User [gary fullett /152.202.237.31] joined forum at Thu Mar 09 20:59:20 EST 2000
User [lmarsh /208.205.55.183] joined forum at Thu Mar 09 20:59:27 EST 2000
<gary fullett> good evening
User [mrj /206.251.171.128] joined forum at Thu Mar 09 20:59:37 EST 2000
<lmarsh> Hello Gary, Sal & mr J
<mrj> Hi sal gary marsh
<gary fullett> how is everyone tonight
<mrj> ok
<lmarsh> well
<mrj> good class last night
<gary fullett> just ok huh Mr J?
<gary fullett> I thought it was
<mrj> good enough
<lmarsh> ditto
<gary fullett> I think everyone learns something all the time
<gary fullett> I am going to have amos post his risk magenement ideas
<sal> ok
<lmarsh> sounds good
<sal> for everyone's interest
<gary fullett> I want to talk about options some more tinight
<gary fullett> risk maangement is important
<gary fullett> and I think ust be followed in any biz
<gary fullett> especially this one
<gary fullett> I like good chats because so many poeple get the log
<gary fullett> and I get lots odf email
<gary fullett> saying how they enjoy class
<gary fullett> and they like everyones participation
<sal> hey y'all for fun ya might want to try etrade game $100,000 prize
<gary fullett> guess the dow?
<sal> you pick stocks like in ncaa basketball 32, 16, 8 ,,,,
<sal> we could look at charts and apply wyckoff
<gary fullett> tha would be eaier than commdites :)
<sal> they pair stocks and you predict winner of each matchup 
<gary fullett> easier
<lmarsh> what's the site url sal?
<sal> starts now thru Mrch 20
<sal> etrade.com
<gary fullett> interesting
<gary fullett> is there a topic that you would like me to discuss 
<gary fullett> before I talk about options
User [amos /62.0.147.90] joined forum at Thu Mar 09 21:05:49 EST 2000
<gary fullett> Hi amos
<mrj> hi amos
<lmarsh> hello amos
<sal> might be enlightening applying pure wyckoff since we arent as emotionally involved there
<amos> high
<sal> low
<gary fullett> amos etrade has a contest
<gary fullett> for picking stocks 100k for the winner
<gary fullett> we should join to put wyckoff on the map
<amos> what is stocks 100k?
<sal> i get 10 % for telling ya bout it :)
<sal> amos they start with 32 stocks paired off like tournament
<sal> then 16, 8 4 2.
<sal> $100,000 to winner
<gary fullett> thats fine sal if we win and we will
User [davep /24.147.119.114] joined forum at Thu Mar 09 21:08:19 EST 2000
<gary fullett> ow does it work sal
<amos> how do you win?
<mrj> hi dave
<lmarsh> hey dave
<sal> you cam wait up tiil day before matches to enter you choices
<davep> hi everyone!<Enter Text Here>
<amos> what do you choose?
<sal> i m using wyckoff :)
<amos> hey teach, please explain test
<sal> they give you pairs , you choose winner for next days greatest % increase
<gary fullett> what test?
<amos> I am talking to sal
<sal> it's over 4 days like b ball elimination tournament
<gary fullett> we should do this to represent wyckoff
<gary fullett> then use the money to trade a wyckoff fund :)
<amos> how can you know according to Wyckoff which stock will do what??
<sal> well i'm lookin at their chart , wouldnt you
<amos> Wyckoff is a "what if" paradigm , not "what"
<sal> geeeze amos, i thought a chart was a char to wyckoff
User [Peggy /206.173.174.243] joined forum at Thu Mar 09 21:12:15 EST 2000
<sal> didnt he first apply to stocks
<Peggy> Good evening, y'all
<sal> hi peggy
<mrj> hi peggy
<davep> hi Peggy
<lmarsh> hi Peggy
<amos> but you never know according to W what a stock will do
<gary fullett> yes sal
<Peggy> Is it harder to watch stocks than comm
<gary fullett> the inforamtion is at the website?
<gary fullett> etrade.com?
<sal> oh forget it, i ll play and let ya know how much fun it was
<amos> You know that if you saw a selling climax, the probability is high
<amos> that there will be an AR, but you cannot know between two stocks which one
<amos> will have a sharper AR.
