The false breakdown of the neckline in the NASDAQ, excessive strong TICK readings, and fast action in beaten up momo (TWTR) offer some positive structure to the current market situation, and suggest some new money going to work. Lots of long tails on heavy volume starting to surface everywhere.
The best buy signal over the last few years has been the false breakdown/bear-trap in the indices, with the exception of 08/2011. Since only the .01% of the population OWN stocks as opposed to trade them, and they’ve conducted enough selling to satisfy their tax obligations, it would seem prudent to get a little relief of the selling pressure here.
I averaged down some SINA and TWTR yesterday, that are two of my favorite long term ideas here…and sold off a handful of positions in capitulation mode this morning. Regrettably AKS and ONVO.
It’s been an ugly year for me. I was trained like a dog to go through the motions over the last several years, and missed the optimal point to swing both ways. It’s been a humbling experience, and one that, despite being uncomfortable, is one I will end up being thankful for at a more important time in the future.
OA
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hey OA, we’re on the same wave length. I sold ONVO this morning as well. horrible timing. But at least frees up some cash just in case.
OA
You’re one of the best traders I’ve ever met. I am sure you’ll be back in no time at all.
Thanks boss. Stepping stone to the top, where we always find ourselves in the end.
Keep your head up player. We’re going to crush this shit soon enough.
I know, thanks man.
I’ve met some guys that swing both ways; wasn’t impressed at all….lol
Luv ya bro
Back at ya.
Damn bro. Just saw TWTR. I think you had FB and TWTR mixed up on the video last night and the trade this morning. We should have split our trade (bet) and put money on them both. Haha. Hindsights 20/20 – I know.
I should have bought calls instead of stock yesterday.
I am going to wait for a nice fat AO-supported pitch before I do anything even moderately sized anymore.
i can’t wait for next monday. clear out all the dead april option position and get a fresh start.
+1
Here also, I sold half ( took a loss) of my TWTR this morning. Moment of relief, then regret. OA, as a long term, are you looking a new high for TWTR or take profit around 50? Thanks.
so…anyone quitting their job to trade full time now? 😀
Thought about it after having a +24% January return but not on the radar screen today. Let’s see what the rest of the year brings
that .. was funny
How much capital do you need to quit and trade full time seems kinda scary not depending on the man for income
sitting long TQQQ and TNA calls off of Flys OB/OS system.
A couple more days like this and it will be nice.
Need to rebuild following the blood bath in Jan.
Danny- I was 10-15% away from doing it middle of February. LOL
Danny, how much income do you need per month?
$6500 a month but that’s with my kid in private school also. I’m sure I could get by on $5000
You will never make +5000 month day trading. However, losing 5000 per month is easy, especially if you follow trades. And the braggarts here never mention taxes and commissions they have to pay on profits, which takes a huge bite out of their gains.
Funniest fun fact of the day:
My weekend heckler, with a 90% win ratio, is a twenty something asian kid who started a blog/trade service this year…hot off a market call that nobody heard. He has like 40 followers on twitter.
Epic.
lolz
You forgot “virgin”.
Jeff, you could probably leave the word “asian” out.
Sorry, I suppose that detail was irrelevant. it just caught me off guard.
Yeah get ready for the next batch of market gurus.
Cadbury, Atilla, Denninger, etc.
Calling a major turn correctly always creates a few. The big problem is most never get the 2nd.
belongs in the ibc Hall of Shame for the shenanigans along with AlphaMatt the twitter billionaire and our ol’ friend ‘will’ from back in Dec….remember that? When negativity was high the joke was “don’t be a ‘will’.” I think the appropriate response to all of that is exactly what OA said awhile back, “You can take your attitude around here and shove it up your ass. I’m over it”
So let’s get back to having fun and being precise in our entries/trading plans.
Anyway, I leave you with this quote from an ‘ol friend who I remember as the most enthusiastic individual here…one who was eager to learn and share…someone who graced these blogs not so long ago “I truly believe that pullbacks are nature’s (Darwin’s ?) way of separating the wankers from the really good traders. When you get your mind right – you will learn to LOVE pullbacks.” – Lanforce
Where did lanforce go? Anyone know? He was a positive influence here.
Pullbacks are the trader hunger games. lol
What happened to Lanforce???
I’m convinced he is the Flappy Bird of ibc. By removing himself he has created Lanny mania to the point where we are all chomping at the bit for anything Lanny related.
In that case…. I will make sure that any post I make will have the word lanforce in it.
Wow – such a great quote! +1 lanforce and +1 yoshi for posting it here
I’m a working stiff, retired early thanks to good investments in spite of myself, trading full time for 3 years now. If you want to trade full time, get a good handle on what your monthly expenses are, food electricity, (absolutely get rid of any car payment). Now, for planning purposes, double that number. Then get a good handle on what kind of percentage you think you can make on a monthly basis. Then for planning purposes, cut that number in half. Then give yourself a minimum 2 – 3 year cushion. That should get you in the ball park.
Chin up OA. You’ve said many times, your ideas are usually right, just the timing is off at times.
+1
I’ve been trading for a few years now and have just joined twitter and decided to find a trading community. This is the best one I could find headed up by some of the best pros out there. I joined Jeff’s afterhours as he understands market sentiment better than most which I believe is as important as making good picks (which he also does well) I’m excited to keep learning and adding any value I can. I like to post my trades as it makes me more accountable. IBC is top shelf!
Welcome Chief – you’re observations about this group are correct. I have been coming to IBC for about 6 years and been with Jeff in Trading Addicts for about 5 months. Good stuff here.
*your
I love the honest emotions here. Humans are rare.
Absolutely. Honesty and accountability are so refreshing
If your short I reiterate prepare your ANUS
On a side note that would be a shitty ticker symbol….bahahahaha
gold still setting up short for a big move. I’m still trying to find a good entry
In the gold short 1300.7..fingers crossed and a short leash
chief – as you can see, the party may just be getting started. You’re looking at 10yrs, so this may take some time to play out… http://oi59.tinypic.com/2570ebm.jpg
Damn so far PCLN up $17 on my YOLO and that only equates into 100% profit… Oh well I’ll hold a little longer
Momentum names getting crushed while all the indices are up. This sux
i don’t know a person/ broker who did not loose money ( not cents ) on this pull
WTF is this…..Paint Dryin
stop hit in gold, -1.5 will revisit.
This DZZ is easy to manage.