Peter'd Out
Our bull friends need to recognize that it's important not only to GET it up, but to KEEP it up. Delighted to see this fizzle away today. That bodes well.
Thursday, July 27, 2006
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- Tim Knight
- Palo Alto, California, United States
- Tim Knight founded Prophet.net, considered by Forbes and Barrons to be the #1 technical analysis site (sold in early 2005 to INVESTools, where he is the SVP of Technology now). Tim has been trading actively since 1987 and focuses mostly on option positions. He is a dyed-in-the-wool technician, leaning heavily on marked-up charts for his analysis. The contents of this blog are NOT to be considered investment advice, and you should know Tim may or may not have positions in the securities mentioned here.
9 comments:
Should I be embarrassed that I recognize the picture on the left as Peter North?
Just as embarassed as I should be for posting it in the first place :-)
Hats off to you for getting the cultural reference!
Peter could really drop a load ...LOL LOL LOL
Another DOJI today. Close at the falling trendline on the dow. We need to see some selling real quick for a validation on the downtrend.
My puts are no good at these levels :(.
This was a good day for the bears.... I was ticked off that I didn't pick up some index puts right off the opening strength, but maybe (probably not) I'll have the chance tomorrow morning. This rally is almost over, hang in there. I've never seen a market run up like this on bad news, after the bell RACK was the latest victim.
A few good plays right now are WFMI and SBUX. Both are high multiple retailers.... and are due for some whackkage. hahah. Sbux is below its 50/200 day MA's. AND WFMI is weak weak weak.....
Cheers
lmao, just google'd peter north:
'cum shot master'
http://www.google.com/search?hl=en&q=peter+north&btnG=Google+Search
To Jessica_Rabbit;
Still not sure what GOOG put you own but here goes:
1st. legging into a long straddle is not the best way to do the set up but let's work with what we have .. what's the delta of your current put..this is were legging in gets difficult..
A long straddle is in my opinion a netural strategy best used when you expect a move but uncertain of the direction.
Normally in a long straddle you would do a simultaneous put and call purchase at or in the money at the same strike price for both the put and call.
In this case you would maybe profit no matter the direction of the move..you lose if the move does not happen??
Word of caution..80% plus of options purchased lose all or part of their value before X-day??
Not my figures so says the CBOE.
If you are as you say looking to mix it up then look into some credit spreads and other option strategies other than always being a purchaser. You will be a better trader long term using a mix of startagies.
Maybe some other readers can improve on this brief.
I remain,
(Not) Always a Bear
Tim,
Yo my man....you one crazy MOFO!!!! North can get it up and Dole struggling to keep it up...beats the hell out of trendline on charts any day!!LOL!!
I remain confident. The bulls are wearing out. How many will turn to the dark side or scatter like sheep?
The DOW has broken through a critical inter-day up-trend that started 7/24.
It will likely drop first thing in the morning, but then bounce back up. Expect another boring, floating day...
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