TinGull

Yea, I might need to start thinking a bit simpler....I like you're thinking style

So, I was right?

To the point of just not wanting to own a crap company...that's really it. I may run a scan on EPS or PE stuff but that stuff doesn't make sense to me, really. It's easier to see what the players are doing in the chart rather than try and interpret the fundamentals into the equation. Why do you ask? Is ClearChannel a crappy company?

We'll see what happens come next week I guess. You could very well be right. Has been in a down trend for the past year...With volume terribly weak all across the board today, it's not boding well for the bulls as it is.

Keeping an eye on this one for monday...

One real cool thing about stockfetcher, tho...you can quickly scan for a pattern with their pattern recognition. I have no idea how it works, but this one had come up yesterday... BEAS. 33% move today searching for the ascending triangle yesterday.

Actually, looks like the WRB is holding price inside it now....so, could be all good.

The daily pivot would be a target. Bottom of the WRB. the WRB is a support zone for price now, so I'd be cautious.

Hmmm, to me looks like I'd be getting short with a stop above the high around 8120. But...I'm no expert, so who knows what'll happen.

Oh....StockFetcher won't let you draw anything on their charts. You can code in a Fib retracement, but can't just select a drawing tool to do it. While the charts are pretty and all, I don't think I could use it for charting. For scanning, I certainly could.

yup, those look right now. A short could be in order, I just wouldn't take it, personally. I see a higher low and a slightly higher hi, so I'd look for a more higher odds trade to the upside at some point in the future. That's just me, though...

Yea, I hear ya there. If that chart were to come back into that phase1 box, then it could very well send that whole sector lower. Oughtta be interesting.

Some words about StockFetcher... I really like it! The syntax for creating scans is incredibly easy to figure out and the charts are really nice looking...very Mac-esque. The bad things...I can't figure out how to draw simple trend lines and not have it just be an annotation line. The annotation lines don't scale when you zoom in and out. You cant save chart setting, so if you always want say a certain MA or always want MACD on your chart...you cant have it always pop up UNLESS you type it into every scan you do to draw those things. You can set default syntax to have that show up all the time...little bit of a workaround. The worst thing...the support forums. It doesn't seem like peoples questions are answered an awful lot by their support team. Granted, the product is cheap and can even be run for free if you can deal with the 100 stock return on scans so the money probably isn't there for a full time support staff...but still, it's pretty slow going. There also isn't a listing of the syntax that can be used. If there's something that isn't readily available on their site but *should* be able to be searched, you have to guess, and keep guessing until you figure it out, if you even do. I asked them for a listing of all syntax available for use, but they haven't replied to my email yet...so we'll see. It's cheap, but if the support isn't there when you need help, is that gonna be OK?

Oh Reaver...I didn't mention...those are TeleChart charts. I'm really debating between them and StockFetcher right now, cause I can use SF on my Mac, and be completely Mac.

Might've included some post market data and just drawn a new bar for it. The ranges are the same on both bars...so maybe it was just a glitch on their part.

In Telechart I can sort by % Change of any watchlist over a certain time period and I did an industry group one to find a good looking overall group and then drill down to find a stock inside that group that also looks poised. I think that's a damn cool way to search something out on the quick! I gotta find out if stockfetcher can do this.

But, with the right knowledge in your toolbelt, options can be a great way to make money. Just always gotta know if you're getting a good price for your options, and not just buy calls or puts based on the underlying without knowing the volatility behind them.

Good zones. I was looking for PNRA to break, but with the market doing its thing yesterday...couldn't quite break it. Your chart....I don't have 2 days in a row of a red spinning top on any of my dailies for PNRA... I wouldn't be so quick as to take a short by buying a put outright here just looking at the volume of this down day. Overall market volume was UP for the day while PNRA had a lower volume down day. If PNRA was to break the lows of yesterday on higher volume looking at a 30 minute chart, then a bear call spread could be initiated on the NOV calls. If you are bearish, then far month puts have a bit less premium in them to buy. FEB 50's have a little open interest there now, so if you're just buying a couple contracts that'd be fine to be able to make sure that strike still trades. I would look more for initiating a bear call spread by selling the NOV 50 and buying the NOV 55. The implied vol is in an uptrend right now about to hit it's highs this far in the past few months near 50...so premium could be built up for earnings coming out on the 23rd of this month. Whispers say .37 cents, estimates at .36 cents...I love Panera, used to eat there all the time so they have my money and should have yours!! GiddyUP! (That was sooo Pete Najarian) Anyhow...I wouldn't be a seller of PNRA right now, bottom line. By selling that call spread as prices traded last night, you'd risk 3.60 for making 1.34 with about a 60% chance of it expiring worthless so you can collect your whole premium. Basically a 37% return with a 60% chance at that. Thats the best return on next month options right now for PNRA, so if that doesn't suit your taste, I'd stay out and look for something better.

the top of the last box I drew in your chart.

Not sure if you comments about insight being respected was directed towards me or brownsfan, but I'm gonna take it as a compliment to both of us...why not As for what you said....yes, you're exactly correct in that an option can just erode as the instrument moves in the expected direction and you will not make money. That's why it's so important to understand the concepts of volatility and understand how much time premium you're paying for and knowing how much time you're going to give that instrument to hit it's intended target. If the premium is real high (IV is way up) then you're gonna want to sell a bull put spread or something of the like. If premium is really low and you expect a move, buy the options outright. Plenty of people that do that and make money...they just know when the right time to buy is.

As for the last post...I would tend to think it's *possible* for this market to go higher, but it seems to be it would want to correct a little more and a better place to look for a test would be at the top of the last swing high.

Thanks for the heads up Reaver...got your email. All seems cool, I'll let it slide. And as for the swing trading....yea, thats where I want my income to come from. More so for it to give me the opportunity to volunteer where I want to and have my own studio to record local musicians. That's the big plan.