Disqus - Latest Comments for Cole

Re: Today Was Awesome

Cole — Tue, 05 Aug 2008 18:43:32 -0000

Sensei, nice job today on your profits. I have been following your blog now for over a year, and really enjoy it. Today, I sat on the sidelines, as I don't like to make trades when the fed is going to speak because of volitility. Tomorrow I will be a buyer of SPY calls on any weakness, I was thinking the 130 calls looked good. Anyway keep up the great work on your kick ass blog!!

Re: TRLG Breakout Goes With My Retailer Theory

Cole — Thu, 07 Aug 2008 16:58:28 -0000

Sensei...interesting pick with TRLG, but I'm not convinced here man, but I hope it works for you (maybe you should pick up a pair of their jeans for when you listen to the cranberries)...:)

Just wanted to share that I had a great day today with some XLF Sept. $20 puts that I bought yesterday and this morning near the lows for a 60% return by selling 5 mins before the close today. Thought you would like to hear about that, becuause you have had some great option wins as well.

Peace!

Re: Weekly Recap

Cole — Mon, 11 Aug 2008 11:47:53 -0000

Sensei,

Thanks. Yes, I was able to make a nice profit on the SPY 129 calls. I made a mistake though by going in to the SPY 126's on Friday, instead of waiting until today (Monday). So I am down a little today on those.

When looking at the charts, I am seeing a lot of overbought conditions in the daily and 60 min charts, especially on the Nasdaq. I agree with your chart that you posted, that shows we could get a big down draft in the techs once they finish this final push higher. I just don't see any compelling reasons to go long here, but if the market can sell off a little here I will be looking to go long SPY 132 calls, probably on Wed or so. What are you thoughts here, are you seeing the market overbought here?

Re: A Huge Market Move

Cole — Mon, 11 Aug 2008 23:07:27 -0000

Yes, I agree with the long strategy. Also, I see what you mean about how the market will ignore over-sold conditions in a breakout situation, sometimes for days, so this is something to watch out for.

The other thing to watch out for if you trade options is to try to buy near the lows of the day for your position, and make sure you ride your winners all the way through, and cut your losses fairly quickly. I hate when a exit a trade to early, and I know you have spoken of this. I am working on the discipline though.

It will be interesting to see how things play out short term, especially given some of the resistance we are up against, and the Russain-Georgian conflict.

My plan is to hold my SPY SEP 126 calls though any weakness we see in the next few days, and then look for a long entry into the SPY 132 calls. If the market just continues to bull up, then I will have to cut my losses and re-group for a chance to get long.

I am forecasting though that some of the charts could break back down around SPY 127 before getting the legs to move back up. I guess we will just have to see.

Great calls on the restraunts and retailers btw!! Trading for a living is fantastic if you can take the time to learn the right opportunities.

Re: Restaurants, Meat, Dairy Up Up and Away

Cole — Mon, 11 Aug 2008 23:11:28 -0000

Wow, impressive.