What a great board

I hope it's cool if I hang out out here. Looks like SPY is getting ready for a little pullback soon before it takes off on another tear.


http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=4&dy=4&id=p28764372243&a=311051412

What's the timeframe for those SPY calls?

Thanks UPB - VXX calls



Got my trusty video handy for the the sell!

Lately, SPY will drop then



show itself oversold for a few minutes then the bull riders come in and prop it back up.

Its showing signs of oversold right now.

Everything is overbought


Red candle in the morning two days in a row...this little bull business is a trap to lure people in, creating a buying hysteria.

But what do I know?

Oh Mikey


Thank you for the video. Somehow I don't think I will forget the lesson here.

He kinda reminded me of that Geico commercial where the DI is a psycho-therapist.

You know, "and that's why yellow makes me sad".

I guess I'll just trot on over to Mamby Pamby land and get myself some self-confidence. Tissue?


Love,


Jack Wagon!

My case for why I am "Lord of the Idiots"



My target sell points were hit twice this week and I didn't have GTC order in place.


Top that.

Anti-blinking device engaged-here we go!

When I think of this market, I think of a song

Good morning everyone


Looks like I blinked and missed and opportunity.

Lesson #5,380...no blinking during trading hours. Must wear SEC authorized eye-lid propping blinking prevention device.

How does somebody miss out on 148%?

by Friday?



I don't know. My technical skills are at the beginner's novice level at this stage but have been pretty close, except for one little faux paux. But yes, if I had to answer.

Quick question for you: why does everyone invest in so many different plays? I see the SPY and how easy it is to get in and out, pricing is excellent, stock price is usually consistent with the technicals (but not always). If you pick the right direction, weeklies pop 20 to 40% per day 4 days per week.

Are there better options with the WMT, SBUX, XOM's etc? Am I limiting myslef by only staying with one symbol is what I'm asking.


Thanks

UPB....BIDU



Does that look like it's gonna go to $118 to you?

Omars



Will it drop tomorrow or Friday? I'm absolutely certain there are people holding APPL calls right now thinking that 426 resistance is reachable, only $13 away. Its next resistance is at $416.83...piece of cake right?

But does Apple have enough steam to pull away from the S&P as overbought as it is?

Gonna take something special to prop up this overbought market imo. What do I see?


TIMBERRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

Omars



I'm replying assuming you are in PUTS.


If so, go to your favorite daily chart and look at the week of Oct 24 - Oct 28...now look at Dec 27 - today. See any similarities?

Look at the direction of the candles (along with that sweet little doji in each case) and then look at the direction of you Stochastics - may need to adjust your settings to magnify the effects.

Bonus? This is a failed double top.

Thursday and Friday = good days.

Just a heads up


I read something about the market reversing by mid-January. I don't know this guy but the article was interesting as he called a few big reverses in the past. Elliott wave guy.

He could be correct or not, I'm thinking he will be. Here's the link.


http://www.minyanville.com/businessmarkets/articles/elliott-wave-theory-fibonacci-fibonacci-retracement/12/29/2011/id/38598

Last hr - slide or rally?


I'm going with slideage.

Lesson #5,378


Take profit.

Alls I can do right now is laugh AT myself for not heeding Lesson #5,378

Sorry, should've clarified it


I was up 40% on spy puts this morning and I got greedy, still in. But, looks like a partial dragonfly forming on SPX...cool! So if not today, then tomorrow we have the big red candle.


http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=2&dy=0&id=p41705041930

Mikey


I'm not sure if you're saying I was right or wrong.

Either way, I was saying it was gonna go down. And now, confirmation. Sweet divergence happening between price and Stochastics...back out the timeframe so it is more obvious.


http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=0&dy=15&id=p67226786478

Omar, it's not if but when...




Gravestone doji on an upper band


http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=2&dy=0&id=p77626693919

No volume and overbought - SPY



We'll get a correction but for how long? I think I'll go make some prozac.

crosswinds, if I may add




You've added a lot of detail to your chart. This one is pretty straight forward for anyone new to charting but shows reversals with confirmation.

Easy on the eyes and easy to make money with...


http://stockcharts.com/h-sc/ui?s=SPY&p=D&yr=0&mn=4&dy=0&id=p63241168448

Looked @ the chart and my head exploded!

Breakout...



That post of yours was absolute gold!

BTW, thanks for the email. Could you post the link to that other board because it wasn't there and I can't find it in the search for Ihubs.


Thanks again.

