Replies to post #4799 on Trading with Jerry Olson

[Jerry Olson]

Good Morning all

Weird Wally Weds showed up yesterday after the Fed minutes came out with a negative bias toward tightening as opposed to a cut. Right now we all know there will be no cut this year. However we have not seen the end to some weakness that should trickle thru the economy from the housing mess. I doubt it will lead to a cut in rates though, and more over our fearless leader of the Fed Gentle Ben said so point blank live up on the hill. In fact folks it does even matter anymore. Yesterday the market took that release of the minutes and sold the markets off after having been up 8 straight days in a row. I still expect more down side over the next 2 days or so, but I am telling you all we are going higher for sure. This is a classic pre op ex week set up that we see all the time. Besides being severely overbought we needed to re set the charts for the next power move up. That is exactly what is going on right now. So we buy the dips, we scalp short at resistance, and we begin to see the next move start probably next week. We all know the markets are a discounting mechanism always reacting early and then digesting the news over time, then completely ignoring it at some point. The whole street is waiting for earnings from the major big caps next week hoping they beat handily their "lowered" guidance. RIMM came in right on the money and guided up but they took profits as the stock already ran up to new 52 week highs this week. A process that happens regularly during earnings season. For all of you traders out there, WE DO NOT HOLD STOCKS OVERNIGHT EVER, AND NEVER HOLD A STOCK THRU IT'S EARNINGS REPORT. If you want to scalp it after they report then so be it. Otherwise post market trading can take you to the cleaners fast. It's the wild west with guns a blazing post close. I suggest we sit on our hands!
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DNDN---18.25 THE BTL---17.60 THE SST---SITTING AT GAP SUPPORT RIGHT HERE BUT VERY WILD IN IT'S INTRADAY SWINGS

KLAC---55.75 THE BTL---55.00 THE SST---HIT A 52 WEEK HIGH AT 56+ AND THEN SOLD OFF YESTERDAY ON PROFIT TAKING

CROX---53.20 THE BTL---52.60 THE SST---I CALLED THIS WHEN THE STOCK WAS 45.00 USING THE APRIL 45 CALLS

INTC---20.65 THE BTL---20.20 THE SST---THIS STOCK IS GETTING GOOD NEWS LATELY AND IT'S EASY TO TRADE

AKAM---52.90 THE BTL---52.20 THE SST---FINALLY MOVED A BIT YESTERDAY THIS IS THE BEST OF BREED FOLKS

JSDA---23.30 THE BTL---22.75 THE SST---CORRECTING FROM THAT WILD RIDE HIGHER SHOULD BEGIN TO BOUNCE SOON

FSLR---62.55 THE BTL---61.90 THE SST---THESE SOLAR PLAYS ARE IN ACTION RIGHT NOW THEY GO BOTH WAYS

HANS---38.30 THE BTL---37.70 THE SST---A WILD RIDE YESTERDAY AS THIS STOCK BACKS AND FILLS AT GOOD LEVELS

VLO---68.10 THE BTL---67.60 THE SST---CONTINUES TO SHOW HIGH LEVEL BULLISHNESS AS CRUDE CONTINUES TO RALLY

GROW---30.50 THE BTL---29.90 THE SST---CORRECTING THE RECENT STOCK SPLIT BUT THE STREET LIKES THIS NAME
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I AM LOOKING FOR MORE DOWN TODAY SO WE'LL SEE...

HANG TOUGH AND SHORT AT RESISTANCE NOW.

BEST

JERRY & INNA
Jerry Olson
The Jog Group LLC
[e-mail]