Fully invested in secondary oils (100% long)
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Jesse Livermore - The Great Bear of Wall Street
Any study of the Stock Market, even a perfunctory one, will usually turn up various stories of the legendary stock trader, Jesse Livermore. His life is an interesting one, that invokes the idea that indeed, life is stranger than fiction. Livermore was a giant of his time who rubbed shoulders with the ruling elite. He knew famous and powerful people of all walks of life and was known through the newspapers that covered him to the average reader.
He lived an opulent lifestyle that made him famous. But it was his relationship with money that was one of the most fascinating aspects of his life. He made himself rich and then broke again on three distinct occasions. In modern times, it's quite likely that Jesse Livermore would be diagnosed with manic depression or a similar illness that would explain his erratic behavior. Sadly, such help, never came to him and he took his own life in the Sherry Netherlands Hotel in New York in 1940.
Jesse Livermore was one of the earliest proponents of Technical Analysis. As a lad, he worked in boiler rooms and learned a great deal about the basics of stock trading. He also had a special aptitude for numbers which he exploited in his later career. He believed in using margin and letting his bets ride.
Jesse did not perform well in his personal life. He was a lifelong womanizer who could never remain faithful for long. He had a series of failed relationships which lead to several divorces and acrimony with his survivors.
For most newbies to the stock market, Jesse Livermore serves as a great study. He had great wisdom as it applied to the Stock Market and many of his principles are still applicable today. He was ahead of his time in many ways. If you aren't familiar with any Jesse Livermore Quotes, make sure to check them out. He is one of the most often quoted people on the market.
Futures and options are zero sum - stocks and real estate are not! That is what Al Greenspan refers to as "the wealth effect" (wealth created "out of thin air" by rising stock and real estate prices). In stocks and real estate there are more longs than shorts, whereas in futures and options the number of contracts held long, equals the number held short (zero sum).
cash - I agree, the exact bottom is hard to pinpoint, but we are obviously very close! Have a great weekend!
Put/call ratio 1.52 (extremely bullish!)
http://www.cboe.com/data/IntraDayVol.aspx
DJI/SPX lows unconfirmed by Naz/XOM/INTC (bullish)
RALLY TIME!
GE rising in falling market! (bullish)
IMHO INTC/XOM have bottomed! RALLY TIME!!!
david - looks like bottom is SPX 1144
(if it isn't right now!)
That's a definite concern with any indicator or chart pattern. I know a successful trader who does nothing but "fade breakouts"
You've got lot's of company!...
http://www.cboe.com/data/IntraDayVol.aspx
put/call ratio just jumped to 1.02...
RALLY TIME!!!
Yes - low is in... let's rock!
trendman - AMC in "ascending triangle" (low p/e) looks like an excellent "long" to me!
Peter - Sounds exciting! Have a great time! (You certainly have a wonderful wife)
david - does this mean higher until September?...
(There is a major Bradley turn date end of August)
http://www.amanita.at/e/faq/e-bradley.htm
cash - I like scenario #1 very much!
Futures are slightly higher...
put/call ratio jumped on the close!
SilentOne - Congratulations, nice trade!
Hang in there, cash - it's RALLY TIME!!!
TRIN topping, TICK and averages bottoming!
peg - I didn't expect it either, but this day ain't over yet!
peg - correction done... straight up from here!
That's all folks! It's RALLY TIME!!!
chris - oil stocks outperforming Naz today in spite of big drop in price of crude. (that is the point I was trying to make)
chris/cash/aire - Crude doesn't control oil stock prices short-term. In fact, current prices of oil stocks do not even come close to discounting a continuation of the current price of crude oil. That is a myth that could hurt a lot of traders! Also, you cycle guys know perfectly well that a "cycle low" is not necessarily a big drop in the price. In a strong market, it can also be a pause in the advance. IMHO the oils are turning higher along with the rest of the market. Bearishness has not diminished despite yesterday's long awaited "volume" confirmation!
INTC made the prettiest "hammer reversal" candle I have ever seen today!
Sounds good James - I have made a lot of money on APXR over the last few months (I bought a big block at 8 cents a share and sold off the last of it for 27 cents. I plan to buy it again if continues to decline.
GE has been trading in a narrow range between 35 and 36.50 for more than 3 months. It looks like it is about to break out of this "accumulation pattern" now. Maybe the earnings report on Friday is going to be very good! If so, it could be the spark that ignites the entire stock market "MELT-UP"! I am having second thoughts about selling my calls on Thursday. Maybe I should hold them until expiration on Friday! HMMMMMmmmmmmmm!
2nd-consecutive XOM advance on higher volume!
Wow! put/call ratio = 1.40 MELT-UP TIME!!!
INTC busting out too... RALLY TIME!!!
CBOE put/call ratio now 1.32
GNSS - my "Nasdaq Canary" has busted out of it's cage!
NDX came within a hair of 1160 maximum according to mrcash
XOM is leading us out of the oil well!
Let's Rock and Roll!!!
INTC break-out of "ascending triangle"...
RALLY TIME!!!
cash - XOM may be forming "coil bottom"... looks great! bottomed ahead of DVN & CVX, and now they are also bottoming!
IMHO - Bottom is in! (including EBAY)
Yes! - XOM made a nice reversal bottom!
thanks aire - I don't expect a decline, but rather "a pause to refresh" as Gene Morgan used to say.
aire - so next 3.5-day low on Monday?
airedale - do you expect a top Thursday? (albeit a short-term one)
cash - thanks for the update!
I will sell my April calls on Thursday.
Assuming the trend is up, when would you re-enter?
put/call ratio extremely bullish all day!
'looks like "quiet accumulation"
RALLY TIME!!!
Chuck - ascending triangle on QQQQ 1-min.