I think I do what everybody else does



I look at my daily (timeframe) chart and see the current trend. Then I look for other indicators of overbought/sold conditions, short term S&R levels, and channels. I need to get better at that one.

Then I watch a 30 min chart to determine if I buy but buy on a lesser timeframe. My method is not rocket science but with options, I see if you get the trend right (and time it good enough) you can easily make 20% profit per trade. And that's crazy to me.

I should've anticipated this reversal today though because of the descending channel...or whatever the correct term is!

Thank you breakout


Yeah I started going to that board when I first began to get interested in options but those guys are way ahead of me, too advanced for me to keep up with.

I've noticed that options seem to take back what they gave so I close out my positions daily. This morning was a pretty good example as I thought it was gonna continue downward to the next level of support.

I was wrong. I kept waiting for the gap to begin to fill this morning and then I saw that unemployment report...that confirmed to me that we have a breakout for the SPX that looks like it will stay for the day.

New to the board and I really like this one...


I read the post about housing starts this morning. First off, I'm not very good at my timing with options but I am decent at the direction of the stocks momentum.

This morning when I saw the DOW futures up 135 points or so I went to Bloomberg to find out why. I saw those housing start numbers and thought that was total garbage because when apartments are filled up AND foreclosures are increasing, there's something else pushing the new breakout.

And I was right. Somebody knew something and here it is.


http://www.foxnews.com/politics/2011/12/20/jobless-rates-dropped-in-43-states-in-november/

WMT


I'm thinking WMT gaps up tomorrow. Where it goes from there I certainly don't know.

Wish I could make money knowing about gaps but options pricing will sometimes follow the stock price and other times do nothing at all...confusing as heck to me.

SPY...gap up tomorrow

SBUX...gap up tomorrow (probably)

NEM...up tomorrow

FSLR...up tomorrow

IMO


NOW, I'm gonna go grab an electrical cord and see if that makes the light bulb go on. This is driving me insane.

UPB





Wow am I excited. I woke up and turned on the tv and saw the DOW up 200 points which told me I'm learning how to interpret some of the charts...finally!

I had no idea we could chart futures. I tried the symbol you used and even googled it but came up empty.


(Where can I get the info you had on that chart? What symbol would I use on Stockcharts.com to tell me what the futures are doing?)


Anyhoo, look forward to the rest of the year!

SPX getting ready to explode!



I've been studying this quite abit today and the 15 ema is ready to cross the 50 day ema. And just under the horizontal 200

I realize news can interrupt this consolidation but I expect this highly manipulated market to be bullish through the end of the year with pullbacks.

All based on what? Bullish manipulation...seriously, if you were the POTUS wouldn't you do it in an economy like this?

ozz collins



That's pretty smart. One of my indicators says just that...a strong move is about to take place but it doesn't say which direction.

If you've bought both calls and puts, you're about to profit nicely.

And now it's going up?!?!?!

Obama's on...here goes the DOW - timber!

UPB


Is this why the market is reversing? My ta says SPY should be declining, but then again, this is the lunch break.

Thank you lee

I have two rookie questions for anyone please



1. If I know the direction a stock is heading (say it is definitely tanking to its next support level) how do I judge the value of an option so that its not already over-valued?

It seems that sometimes options (in this case - puts) will increase in value if they are near the money but won't increase when they are out of the money while at other times, the exact opposite is true. I need some consistency with this part of equation.

2. Next question...during the week that options expire, is there anything that determines which stock options will appreciate because I have had time decay (I think that was what it was called) issues in the past that killed my profit even though the stock was moving and the open interest seemed high enough?


Thanks for the help. If I can get an understanding of these two issues I think I can advance. I attempted to study the "greeks" and might as well have tried to study the Mongolian language through Rosetta Stone!

Good Morning everyone



And congratulations on the featured Board Spotlight! Very nice introduction for those wanting to get out of the highly manipulated pinks.

Right on Vaz!!! VERY sound advice

I apologize for my outburst this morning


I got a little frustrated last night and this morning...took a breath, adjusted my settings and indicators to a little more AGGRESSIVE. (market's rolling over confirming MY bearish sentiment)

And everything seems to be serendipity again.

Good morning everyone



Head scratching times for the stock market. The fundamentals really are bearish yet the market has maintained a consolidating period to propel itself bullishly.

That spells only one thing....market manipulation by the Feds.

Okay, so at least I feel I know what I'm dealing with now. We have to know the rules in order to play the game.