Trading with Jerry Olson

[Jerry Olson]

Here's my pre market update to the troops. Good luck all.

i am going on holiday tomorrow so stay safe and be well

Good Morning everyone

We nailed the markets direction yesterday as we began to short selected stocks in the morning and also took some long side counter trend plays too. We are not at "THE TOP" yet. In fact after another pull back today that may be all she wrote for this small shallow correction. There is solid downside support on the ES H7 at 1451-52 area with a potential to slide down to 1445-46 too. Next week is the end of the month(EOM) & beginning of the month(BOM) bullish time frame with dip buyers waiting in the wings to scoop up anything that's beaten down a bit. The NASD-COMP broke that all important resistance level at 2520, I told you all weeks ago, when this event happened and "if" the SOX index breaks over 495 on the P&F chart the entire OTC market will explode up for at least another 100 points. In fact yesterday the bullish percent of the OTC market hit a double top at 58% and with a print of 60% would actually break out causing massive buying in the funds if you ask me. This is one of those wonderful time frames in the markets where late money, John Q Public money is pouring into the fire to fuel higher prices even at these late stages of this rally. The all powerful BP's on my P&F indicators are very overbought as we would assume by price action, but they have a "lot of room" to roam higher since the bearishness on all surveys is still way overdone. You have to love all this disbelief by the bears and those folks that have missed this rally since it adds the right mix for higher prices. You have to have bears to move the markets up during a wild bull run like this. Shorting the markets at this level is tantamount to suicide if you ask me, in fact I see no reason to spend any money "yet" on protective puts. The time will come soon where you can add this protection in your stock portfolios and at the same time sell covered calls on selected stocks to rake in those nice fat premiums as we begin to roll over. That time is not now! The trend is still UP!
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Yesterday in the morning session we had all winners, no losers in our scalp shorts and longs. I have no clue how anyone lost any money yesterday unless you're trading your own picks and lossing those hard won profits. In fact i was absolutely not giving back my gains in the am as most want to do in the afternoon session. Forget that folks it's dumb and dumber to lose those profits each day. It is not happening here in my house, why should it happen at yours?? Wake up and smell the coffee ok? Man this is nuts!!!

KLAC---53.20 THE BTL---52.60 THE SST---ANNOUCED A STOCK BUY BACK POST CLOSE OHH THIS IS GOING HIGHER 53 HUGE

BRCM---36.75 THE BTL---36.15 THE SST---BIG BREAKOUT ABOVE THE BRL LINE FOR THE FIRST TIME IN AWHILE BULLISH

MRVL---20.45 THE BTL---19.95 THE SST---LOOK 21 IS R, BUT 22 IS NIRVANA LIKE YOU COULD NOT BELIEVE WOWIE "IF"

CROX---52.90 THE BTL---52.15 THE SST---BEATEN DOWN PLAY HERE THE EPS WAS SENSATIONAL PROFIT TAKING DONE YET?

WFMI---51.40 THE BTL--51.80 THE SST---HUGE UP DAY OFF MAJOR NEWS SO WE'LL WATCH IT FOR SOME DOWN SIDE TODAY

NVDA---33.10 THE BTL---32.50 THE SST---SHOULD MOVE UP WITH THE SEMIS GROUP IF THEY CONTINUE TODAY

JOYG---53.85 THE BTL---53.20 THE SST---NEGATIVE STICK ON THE DAILY YESTERDAY COULD COME BACK TO EARTH TODAY

VLO---59.20 THE BTL---58.40 THE SST---CONTINUES HIGHER IF CRUDE MOVES UP TOO BNUT WATCH IT A SHORT OPP IS NEAR

SMH---35.90 THE BTL---35.20 THE SST---OK HERE'S THE QUICK OF IT A PRINT OF 36.00 BLOWS THIS ETF OFF TO SPACE.

HANS---38.10 THE BTL---37.50 THE SST---HAS EPS DATE NEXT TUES THE 27TH IT MIGHT START TO RUN TODAY WATCHING
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OK EVERYONE WE ARE LEAVING FOR ST MARTIN SAT AM. I WILL CHANGE THE ROOM PASSWORD TONIGHT AND SEND IT OUT TO EVERYONE THIS EVEVNING. I AM HOPING TRADERS WILL PARTICIPATE DURING MY HOLIDAY TO HELP OTHERS IN THE ROOM MAKE GOOD SOLID TRADES. TRY TO KEEP WHAT YOU MAKE OK? GOOD LUCK I'LL BE IN AND OUT TODAY AND IN AND OUT IN THE MORNINGS ONLY WHILE AWAY.

WARMEST REGARDS(LITERALLY)

JERRY & INNA




Jerry Olson
The Jog Group LLC
[e-mail]