Before I board a plane to NYC, I want to let you know that my beloved long in TNA is now off my books for a loss. It was a valid attempt, but obviously a little premature. I’d short the market into the hole like a dipshit, but I just can’t. Although I do like most of my remaining longs, I doubt I’ll do much more with them today. You know me…I like stocks a lot more than I like the market.
For my amazing crew of traders in After Hours with Option Addict, I’ll post a short video in my absence. I need to get going to catch this flight, and had nothing of value to say this morning that warranted gathering around a webinar. As always, we’ll repair any short term downfall faster than it occurred…but this might require some adjustments depending on how the market trades next week.
Godspeed.
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HI OA, How far this will go down TNA
Oversold signals everywhere. If I were looking at the market for the first time today, I’d be a buyer.
sorry to ask, but why then did you bail on your TNA position? Is it cuz you think the mkt may be at a point where it acts irrationally for the short term?
It’s a loss. I can’t ride losses into huge losses. This may work for some; not for me.
got it. thx.
Thanks , I will be watching ..looks like holding 65
nope. broke 65
My decade long holding GE is a dead monster, nobody buying at the same time nobody selling. My little zen.
I got a order in for tna calls…
oh da drama its just 2 much 2 bear
tna 68 aug2 weeklys @ 1.04
goin to get drunk now
lets hope you are right Mr. Frog
OA bailing on his TNA a bullish indicator?
to the FAZmobile!
Added FSLR stocks 60.75. Of course long time hold : )
I bought more X at 33.50. Lol.
We have bottomed guys. 1107 on the RUT was it. We should get a relief rally now. This is absurd.
We have 20 more points to go to the downside in SPX on Monday. Then buy.
Gawd, I hope $KING doesn’t close with an inverse hammer going into Monday.
VIX puts. VIX should get crushed Monday on the snap back.
$PCLN is holding up beautifully.
2 scenarios at play here as I see it. One more push lower from here and than a face ripper bounce or we get a total rug pull. It’s going to quick and dirty either way.
If we get the big bounce I would think about shorting into it as this certainly feels like some sort of top is in. I remain bullish long term but there is more selling to come IMO
I added to GOOGL and PCLN. Took a position in IWM calls. Still holding X and KING. Into the abyss.
what’s the McClellan reading today? anyone have that?
Respectfully disagree Jesse. I can’t imagine another down 20 points on the SPX with absolutely zero relief. I think we see RUT 1120 before we see RUT 1090, although west in fact resume selling after minimal relief. Quite honestly I would love to get a huge correction here. A complete reset would set up enormous opportunity.
You may get your wish. Respect.
Some of the coal stocks look interesting
A rotation into materials is not far away. I like this idea. Hence my X and AKS positions.
I think your right, the refiners look good to.
Nailed MPC from last week but didn’t take the damn trade…
its like the good ol’ days when ATHM and BITA would run the halls together. ATHM rounding it out.
Anything fun planned for the ibc dinner? Are you all taking a drink everytime the word ‘divergence’ is mentioned?
I’m looking for a VXX logo’d shirt to wear beneath my burlap blazer.
I’d send you mine, but I’m a Medium.
You should auction a seat at the table. Dinner with Buffett wouldn’t have anything on you guys!
Interesting to read Fly’s blogs circa Aug 1, 2011: http://ibankcoin.com/flyblog/2011/08/01/hahahahah-so-fucking-stupid/
ANF coming off the books a loser today. Have to be very selective on entries right now in this environment. One of my main problems in trading is taking entries that don;t completely fit my criteria. You can get away with it during most conditions but this isn’t one of them.
I just wanted to wrap the week up, which was pretty negative on the back end for a lot of folks, on a positive note. I hit a 1,000% winner on X earnings (I went for Aug 1 instead of Aug 8 exp.), and also hit a TWTR Yolo for a 300% gain in less than an hour this afternoon. Those were the first 2 trades I’ve hit that are the usual successes with OA. I had tried 10-15 OA trades this year as I tried to gain familiarity with the rhythm of this approach and had all misses, excepting one very small gain. So while I’m taking a bath on TNA calls right now (I bought a little more into the bell), it’s always great to remember what an amazing community this is and the ridiculous things that are possible. Thanks OA especially, and everyone else that are regulars on this board for helping get a little bit familiar with options and how wonderful they can be if you stick to it. May next week continue the march upward!
Congrats on some great wins. Options can complicate the process, but it is a necessary evil if you are in need of leverage. We’ll see some great moves next week. Be ready!
bought August calls in BTU 15.5 and ACI 3’s.
Went with PCLN and TSLA into the bell. They look ripe for a move next week.
Looked at TSLA again just to be sure I wasn’t delusional. That cup and handle is a thing of beauty. The measured move would be about $60 from $240, or $300. The handle is only 23 days old…the shorter the better here. I’m playing for $265 and then see how it reacts. I’m using August 245s.
PCLN literally has to go within days, one way or the other. It would be absolutely stunning if they closed it at 1250 next week going into a Monday morning ER, but with the machines and nefarious people running things it wouldn’t surprise me either.
I obviously like it bullish so I’m targeting 1292 on weekly 1280s next week. If it breaks down it sees 1200.
The R/R on either stock is phenomenal here.
good call on PCLN
Note to markets, (equities, commodities, and bonds) your doing a great job of frustrating all of your participants (long and short). On Wednesday JDST and JNUG both closed negative. Let’s get the shake-out out of the way so I can move on. Or else I’m just going to have to cut my positions and size. I’ll have to be pickier in setups and stops. And make it harder for you to take my gains.
OA,
Can’t overstate the power your X call had on my balance sheet. I went in heavy on Sept 30s and awoke on a camping trip, in a tent, on an iPhone to discover what earnings did to the price on Wed am. Best camping trip I’ve ever had. Bidding adieu to my student loan thanks to your sage advice. Thank you, kind sir.
Cdawg,
When I saw the US Steel results, I pitched a tent too.
Congrats bro,
OA
YOU ARE A FRIEND TO ME OA.
thanks for all that you do. i appreciate it.
Have a solid weekend in NYC with the other heroes, scallywags, degenerate gamblers, and distinguished gentlemen all rolled into one.
“CDC urges all US residents to avoid nonessential travel to Liberia, Guinea, and Sierra Leone because of an unprecedented outbreak of Ebola.”
Proving once again the CDC is insane and should not be trusted for rational thought…
What, They think people would travel to those countries if it wasn’t essential?! I have yet to hear another human being say…. You know where I would really like to go? Liberia!
Damn have to cancel my summer vacationto liberia
What’s up guys?! Ready to go and attack this market or what?
OA – I got permission from the wife for a Vegas seminar.
my permission was denied. 🙁
matt_bear, you have to ask her to go to Liberia first, when she rejects it, Las Vegas will seem great in comparrison.
Bring her. She can help take notes.
WLCDF finally popped! i mentioned this one months ago as a Tesla Gigafactory play.
Time will tell but may be bullish divergence day. Currently nasdaq flat and vix down while market oversold and dow and S&P down….
Really nervous here. No positive movement out of RUT, dragging down SPY. All the calls for a “gorilla” rally have not played out so. It really could be different this time.