S&P Nailed The Target

My View Of The Big Picture-- Bearish (For Now)

With the SPX overbought it has been selling off. I see the next target of 1275. After that who knows. The daily chart is oversold so we might see a few 'pops' or maybe an 'up' week. We are due!

The RUT is being pulled along with the market and I'm in for a August Iron Condor. 25% return in 55 days...

That is all folks. Oh! My July Iron Condor was closed with a net 13% return in just over 35 days.

Closing Down July's RUT Condor with a NICE profit

I started closing down with limit orders in. Pretty much all my Bull Puts are off the table and about 1/2 my Bear Calls are still on which I'm thinking I'll be closing these at Fridays close with trading action from 3pm CST to 3:15 CST when the markets are closed and the indexes still trade.

Enjoy some music to start the weekend.

Inspiring Words For This Week

http://www.simpletruths.tv/movies.php?movie=FJOY

Longer Term Bearish On The S&P 500

If I were to take a tennis ball and drop it, it will bounce but not all the way to where it was released. In my view I see the S&P doing the same(at this point). A climb and close above 1425 will null that view point. Just calling what I see. I see a down trend.

July RUT Iron Condor Looking Awesome

Who says a 25% High Prob. return is crazy. Trading an index with 2000 stocks smooths out the day to day news.

High Gas Prices. Bear Markets.

Updates this weekend. My condor is looking GREAT! Nice roll over in the market. We took that forecast stance after last Fridays price action.

Found this Pic surfing some forums. Kind of funny!

Going Against the Tide/Trend

Well I never really like fighing trends which is bullish/up as of late but we have reached a 50% retracement point on the RUT and the SPX. Both backed down and both have overbought indicators turning over. This bullish move has been pretty fast. While my Magic 8 ball is still at Spencers (need to buy it), so it is of no help,, I'm looking for a downward turn in the market or at least some 'chop' action which is fine for my RUT Condor.

Up or down is fine with me. I'm just calling what I see,,, and I see us rolling over. Please see the charts for reference. They are weekly charts since for me they hold more weight.

Loving The Price Action-More Late Tonight. Enjoy Some Music!

Everything Setting Up Just Right

Futures are down this morning. EUR/JPY is down overnight and profitable.

UPDATE: I was stopped out. EUR had 'interest rate' news overnight. Must have been pretty good.

Short EUR/JPY

Since I'm thinking we are heading sideways to down I'm taking this Forex trade. 87 PIP Risk for 200 PIP Reward (1st Target).

The Bears Are Showing Up. Bulls are Tired.

On the weekly charts but the S&P and the Russell 2000 Index are both overbought and turning over. At the same time they are both stopping at the 50% retracement mark.

Pivot Point Charting Video: John Person with TOS

http://mediaserver.thinkorswim.com/demos/2008/TOSDemoPlayer.html?vidSource=/transcripts/2008/20080528.swf

Comedy: Stupid Human Tricks

Every once in a while I run across a funny video. This one is just too funny.

Closed EUR/JPY with NICE PROFIT

A Nice Home Run In Play

So I had $40 at risk and this morning that Forex trade is up $361! More to come and I believe this is just the start. The price action in red on the chart is todays action.

Current Open Trades. Weekend Review

My July Condor is looking great. Interesting that we had a high of 850ish and a low of 650ish and we are getting toppy around 750ish.. About a 50% retracement of the market correction.

After trading this a few times early in the morning and at night I'm only risking $40. I'm short 3 mini's. Stop at 164.35

Time for the weekend Option Time Decay. Take Me Home.

Closed GBP/USD

I closed the GBP/USD trade last week for a nice profit. I didn't catch the closing price.. Being out of town and late at night might have something to do with it.

So

So when we have our meetings on Thursday evenings I often use my paper account and actually take some of the trades. I would say about 30% of them. Well I checked that account today and interesting enought I found some pretty good returns. Now that 775% return was not a penny stock buy currently a $49 one. I just use options as a trading vehicle most of the time.

Long GBP Short USD

Took this trade the other night as the price was right at a support point with linited risk.

RUT July Iron Condor

My May condors were closed from standing orders today. I’m all cash right now. Looking at July Short 800, long 810, short 630, long 620. This order is going into tonight. This would be a 25% return in 66 days. I did look at June but if we break out here(north) we could run 770-780 and I would need to roll at that point if I wanted a decent return in the first place. Don’t care to roll!

760, 770,780, 790 and 800 are real strong resistance point and 700, 680, 650 on the support side.

I’m attaching my RUT weekly chart and the data I’m using to calculate my risk. I’m to exit at the latest by July 14th.

On the data chart I’m including the Gamma Risk this round. When the Gamma starts to explode so does my risk at the very end. I’m camping out for a happy medium Gamma and price.

Update: I was filled at 2.05 as shown in the charts above.

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A link to a video of what this trade is all about.

http://www.sheridanmentoring.com/demonstrations/20071107TOSChat/

and

http://mediaserver.thinkorswim.com/transcripts/2008/20080227.html

Jim Rohn - To Invest In Yourself

S&P 500 Battleground

Notice how we hit that 1425 mark and stalled. That line also happens to be the 50% retacement line. It will take a lot of bulls to push the SPX beyond the 1425 mark if you ask me.

Friday Close Review of my Active trades

(Above chart) I went short USD/JPY early this week and have moved my stop to breakeven. I'm up about 150% up on risk and up 250% ROE so far.

(Above three charts) All Looking great. USO is still making higher highs which will increase the price of gas at the pump. RUT and SPY condors are almost fully profitable (about 90% so far).

Where to next

Check out Peters charting and view point.
http://www.shadowtrader.net/videos/sunday050408st2.html

Oil and Gas Prices--A Hedge for the consumer

See the pic for details.

S&P

Turning off the drama news and just look at action the bulls are at a resistance point. My hat is off to the bulls for making a 50% retacement in such a short period of time. Our SPY and RUT Iron Condors are still in tack and looking great. So this is the current weekly chart.

Non-Event Fed Day

IF I didn't know the fed was releasing a statement and might drop the rate today,,,, but the movment or lack there of was a flat day if you ask me. Good for my account as time ticked away. We actually moved down some and my overall delta is coming closer to a neutral position.

Delta And Time

http://www.optionsxpress.com/educate/advanced/greeks.aspx