risk is not at all bad trade…..also i know my risk management better……
what challenge you want do……can you give 50% your trading money to me if i prove that????
looks like your risk man..take break all set for you
I don’t know. Work it out amongst yourselves.
France, you fucking pussies,
///////
CA,this is too much….
Grouch says:
July 2, 2009 at 12:04 pm
I know where you’re from Ring… France, you fucking pussies!
Look at you whining to CA
////////////////////
man if cant control ..i will call police……
ILMN stopped out, -0.4
Way into cash since yesterday’s close, don’t know enough to short, can’t find anything to buy – calling it a week. Good day to all – and a great long weekend, thanks as always CA.
Ring, Grouch – hey, how about them Mets?
Have a good one Bill
RDEA is trying to decide if it wants to break out on a shitty day.
can we get just one fucking rally to short today…fuck me…want more short exposure into this norh korea missile failure type close.
Looking for a long on /ES in the 893 area.
SAY looks good in day chart…but volume still less
CA- i was never any good at SC, but i am a big fan (blizzard pretty much runs my free time). i do, however, have a friend who is quite skilled (he is also a loyal iBC reader, just doesn’t have time to comment at work). once we sign up for your premium class i’m sure you two can sort it out, hopefully over SC2.
PissAnt- thanks for the explanation, much appreciated.
CA, I’m not trading today so I just got around to reading your fear post. That is excellent work, well done. When I look back on my bad trades, they were almost all due to me reacting to my fear. Your post was right on the money.
Great post CA! Nice parable there… surprised you’re gracious enough to not ban haters like “Skeptical” who twist the truth to spew their BS– his argument saying you lead the sheep to slaughter?… As if you didn’t warn everyone to trade their own plans in the first place…he’s probably one disgruntled moron who followed one of your real time posts in an incompetent way and is all bitter now
HMY setting up to enter gap – day trade.
thx folks
Schismatic,
This ES wedge is forming nicely (from just after 10am) – we’ll see if it gets sloppy.
Should be worth a couple of points but I’m afraid that there’s no real reason to want to be long into this weekend so I’m not expecting much.
Don’t forget – Kim Jong is going to launch a bag of peanuts at us Saturday. He’s nuts – he’ll do that shit. 🙂
Retox, agreed. Not planning on holding long into the weekend unless we get a real rally and close over 907 on /ES. Not foreseeing that.
PS – F Kim Jong. I’d like to give that ol’ fuck a haircut.
@ Retox every time I hear about N. Korea I think of “Team America” and that crazyfuck Kim singing “i’m so rorney” LMAO
VERY sad what he does to his own people (women, children, etc.). He should be “removed” just for that…
rorney!
in ES 898.5
lol!
Out ES 898 -.5
dead bulls
What do you guys think of LVLT. I can see a symmetrical triangle forming as well as a possible bounce off the 20 day SMA.
@Jumbo isn’t the 20SMA much lower at around 1.36?
http://www.youtube.com/watch?v=Rle2-xCf6Sg&feature=related
I think it’s at $1.38 so I should probably hold off before pulling the trigger if I’m looking for an imminent breakout, correct?
CA and crew, any book suggestions that may help me go from being able to go from spotting breakout candidates to finding imminent intra-day breakouts?
Thinking about taking the rest of the day off and going down the street to the Taste of Chicago. Today has been a snoozer since the first hour.
MOS on the move… Feelings on agri ?
My index shorts (QID, SRS, SDS, HOD.to) carried from 2 days ago really paid off today. Took profit for now. On the long side, only holding CRGN. relatively strong. But will it still pop or not?
Fly what do you think of nov as a trade after this week ?
Chart looks good for a set up http://stockcharts.com/h-sc/ui?s=nov
MTXX
LOOK AT POT GO!!!!!!!!!
Malaka – wrong blog homie
JAZZ
Shit… My bad homes
ACOR short
NHPR
CA If you care to share, do you use 24/7 real time scans with alerts for specific parameters as you look for stocks breaking out, or do you mostly do everything manually after going through charts of scans you run daily.
One 2-min trade today on MTXX (+9%), holding all positions from yesterday, so far. Too quick to alert people on MTXX, hope you understand.
CA – did you post this fear teaching because of Nat Gas moves these past few days? This shit is starting to eat at my portfolio lately but I’m holding onto it (smart hey!) I think it could probably shed another 20% before we see this play move up. I know you’re not one to average down here but I may have to, either that or add a bearish etf to hedge with – any comments are appreciated
I assemble a list the night before (called ‘homework’) of potential breakouts and I monitor them during the day. The ones that don’t set up are discarded. The ones that gap up are given the highest priority, followed by the ones that are basing.
I wrote the article because I had nothing else to say.
