GS trying to roll over some, may help weaken financial stocks. Ag stocks weak today

We're going to have a ton of reversal candles on the daily charts unless we get a heck of a rally last 25min.

If it can break it, may be off to the races

Trailing tight stop on GS short

Sorry about that, on the Q's

For those of you who think we may actually get a pullback someday, March 48puts trading at 1.18, only .17 premium. Were 1.67 this am.

LOL, Airlines the strongest sector today. We've got to be close to a top.

Sorry, hit wrong reply button. reply was in response to piclez'z question on SRS calls

Look at the April 6's.

Reason why- Stock closed at 7.21 - Apr 6s closed at 1.30, so you're only paying .09 premium to the actual tangible value.

Apr 7s closed at .61 - that's a .40 premium to stock's tangible value so in reality 6s are cheaper.

Then look at Matt's chart posted tonite. Near term objective is call it 7.60

As stock moves up more into the money the speculative portion of the premium will begin to shrink. Since there is so little in the 6s at this point, will probably remain constant whereas the 7's speculative premium will begin to shrink as it gets more into the money. As a percentage return you may make a higher return with the 7's, but in absolute terms you may make very little on a move to 7.60. If stock doesn't move very much in next few weeks then you'll definitely be better off with the 6s.

As far as the 8's go, take the money you'd spend on those and go to Vegas. Just gambling. Stock would need to move a point just to break even, but a common mistake that many option traders make, which is the reason that most of them lose money.

Another option, pun intended, is to buy the 6s and sell the 7's. This is a spread. You'd need to execute the trade with a .70differential. So what you would be doing is buying the 6's for 1.30, selling the 7's for 60, net result you're long the 6's for .70. As long as stock stays above 6.70 you make money but you're capped at .30 profit as long as stock stays above $7.00. But .30 on .70 is about 40% in 5-6 weeks.  Depending on broker, you may need to call trading desk if you're uncomfortable trying to execute yourself. Most will be glad to do. if they aren't change brokers.

If you want a little more risk but with more upside potential then you can do same thing using 7's and selling the 8's. This would lower your effective cost on the 7's to about .40 which still leaves you more upside potential than the other but definitely reduces your risk.

These latter 2 ideas are more the base hits as are the in the money 6 calls versus going for the home run. This how the professionals trade. Going for the home runs is a sure way to lose most your money. Forget all the crap you see about making 1000%/week propaganda, unless of course you've got some good inside info, LOL.

Hope this helps

Why only 1/3. What triggers the rest? Thx

This may be just what we need to find a top in this market

Gold should have decent short term support here at 107.50ish, both horizontal and 100 ma on hourly

The reason that no one commented originally was that it's been discussed a lot, most all of us are serious traders here and to reiterate the obvious concerns doesn't help me. I welcome the fact that you want to be part of an active trading community and this is a great group here, but because Matt and Steve do a good job of covering most the possible outcomes, I rarely post because I'm busy trading and unless I've got a setup or something unique to post I keep pretty quiet.

It's not a TS rule, it's an exchange rule that every broker dealer has to abide by. BY having day trading priviledges you get certain goodies like say 4-1 leverage intraday. However you are considered a pattern day trader which puts certain restrictions on you.

You have regular magin buying power and you have day trading buying power. If you're using your DT limits and decide to hold overnight, then in essence you're in violation of exchange rules and when your DT buying power is calculated say every night by most brokers, then you're not going to be showing any BP. So when you sell the next day the money is not immediately available to you until recalculated that night. When you do transactions within same day, then they're in essence using prior nites calculations plus ar minus adjustments for current days trades.

Can go Google 'pattern day trading rules' and get better explanation. But every broker -dealer in the country has same rules.

Just broke few min ago

Hope no one held into earnings short

I've been with Gain (forex.com) for a few years, overall not bad, good tech analysis and decent executions