Longest ones you can buy are Jan 2012. The long dated options have pretty good premiums since as you can imagine, you're not the only one thinking this.

Could do a spread - for example, buy the 40s and sell the 50's. Will limit potential but also greatly reuce risk.

BP getting whacked even more today. July 20 puts are trading in 1.35 range.

Margin requirement approx $375 for naked 20's. Expire july17th.

For experienced only. Who knows what may happen if BP decided to go BK.

Discipline Triumphs Conviction

I keep the above posted on my computer, The truest thing, as well as the hardest thing, for most traders.

There's not a trader alive that I know of that hasn't blown up their acct. at some point or another. In fact, some of the most successful traders I know have done more than once.

So learn from it, regroup, get back in the saddle with a set of written down trading rules that you force yourself to look at each day, with even just a small acct. doing small swing trades.

I 100% agree with Steve on price is king. When I'm doing individual coaching one of the things I do is have the student trade for a week using nothing but trendlines both regular and horizontal. No other indicators. And I often do this myself, it fact prob. 1/2 my charts don't have any and I've been doing this for 30+ years. You'll be absolutely amazed at what the results will be. And forget reading what all the so called experts think unless you're doing some fundamental research.

One other thing that has helped me over the years is to make your system as mechanical as possible ie trading rules. For example - never trade against the 50ma in a 30min or less time frame. Just develop your own set of rules that you adamently follow, no matter what.

So hang in there and best of luck.

Rick

SSEC getting close to top  DT line - may be time to look at FXP, up a little today, but can keep tight stop for fairly low risk trade.

http://screencast.com/t/MjUzMTU2MD

http://www.zerohedge.com/article/capitulation-biggest-spike-sp-large-contracts-cftc-history-19-billion-index-shorts-covered

http://www.bloomberg.com/apps/news?pid=20601087&sid=a8XOcU9udFWc&pos=2

MEE down 5 points pre market due to tragic mine disaster. Seems to be affecting all the coal miners to some degree.

It may surprise you

http://www.theinsightfultrader.com/higher-move-in-interest-rates-not-necessarily-bad-for-market/

Thanks Matt, One of your best ones ever

May 6's look the best - closed at .42ask

Apr 6's closed at .23 but only few weeks left

Going verticle - should have some resistance right in here, but be careful, on fire

Nice observation

http://screencast.com/t/N2ZhNTg4ODIt

Daily - http://www.screencast.com/users/racerick/folders/Jing/media/30d78f1e-d1d2-4efd-8564-096371f3ae88

10 Day 15min - http://www.screencast.com/users/racerick/folders/Jing/media/7781a329-7cc0-47a4-a7e5-aba60ccd5bff

Might be worth looking at VXX - indicated up about .25, but that's nothing if VIX starts moving back up

Gold broke shoulder, dropping like a rock