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Another breakout fails: currently a $175 loss. I "hedged" with 1ES SHORT and will close it and the other NQ contract as things bounce up and down that may mitigate this loss. I know, while I babysit this market I need to find other things to do. pay$ Edit: market thus far holding at...

I added another NQ contract at 1232.75 with a 3 point STOP.

Interesting. Market up and with some volume. We have crossed the breakout level and have now pulled back to it. I am adding 1NQ (1235.75) LONG so let's see how this volatile expiration Friday bodes for the day-trade. :eek:

If we continue to trade in a range, I will increase exposure in my covered call accounts. Today is expiration. Many stocks are being accumulated while others are getting it on the chin. This is a selective market. pay$ense

Yesterday's late-session drain was swift and sweet. I guess volume was light enough and day-traders were sick-and-tired of sitting around with this market and quickly brought it to Joe Baker's UT or ultimate target. I had a couple of NQ an ES contracts - just in case - that caught the SHORT...

It took much patience however I got a couple of NQ an ES for 14 and 12 points. Staring at the computer all day that was mostly "inside" <I>and</i> NOT <i>wanting to breakout to the upside</i> - did, well...drain! :D

Interesting. The indexes broke down, but didn't nearly reach the UT (ultimate targets). 1ES was stopped (1 point) and the other I'm holding as a hedge for LONG 1YM. I can close it if I get a bit better pricing. My two covered call trades I opened today in SOLF and AKS doing well. The...

I'm not sure if many noticed, but a nice array of sectors are posting gains today. Also nice jump in the ES so added 2 ES SHORT at 885 level - target 874 & 870 pay$

Wow! What a drain. . .reversed LONG ES and kept LONG YM. Got in and out of a few SHORT NQ contracts, too. Scalping is TOO much for me, but in this environment it pays to not sit idle and let gains evaporate or to not be there when things jump around. Joe Baker's levels once again prove...

Continued indecision has resolved itself on the downside. I temporarily increased my SHORT exposure preceding this event and am positioned to perhaps profit more upon further <i>drain</i>. We shall see how much selling conviction there is. FYI - I was patient wrt waiting for Break Down...

Hello again. The market continues to trade witth a semblance or orderliness - the Vix dropping sharply as buying volume is now coming into this market. That is NOT to say we can't get a shock or two from here on. I closed out a couple more profitable covered call trades and entered a...

Thank you SO much Joe. Blessed holidays to you too.p$

Along with Goldman Sachs, Morgan Stanley Posts Big Quarterly Loss More importantly, the broad market didn't suffer any serious damage. The stock market has often in its history rallied even when the prevailing economic situation looks dire. Wall Street often looks ahead six months or more in...

@OP Market's are NOT perfectly efficient. Not everyone discovers for themselves an edge. You are absolutely correct to say that the majority of traders may have experienced brief periods of success, but have not coupled them with consistent, long-term, market-beating averages. It is...

In the early going we are seeing continued support for equities in the form of higher volume buying. The selection of market-leading stocks gaining momentum continues to grow. I will look to add one more covered call position in the currently optimal environment. Of course, stop methods need...

Thanks for your good contribution.p$

I am now net LONG 1 ES contract in my higher margin account and net LONG 1 NQ in my lower margin account. This market will not go straight up yet, but the bullish accumulation ratings for the indexes has improved dramatically. When/if leading stocks are aligned then we may see some real...

Like the OP said, most people do not know that with the market you need to throw out all preconceived notions and just take it for what it is. It will sort itself out. Rally, base or correct. pay$

Initially I did not like the perma-bull reactions (Aug '07) to Fed shenanigans. But of course they proved fruitless in flexing their powers <i>over the market</i>. It was a nice bear ride all the way down. :p Now that the market is again reacting positively and exuberantly to symbolic...

OK - so the market continues to show strength (after that belaboring period of low volume chop) in the form of institutional buying. We have only had (1) distribution day since the market put in a new low. We've had more than a few accumulation days of heavy buying. The indexes have now...