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I agree completely. Just an observation. IMHO, looks most apparent on a fifteen month daily chart.

Sorry for the confusion; meant peak in price, mid-point in time.

Am I being overly simplistic or does the S&P look like it's reached the peak and mid-point of a six-month cycle?

Yeah, talk about tunnelvision. :p I'm actually in the March 80-85 bull put spread. Got it for 4.30 credit. Currently trading for 4.40-5.10. Just trading one contract so I'm happy to sit tight for a max $70 loss. Couldn't even buy a single share of NATO... I mean SHLD... with that :D

Yesterday, was trying to reconcile the risk/reward with OTM credit spreads. Today, suddenly possessed by the triggerhappy gunslinger and shot my way right into four OTM spreads. TXN 25-27.5 bull put (0.30 credit) ESV 40-45 bull put (0.70 credit) SHLD 100-105 bull put...

Position Review CELG - tested resistance with a doji on the 5 minute chart, took my money off the table. 0.75% equity gain. (0.50 of a potential 1.60) AAPL - Falling volume, support holding but strong selling pressure towards top of support zone. I expect this to launch skyward once...

Grob, Are you suggesting that profit should be taken off the table once the stock has confirmed that it's falling from resistance, rather than when initial signs of weakness become evident?

Position Review SGP Aug 17.5 Call Stopped out for a 1.5% equity loss as today’s action plunged through my stop at 19.4. I’d been seeing this as a rising channel on the two-year daily chart and placed my stop just below the trendline and the recent lows. However, looking at the...

Hi Cache, As you know, I'm keeping a close eye on this thread, hoping to learn the art of effective credit spreading. I looked through your plays but I don't understand all of them. For my edification, would you mind explaining the rationale on a couple of those positions? RIMM - To...

I see what you mean. Could make for an interesting move.

I think I should get my eyes checked. Was looking at the weekly chart this whole time!

Thanks. I hope you're right. [/b] Don't know how useful my opinion is but here goes- Nice uptrend, pull back to a support level on falling volume and a green candle today. However, I'd be wary of the strong selling shadow on today's candle and the (potentially) strong resistance zone...

The way I understand it, a bearish engulfing pattern (AKA key reversal day) acts as a reversal pattern in an uptrend. So based on that, I don't know if the candle from 1/23/6 would qualify.

I've decided I'll learn to swim with dolphins before I scuba-dive with sharks :p

I agree. 59 looks as though it will pose a far more resilient barrier than 57.50.

Thanks for the heads-up. Your analysis and the piercing line on the weekly chart point up. But I'm still concerned by the bearish engulfing and impending crossover to the downside of the 20-week SMA below the 200-week SMA. I might just sit on the sidelines with this one.

Sorry, hanging man was my mistake (quite a few of those lately...). Corrected myself in the next post. The way I see it... 2 point rally started 24th Jan, culminated in a shooting star/gravestone doji on the 27th (which tested the lows of October 19th), and friday's real body was...

Turns out SGP had an earnings call today - which I was completely oblivious to - and I should be thankful it didn't drop any lower. Hopefully, the damage has been done and it will commence it's ascent. MO have a 4th quarter earnings/year in focus conference call tomorrow. Won't get home...

Position Review SGP Aug 17.5 Call A menacing red candle today, on high volume, but the 19.50 support held. If it drops further, I’ll be stopped out at 19.40 with a ~1% equity loss. CELG Feb 65-70 ATM Bull put spread Selling pressure evident today as it approached the highs of 9-11...

Should read shooting star. In any case, got side-tracked and that one escaped me. Keeping it on my list for tomorrow. AAPL made a powerful move up, bursting through the 50 SMA on strong volume, and engulfing the two prior red candles. Entered the 75-70 credit spread for 1.75 credit...