Urgent Message From Rennick

Getting quite a few complaints on this thread.. Lets bring this thread back in line.. and on topic.. save the BS for the other forums. "Trading" needs to be on topic, with some degree of civility. Ok thats the warning, below me is the line in the sand. Everything after it should be back on topic.

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Quote from dandxg:

Rennick,

Please post your crystall ball info asap on Monday. Thank you.
More...

Agreed. I need the "yes, no, maybe" asap.

ps. there is a third scenario for the close which is the most likely.... FLAT.... this scenario is designed to screw all options players as they try to close as close to a strike price as possible.
 
MON. 9:45 am EST DOW +74

First a warning/disclaimer.... The signals I use have a historical accuracy of >65% for the morning forecasts and >75% for the afternoon calls, please keep that in mind and use your stops as you always would.

Now for the nut cuttin... I just recieved the morning signal and it is NEGATIVE calling for WEAK Market action during the morning session, or at least until 12 noon. I'm going short from here with some fresh auggie trip q's puts. Whatever it is that you trade, sell this open guys. Good luck trading.

Rennick:cool:
 
Quote from William Rennick:

MON. 9:45 am EST DOW +74

First a warning/disclaimer.... The signals I use have a historical accuracy of >65% for the morning forecasts and >75% for the afternoon calls, please keep that in mind and use your stops as you always would.

Now for the nut cuttin... I just recieved the morning signal and it is NEGATIVE calling for WEAK Market action during the morning session, or at least until 12 noon. I'm going short from here with some fresh auggie trip q's puts. Whatever it is that you trade, sell this open guys. Good luck trading.

Rennick:cool:
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ok we'll see

past 20 minutes lots of distribution followed by tow large red candles.

The sellers yesterday arent quite done after the premarket futures lift. That was a pretty big selloff on high volume last friday.
 
Quote from William Rennick:

FRI. 7/20 1:20 pm Dow-155

OK guys I just recieved the afternoon signal which was NEGATIVE calling for further WEAK Market action this afternoon. I mentioned earlier that I don't like to trade on option ex Fridays.

After getting that afternoon WEAK signal I said what the hell, I'm bored anyway. Sooo I've just Cowboyed up and placed a trade with only 1 k for 85 contracts of the july 50 qqq puts which expire today. I paid 11 cents ea, or 11 bucks per contract, dirt cheap (they have zero time premium as they expire after the close. Anyway this is a high risk trade, really a gamble. The payoff can be big if my signal is right. So let me summarize:

I JUST LAID A GRAND DOWN THAT THE MARKET WILL SELLOFF FURTHER FROM THESE LEVELS . SHE"S DOWN 160 RIGHT NOW ,SO I WANT TO SEE IT DUMP BIGGER THAN ANYTHING THATS EVER COME OUT OF TED DAVIDS ASS.

Stu Rennick Unger out:cool:

ps. EDIT The averages have moved up and I just bought 1 k more of the july 50's at 4 cents each, or 4 bucks. This adds 250 contracts to the 85 I bought at higher levels. So I now own 335 july 50 qqq puts at a cost of 2 k. That is it, no more after this. I'll be in the trading Bunker flipping over salt shakers to get the market moving my way. CMON DOW -300 plus BABY!!! (dow is now down 131)
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An update from this long ball I threw last Friday, I sold all 335 contracts for.06 cents in the last half hour. I ended up nearly breaking even on this trade that could have really paid off if the close would have been even weaker. Also, had my timing been better I could have bought those puts for 2 cents and sold them for 6. This would have been a "triple" in about 30 minutes... oh well, it almost worked out It's one of my favorite trades, which has only worked out once for me. I just love the excitement on that one.


Rennick :cool:
 
Quote from stock_trad3r:

rennick..ouch..markets at daily high

hope you covered b4 losing money or it may be too late...
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Actually, I'm already out of this trade. I'll run you through it. Once I recieved the WEAK signal I bought the aug qqq 50 put for .75 cents (dow was up 74 approx. when trade went through). After the trade went through I set my sell price at 10% above what I paid, which in this case was 8 cents, so I set my sell order at .83 cents per share. My sell order went through at 10:08 am which turned out to be close to the lows of the day. I'm sitting in cash now, and am waiting to see what the afternoon call says.

I learned a long time ago that the best way to trade intraday is set a low 10% goal on any trade by placing a sell order 10 % above what I paid for my contracts. 10% applies to options and would not work with stocks or futures. You would need a smaller goal, but you would also have less risk.

In other words I usually shoot for single base hits, not homers. This can be nerve racking on big move days when you get sold out and leave piles of cash sitting on the table. This morning though, it saved my ass.

Rennick out:cool:
 
Quote from dandxg:

Rennick,

Please post your crystall ball info asap on Monday. Thank you.
More...

Let this be a lesson to you.

Never rely on the trading recommendations of others, know your methodology inside-and-out ... that way it just won't matter what another traders' or a subscription service's opinion of the markets are.

Know your own system, and trade it.

Good trading,

Jimmy Jam
 
Quote from stock_trad3r:

rennick..ouch..markets at daily high

hope you covered b4 losing money or it may be too late...
More...

villiage....perhaps you should leave this thread to the adults & people whom actually trade.

no sense in knocking something that you can`t do or have trouble comprehending.
 
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