I am loaded up to the long side here, but feel there is one more test of the low end of this range coming early next week.
I mentioned at the start of the week that this consolidation would look similar to the one that started in February earlier this year. Here is what that correction looked like…
February:
May:
The range in February lasted roughly 10 days. I’m counting the start of this recent range from Wednesday the 22nd. I think we are in for another few days of this into mid-week next week.
This is where the McClellan might become of use, and the divergences that were discussed yesterday might materialize.
I’m not chasing much here today. I have taken two Lotto Friday positions this morning in GOOG and AMZN. These will need to be closed before the bell tomorrow, as will AAPL, GS and BIDU’s expiring this week.
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The Clowns on CNBC are the only ones buying here. This market has a date with sub 1600 in weeks to come.
So how do you play this market then? Sit on the sideline pissed all year?
Wait for 2 or 3 2-3% corrections to take a few trades?
wait for fat pitches – and being long right now isn’t one of them.
Being long was the fattest pitch ever.
yeah in November. Not now
In 2008 optionaddict continue to profit on the bull side in potash and energy names, while also making occasional puts in the banks such as bear sterns and Lehman for monster gains.
In other words, it doesn’t matter what “the market” does as long as you can still trade individual stocks and recognize setups to “bank coin” off of.
Carry on.
Well done.
Which AMZN and GOOG
picks?
GOOG 880’s, AMZN 270’s
haters gonna hate, I guess. Bearshitters everywhere! Get backhanded by Bernanke and Keynes.
As the rug gets pulled out below him. Another joe sixpack about to get blindsided.
we shall see says the blind man.
regards
Chuck Bennett
some of you clowns need to read Ragin Cajun. BTW, how does this 70 pt dow rug pull in the past 20 minutes feel?
Owned
Yeah man, since all of us owned some Dow.
lol
If you took your own advice and read Ragin Cajun you would have seen the part where he said “option addict is the best I have ever seen”…. Have fun going “all in” on your cash position.
P.s. the dollar was down half a percent today while optionaddict’s account continues to appreciate over time in good times and bad.
P.p.s. owned
this is true. OA is the best I have ever seen, and still is to this very day. You guys are in the presence of a living legend. You should be taking notes.
Some mighty nice comments RC. Thank you.
GS calls …book em …wow, got em big win…well done
Monster. Nearly 500%.
you goons hating on Jeff K..really are lost,,he’s one of the best around
I tried to email you again. I think you have a block on me…lol
yup,hat tip GS
OA,
Where do you post all your trades? On twitter or in the comments here?
I post many here in the chat, but can’t get them all. I do run an advisory, where everything is posted in real time.
a rug pull just like I predicted
Dow down 13.
Epic call. We should get you a tab here.
I have the Bidu 97.5 weekly calls, thoughts on holding them today or rolling up and out?
Do you think BIDU goes up today?
jeff,no email block on ya..let me check that out