The futures held up well overnight, and the market is attempting to run back up to the top line of George’s triangle. If the move up is lackluster in terms of speed and volume, then that may be a sign that it will fail to break out once it hits the top line, assuming that it does get there.
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You’ll see, K.
You’ll get your market niche one day, probably after you have a PHD in Underwater Basketweaving, then you’ll be a market wiz-kid and leave all of that education behind.
If you’re getting you PHD in finance, omit the above paragraph. You’re going to be successful in anything you do. Like everythng else, it takes time and experience.
K, you’re already more successful than most folks at your age. You trade, work, go to a university, have your own intelligent website and master blogger.
I’m not saying anything about a wife.
Like Matt said a few months ago “first you get FAZ, then you get a wife”. Haha
George, Its so hard to stay above peer pressure. If I’ve done it for 2 decades I think I can do it for another century.
I’m going for an MSIS degree, have been thinking hard about an economics degree as well but that would mean less wallstreet time.
How will I trade when I’m working full time? Using daily charts?
Holy freak! my XLF put gained 50% and my C put gained 100%!! UUP december call gained 50% as well
Hey Phil how about BIDU down $45,my puts should sky rocket tomorrow
congrats scotty we’re all striking gold recently
I am kicking myself for not holding the euro short with the stop loss i had set up. would have more than doubled my forex account.
thanks K ,wish i would have bet the farm
NXTH is blowing my mind!!!! how long can a stock go parabolic like that.
I count 23 straight green days.
Attention Attention Attention!! Must Watch.!
We are in a Donkey Market!
http://www.youtube.com/watch?v=7M9XoT5WsWE
JG!! I miss you!!! we’re going UUP and UUP!! Look at that volume
http://stockcharts.com/h-sc/ui?s=UUP&p=D&b=5&g=0&id=p39902858149
scotty on BIDU
http://danericselliottwaves.blogspot.com/2009/10/baidu-ending-diagonal.html
DOW trendline got hit!
http://4.bp.blogspot.com/_TwUS3GyHKsQ/SuXhwXfPpoI/AAAAAAAACUQ/BtvSKBokCvQ/s1600-h/dow.png
will we finally break down?
Funny video K… Susan B would be upset though.
Keep in mind they show just those who messed up. But the sad fact is the american education has lost it in the recent decade! lol
I’m messing with currencies again can’t control my temper
That UUP is a slow mover. Like watching the second-hand on a clock.
K,
The following link is for your inspiration and proof that trading isn’t an innate skill but a learned one. If you’ve read the Turtle Traders you’ll know what I mean.
This article is about the founder of the Turtles, Richard Dennis.
http://en.wikipedia.org/wiki/Richard_Dennis
Thanks George,
You will be happy to know I am now following my rules. Except for closing euro position last night.
I think this is funny and sad. here i go pasting it
It used to be a favorite of pop globalists everywhere to say that two countries with McDonald’s had never gone to war. Sadly, that no-war Big Mac rule has been broken various times in the last decade.
I’d like to propose a new McDonald’s rule for such folks: When McDonald’s leaves your country you are entering a new status of undeveloped economy – as is now the case with Iceland. Then again, at least we can now go to war without Iceland without worrying about the former rule.
The move will see Iceland, one of the world’s wealthiest nations per capita until the collapse of its banking sector last year, join Albania, Armenia and Bosnia and Herzegovina in a small band of European countries without a McDonald’s.
….McDonald’s blamed the closures on the “very challenging economic climate” and the “unique operational complexity” of doing business in an island nation of just 300,000 people on the edge of the Arctic Circle.
Yes I did see that
Well, I was too clever by half on the BIDU play. I was planning on an earnings spike in price Tuesday AM, and grab the BIDU puts then. Instead, of being $100 over the $315 target, they’ll be only $60 over target and barely worth buying after the market makers price them through the roof! Great pick up Scotty!
George, thanks for the insight into the triangle (and Matt). I was bummed that I didn’t get any SSO before it moved up this AM to the top (didn’t satisfy my buying rules), but I didn’t miss the SDS scalp! I was looking for 20 or 50 cents before I left for work…instead I got a buck! Cool.
What do we think–we gonna go tag the top of this channel again? Or break down through the bottom and visit 1050?
i know we will either flirt with 1080 or 1050 by end of week.
congrats on sds scalp
Thanks K, couldn’t have done it without EVERYONE’s help here on this blog. By the way, forget education, open a hedge fund and take home 20% of the profits! And that is the ‘legal’ way to run one–if you get inside tips, you can make money faster, but you get to spend the rest of your life in prison at some point!
I’m going to visit Daneric’s charts and see what is there. I’m still bummed about BIDU, but glad that Scotty picked some up! His puts are gonna soar tomorrow! Nice job.
I’m bummed about my euro trade. but let’s forget the coulda’s. Scotty will more than double his investment. Am happy for him.
institutional buying and selling
http://cobrasmarketview.blogspot.com/2009/10/institutional-buying-and-selling_21.html
K,
Welcome. You’ll love living here if you don’t
like crowds. One of the world’s biggest traders
lives close by. You will enjoy his insight into the
market.
Julie,
I found this about vitamin D. you probably know a lot about it anyways
http://smarteconomy.typepad.com/smart_economy/2009/10/suboptimal-levels-of-vitamin-d-in-us-children.html
Btw:
When can i come by for a few days visit? I’ll even book my hotel room no prob.
Night all,
Just my insights into what I expect tomorrow…. TED spread fell almost 9%. that might be nothing but i see a possible slight move back towards SPX 1080 for a test. that’s about 10-14 pt move. from there we can to to 1053 at which time we would have successfully tested the bottom trend line of my secret chart.
So I am short term bullish. I’m betting $30 on it.
If Iceland had a Burger King, they wouldn’t let it leave. Throw in a Krispy Creme and they’d think they were in heaven. Dairy Queen would give them a Blizzard they would never forget.
K,
Be sure to read Jim Curry’s post on… safehaven.com…
Julie,
Thanks I skimmed through it earlier… if Jim Curry your neighbor?
Just a fun fact. Looking at the last email I sent someone on sept 29th I wrote the following.
“The TED Spread rose 5.42% today even though markets rallied big. The
volume in stocks was extremely low so I am expecting a pullback in the
early October.”
On sept 29 S&P read about 1064 and by October 2nd it was at 1024.
BOOOOYAH you’re right George. I need to be an advisor lol
Told ya…
K, I’m with you…after looking at charts of the rest of the day’s action, I’m short term bullish as well. I see 1080, maybe 1085 on the S&P. Then, down to 1050.
However, BIDU is in the $NDX 100, so it may really be a drag on the Q’s tomorrow. That could clamp the S&P to only 1075 or 1076. The bulls just HAVE to try to rebound this market after today’s rout, don’t they?
my $30 bet has already gained $10
so it’s not a $40 bet. i have 40 at stake as of this moment. let’s see if it’ll work.
2thfixr. I’m not sure how much BIDU will affect nasdaq sure 13%+ is a big drop but sometimes markets shake those things off
oops here goes $42 down the drain
Night all (this time for real) 6hrs of sleep is all i need to get education and a wife. Or should i just have fun instead?
Following our miserable showing, markets overseas are following suit. Shanghai is down 1.5% and Hong Kong is a sea of red.
http://static.businessinsider.com/~~/f?id=4ae65ab1000000000084190c