Stocks Daily Discussion

[pftq]

Watching these lines here for the S&P.  Wedges getting broken on the upside.  The real test will be the 1230 ceiling (123 area on SPY).



Thinking of going into puts on the next retest of highs.

[pftq]

Picked up a few puts at the test on highs, then more on the 122 break.  We have a lot of support levels to fall through though, so I'll add more when I see the momentum pick up (if it does).

[pftq]

Watching a potential inverse head-and-shoulders here.  That said, even if it occurs, we have strong resistance in the 123.20 area, so I'm not expecting the uptrend to last more than a day (unless the EUR crisis of solved or something).

[pftq]

Looking at yesterday's uptrend as support here.  If they break that, I'll go short, but I don't plan on holding over the weekend because the uncertainty with Europe.

[pftq]

Downward break on support.  Same lines as before, but as resistance instead of support.  I plan to get into puts if we put second low to confirm (lower than the first).



A lot of regions for support though, so I'm just playing this for intraday.

[pftq]

Entered puts on SPY on its bounce to 124.50 this morning.  Will exit if we don't see lower lows below 123.80 today.

[pftq]

JCOF earnings up 1400%
http://finance.yahoo.com/news/AL-International-JCOF-prnews-3003466319.html?x=0&.v=1

Posted this one last week - was almost considering getting out of this one because of low volume, but we'll see how it reacts tomorrow.

[pftq]

Support at 128 for SPY and rest of market.  Should bounce here at least (if not end pullback).  Calls on AMZN, JDSU, etc look very nice if you want to enter.  Just careful about the weekend but a strong close should help.

Going to stick with my original plan from last week that the quarter overall is bullish while 2012 we start to dip again.



Personally in BAC Oct.28 calls at $.15 and JDSU Nov calls at $.30 right now.

[pftq]

Added a new chatroom to the site:
https://www.pftq.com/forums/chat/ (there's a link to it on the Forum, upper left)

Those of us trading in the mornings can meet there using the pftq.com accounts to login, since Asee apparently has so much trouble logging into AIM.

[Asee]

Hey,

Where do I go to sign up for option?

Is it done thru Command Center or the site page?

[pftq]

Though the site.  Home tab > My Profile > Option Trading (Enable).

 

Get Tier 2 at least so you can buy calls and puts - up to you if you want margin (being able to borrow to buy/sell more money than you actually have).

[Asee]

For some reason, it is not allowing me to submit my application.

What did you put?

[pftq]

I remember getting an error once - try relogging in, could just be a bug.

[pftq]

Get in chat if you're trading:
https://www.pftq.com/forums/chat/

[pftq]

Nice set up for a straddle today.  For Asee's reference if he actually played this:
SPY 125 calls at $.60 -> Currently $.85
SPY 121 puts at $1.10 -> Currently $.8

Right now, markets just broke upwards so it's a good thing you didn't go full puts like you wanted to.