CA, followup: do you discard your previous day’s watchlist every day or do you maintain some sort of backlog of potential canidates? If so, do you rotate symbols weekly or something to keep it from being overloaded?
For those $1-3 stocks, which number about 300, I go through all of them every single day.
Care to comment on some of the parameters you scan for one those stocks? Coming from a fellow stockcharts member would be you willing to share a scan that works well in this case? Also was wondering what your opinion was on ORLY as a short. Do you see this as a symmetrical or descending triangle in this case? Been short for some time now and the stop still stands.
“I’m so rorney” hahaha…
while that SOB kim jong il lets his own countrymen starve and brainwashes them with lies about his deity status, he used 15+ million to get the World Wrestling Entertainment come to North Korea to personally entertain him and his asskissers…
please someone nuke the fuker asap
En1gma….Kim liitle cocksucker will die a miserable death..its called karma..he is universally fucked
Schismatic,
you didn’t fall asleep yet did you?
SPX ugly
HEB moving….again
Just got back to the office. Went down to the Taste of Chicago for a moment to look at some broads and grab a beer. Figured I’d pop back up to see if I missed anything…man was that a mistake. This bitch is in the exact same spot I left her! She coulda at least done some housework while I was gone.
Enigma I knew Kim had penchant for fine French vine, Cuban Cigars and American movies but WWF this is so proletariat from him …. funny little dictator he is.
CA and the rest of the guy anyone ging short into the next week if we close here? I loaded up on some TZA and BGZ this week and considering unloading as I have a feeling that although technically we should go lower Monday we might reverse screwing myself once again … thoughts?!
SPPI out $6.54, will go up now, lol.
CA,
Do you see todays action as forming a big bear flag?
or think we bounce up monday?
Thanks
A bunch of wandering chop until earnings start to roll out.
STUCK!
short the close
MRGE 4.46
(i know you don’t care, but i think it keeps me more focused if i post my trades in public)
well looking at the break of resistance i say don’t be sore sell some more 🙂 with that I just added more shorts … have a great 4th everyone
California trying to sell debt to China..baahhahahahahahaaaaa Arnold you stupid liberal fuck..Fire some cops, teachers, and a ton of your bullshit administrators…throw out the illegal fucks..stop paying healthcare for everyone….it doesnt work idiot..Let Cali just shut down..fuck it..it will be good the country to see..as Obama will do that to all of us soon
Ha! retox, you would be proud, called the SPX value at 3:20 and won myself a paid hour off work. 🙂
cover ES 894 +2
oh, happy day.
+1.5 today
Mike,
hell yes. spend it on something reckless
CIM sucks. Hasta la vista. I’m out of it.
chillin’
I don’t know Hugo. I’m sticking with what I have.
100% cash only because I hate holding shorts over the weekend, especially long ones. If we were trading tomorrow I would be in waist deep. Later folks! Enjoy the holiday.
Have fun……
If I missed any questions, it’s cause I can’t possibly keep up with everyone during the day. You have to repeat them, cause I’m not scrolling up.
CA, what SMAs do you use for shorter time frames, such as 5min, 30min, 60 min?
depends on each stock and what they follow. It’s different each time.
CA:
Your contributions here are extremely valuable.
Have you ever heard of this guy: http://web.ics.purdue.edu/~gbradfor/glen/
He is a college student but seems to follow the same rule for stock picking that you use.
Keep up the great job.
Have a Fifth on the Fourth.
No he doesn’t. He’s purely fundamental. I don’t do that bullshit.
CA- You talked about working on a book. How is that coming?
slightly tweaked from before…
Care to comment on some of the parameters you scan for on those stocks? I am also a stockcharts.com user so you can use their “lingo”. Also a couple other shorts we were looking at, we see weakness in the auto parts sector, mainly ORLY and AZO, any thoughts Also AIPC ended up down 4% yesterday, the chart really is resolving quite nicely and I think there’s a good entry/exit set up approaching.
It’ll be at least a year before anything materializes. I have too many things going on right now.
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portfolio – I already answered this, I believe. I look for stocks between $1-3 with vol of 100K or more. Use any scanner for this, it doesn’t matter.
CA, what do you think of AXYS?
There was a continuation gap on huge volume on 6/4, and the stock has barely moved since then on very low volume.
I follow AXYS. FWIW, I’d say away; when it trades like this, “look out below”
CA, I noticed that the double top is one of your favorite short pattern formations, but didn’t see the double bottom included in your favorite long formations article. Have you found that double bottoms aren’t as reliable as double tops?
Trader: You are making another rookie mistake. That’s the easiest chart ever to read. Don’t buy that P.O.S. It gapped higher on 6/4 because they are being bought out. There is no upside to that stock anymore. Just downside if the merger falls apart.
Thanks for the input!
IDTI TIBX RLF long setups
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