<gary fullett> amos would u like to talk about gold beans and the crb?
<amos> May the force be with you, sal
<lmarsh> :)
<lmarsh> grains were up again!
<Peggy> are these new charts
<amos> Gold has a daily thrust, and is next week we have a weekly thrust--then we are
<gary fullett> no peggy
<amos> going into a middle of the range, and the probability of a rally to
<amos> continue is very high.
<amos> Beans has to penterate the 520. Market has time.
<gary fullett> at what level is the daily upthrust?
<amos> Crb DId what was expected from an uptrend--the cash made higher high.
<amos> At this point LOK is low, because you do not know if this resistance will stop
User [Peggy /206.173.174.243] joined forum at Thu Mar 09 21:16:59 EST 2000
<amos> market for a while or it will explode. All I know is that we are going to 226. When?
<amos> G-d knows.
<gary fullett> at what level was the daily upthust in gold?
<sal> you just said according to wyckoff you never know what a stock will do, but you do beans?
<mrj> 
<gary fullett> good q sal
<amos> On TUesday GCM went above Monday high aroujnd 295
<amos> sal, pleeeeze, I know what a stock is supposed to do, I cannot compare beans
<gary fullett> gcm is june gold
<amos> and soymeal and know on a given day which will "win".
User [sherri /209.100.189.161] joined forum at Thu Mar 09 21:20:00 EST 2000
<lmarsh> thanks gary
<gary fullett> amos is longer term sal
<amos> GCM is the "Golden" Composite Man"
<gary fullett> hi sherri
<sherri> hi
<gary fullett> it is amos?
<amos> you did not know?
<gary fullett> no
<gary fullett> is that true
<gary fullett> ?
<amos> live and learn
<gary fullett> never heard of it
<lmarsh> :)
<amos> Gary, It is Friday in my part of the world, allow, some levity
<Peggy> what does that mean, "Golden" CM
<gary fullett> is that new?
<amos> It is a pond
<gary fullett> did u eat breakfast yet?
<amos> no]
<gary fullett> amos u r cofusing people 
<gary fullett> by gcm
<sherri> hope you had your coffee ,amos
<lmarsh> :)
<amos> you are telling me?
<gary fullett> coffee and cream
<lmarsh> hi sheri
<sherri> hi lmarsh
<amos> Today I had a rather innoccuous comment on INO.COM
User [fibo /204.119.225.120] joined forum at Thu Mar 09 21:23:01 EST 2000
<sherri> hi fibo
<amos> for a guy by the name of Carl Berkowitz.
<lmarsh> hello fibo
<amos> He said the other daythat the DOw is going to explode and
<Peggy> hey fibo
<mrj> hi fibo
<fibo> hello everyone
<amos> I commented that such a language was biasing people.
<amos> You should have seen the slew of people that attacked me
<gary fullett> sam berkowitz?
<mrj> I saw
<amos> "How do I dare to appear from nowhere and slander one of their
<amos> honest and hypeless peoople on that forum.
<sherri> got a real food fight going on tfc forum
<lmarsh> that's the bad thing about some forums,.....the bashing
<sal> 
<amos> So telling me that I am confusing people is no news to me.
<lmarsh> :)
<davep> 
<amos> I shall repeat the GCM verdict.
<gary fullett> ino.com has a post forum?
<sal> y
<gary fullett> please do
<amos> we had a daily thrust above 293.6
<amos> Now if next week we go above 298 then the text of the large creek is almost over
<amos> and we can start a nice rally towards 320.
User [Lavona /207.50.1.159] joined forum at Thu Mar 09 21:26:07 EST 2000
<amos> Ino.com has Linda Rascke AND a forum
<fibo> hi Lavona
<Peggy> hi, Lavona
<Lavona> Hello everyone
<lmarsh> hi Lavona
<sherri> lavona hello
<Peggy> talking re June gold
<amos> yes
<gary fullett> hi lavona
<Lavona> I brought Stillwater Minning stock at 26 it closed today 44 3/4 Love 
<Lavona> Ggold
<amos> The point about GCM is that you mUST be long with a stop below 4 days low.
