Trading the markets with Jerry Olson

[jerryo]

CURRENT THINKING

For some reason i made a "new" thread? ignore it i am not posting there...hit the wrong button i guess.

As for the markets in gerneral we are awaiting a heavy load of eco reports on thurs, then next week the FOMC on the 4th and the employment report on the 7th, once we get them out of the way i believe the markets will rally on good earnings and a solid economic recovery.

I have often talked about "core" issues and what you should be doing with them. My mantra is to write covered calls to rake in hard cash each and every month or so. If you have some dog stocks in your IRA sell them on this next rally then dump them and buy dividend producing stocks. RJR MO DUK ETC. I have several Canadien Trusts too that pay large monthly rates but you can not move all your money into thse type stocks...

PVX is one that i love...check out the payout should be nice for all of you. the name is Provident Energy Trust...please do your own DD and research on this type stock and company...

i've owned IMCL for over a year now and will not sell it. I suggest you purchase this stock some time in the fall as the markets will bottom there. Or you could "leg" into this stock in 3rds...but you must own it as all the real profits are ahead of it...

see you all in the room today

best regards

jerry

[jerryo]

TECHNICAL BOUNCE ON THE WAY

Morning all

We have a very short term oversold condion in all indexs and indicators today. The FOMC is Tues the 4th, i expect no change and even a better bias statement as the economy is slowly moving along here, not exploding as was expected. The Fed Funds Futures are suggesting Aug for the hike we'll watch the reation to those futures after the meeting at 2:15.

As for the all important employment number this "could" be a surprise. We'll have to wait for that number on Friday there's going to be enormous volatility on that day, we'll trade it well mlike we always do. In fact both important dates we have been hand holding for years.

I fullly expect a nice countertrend rally this week into next week.

I am long and will hold for the expected bounce...

good luck and scalp only this week..

best regards

jerry

[silverxx12]

Hi Jerry,

I have a question which I hope you don't mind answering.

Essentially, I'm going into good trades which on their own are near text book formations. However, what I am finding is that the index ie either the Dow or S$P has a bad picture, tanks or rallies and basically stops me out of the position I am in.

The basic problem is finding a way to issolate a stock from movements in the index - then whatever the index does, I know that since the stock is a text book formation, there is a high probability of making money on the trade.

I would really appreciate it if you could help me get over this issue.

Many thanks,

Silver

[jerryo]

silver

we all have the very same problem...what i would do is scalp trade the stock for a days pay..use the futures as your guide...like today we are buying each and every pullback to the rising 20 ema on the 5 minute chart...

so play that good set up as usual but sell it too soon and re trade it again..do not wait...

drop by the room and i'll show in person...

[silverxx12]

i hope you dont mind me posting this post here Jerry if you do i will make another thread.

I was just inquiring about brokers who charge 1 cent a share on commission for trading US stocks I was wondering if anyone in your group could help me find them because im getting whipped on commisions.
If you could tell me the name of the different brokers;

1)If you are required to trade a minimum amout of trades per month
2)How much initial capital one is required to place to open an account and how much margin you have to put up to trade the share in question
3)That give coverage of all stocks above say 50m market cap, in that way you can vertually trade the whole market and not be limited to say S&P 500
4)Some say or so ive heard 1 cent a share but you have to trade a minnimum of 2500 shares so you still end up paying $25 per leg

If you could please help me with this Thread becasue it will be beneficial to all traders

[jerryo]

Silver

just go to... www.interactivebrokers.com

they have everything you need...

[silverxx12]

Hi Jerry,

Thanks for replying. I saw the website and apparently, there is a day trading rule which requires one to deposit $25,000 if one does more than 3 trades in 5 days. Have you ever come across this rule ?

Also, is there a rule which states that if you loose on a particular stock you can't re-enter that stock for 30 days ?

Many thanks,

Silver

[jerryo]

silver

i suggest you call IB brokers and check with them..a lot of online brokers ahve different structures for daytraders...

[silverxx12]

Jerry, thanks alot for IB great website and everythign seems ok

[jerryo]

Ok silver good luck there....

we had a marvelous scalping day yesterday...the triggers wroked well

i am long NSM YHOO CSCO right now along with everything else i own..

we need to follow thru to the upside and try to take out uyesterdays highs on the es m4...

[jerryo]

Good Morning all

we had a nice scalping day yesterday in the room...

for some solid advice to all you traders out there..

do not hold stocks over earnings, just trade them ahead of those dates...then sell the day before..

next you can not trade options after the close, so anyone that says they did is full of it...

next we teach people how to trade using stops, proper entire exits etc...please follow the ruls of the road...

if you're in the room you see this live real time...

currently i am long CSCO NSM SMH ADRX these are trading shares......besides all my long term holds...which i am not selling.

i am watching the semis here for a possible reversal back up soon on the Bullsih Percent Charts...

the markets are very volatile right now, scalp and go to cash each night you sleep better and feel better too..

good luck

jerry

[soylent]

>> next you can not trade options after the close, so anyone that says they did is full of it...

Jerry --

Not sure on regular stocks but on QQQ (Index Options) I trade them all the time between 4:00 and 4:15. Not usually intentionally -- but, often trying to get flat @ 3:50 and can't get a good fill so I play footsie w/ the market between 4-4:15 trying to get out @ a good price.

-c

[jerryo]

hey soy

not stocks...

hope you're doing well...

[smokey]

Tasr

Tasr looks like it wants lower. Can you say teens? gg

[michaelm]

All options on PCX trade until 1:02pm PST
Pacificex
as does CBOE until 3:02 CST
CBOE .