<amos> It DOES NOT matter if you lose. If you do such a trade 10 times--you will make mopney
<fibo> great trade Lavona :-)
<amos> 6 out of 10 times--and that is GOOD business/!
<sal> significance of 4 days?
<amos> happens to be the last low,. and I am lazy to go see the actual number
<sal> k
<amos> I would like to spend a moment on my last sentence if I may?
<Peggy> 291.5
<gary fullett> please
<amos> tks Peg
<gary fullett> thank you peggy
<amos> Look, folks, this is a game of probabilities.
<amos> The whole idea of a trade is that you see a "business " opportunity.
<amos> These business opportunities (i.e. price going up, down or sideways) flash
<gary fullett> that is a very important statement
<amos> flash across the screen many tinmes a day, week, month.
<amos> You are a venture capitalist and peoople like Steven Jobs come to your
<amos> office and say:" Mr. Venture Capitalist, give me 40 mil so that I can go back
<amos> to my garage and build a PC.
<amos> You aske what is a PC? (YOu nvever heard it, accept politically correct)
<amos> and the shlob in jeans and long hair says Personal COmoputer.
<sal> 
<lmarsh> 
<amos> What does it do? Oh, it writes, computes etc.
<fibo> 
<mrj> 
<Lavona> 
<amos> OK kid-build a few, if they sell- Iwill finance you.
<amos> But if I build a few it will cost too much, no one will buy. I must mass produce.
<amos> now the venture capitalist shows Steven Jobs the door.
<amos> WHat should he do?
<amos> I will leave the choices to you, people.
<amos> What I am trying to say is that we are like that
<amos> Venture capitalist.
<amos> We must, in order to survive--make the best decisions we can.
<amos> So we look at all these exotic commodiiteis that we donot even know what
<amos> they look like or tast (have you ever seen pork belly? it is GREEN)
<amos> and we want to invest in something that will have a POSITIVE
<amos> return.
<amos> Rule number one--SIFT.
<amos> So, Wyckoff gave us a good sifting methond.
<amos> He said: IF you see this, and then you see this and then you see this and this--
<amos> Then your chances of making money are better than even.
<amos> THAT IS ALL and I am not a rabbitt.]
<gary fullett> that is a great story
<fibo> excellent
<gary fullett> that is a story to always remeber
<amos> that I am not a rabbit
<sherri> lost me on the rabbit
<gary fullett> your are a hare
<sal> pork bellies are green - is that iraeli propaganda?
<fibo> lol! 
<fibo> Bugs Bunny
<amos> tks fibo
<Peggy> lol
<gary fullett> whats up doc
<fibo> :-)
<sherri> LOL
<gary fullett> I have a question
<gary fullett> if we feel go,d is goig higher
<Lavona> lol
<gary fullett> gold
<amos> wooops
<gary fullett> and we cant afford the risk of the 4 day low
<gary fullett> what should one do as to not to miss the probable move?
<gary fullett> yes amos close very close
<amos> Gary, if you want to rememmber the above story think what a venture
<amos> capitalist means--it means he'she is ready to LOSE their money.
<amos> If you cannot lose that money on that venture--this is NOT your game!
<lmarsh> 
<sal> gary is there a smaller gold on cbot ?
<gary fullett> there are several ways to play a market
<gary fullett> if you can afford the large contract with risk
<fibo> buy gold calls
<gary fullett> lets examine them
<gary fullett> 1) buy calls
<amos> FORGET GOLD, it is the principle that counts. If you see these things happen an
<sherri> spread gold calls
<gary fullett> unlimited gain
<gary fullett> limited loss to what you paid for the option
<amos> d you only trade those, perry soon you will have enough money to
<amos> even buy the damn rabbit
<gary fullett> I am talking in general amos
<mrj> lol
<fibo> lol
<lmarsh> !
<amos> Gary, I am talking in major.
<gary fullett> rabbit as in that movie
<amos> The principle is important.
<gary fullett> with Micheal douglass
<amos> SThe etrade contest is a guessing game. Wyckoff is a s far from guessing as you get.
<amos> You turn this trading into a real business makiing decision. That is why I like it
<amos> and that is why I have the word "feel":
<amos> I do not feel. I measure and guage the facts.
<amos> If they some up to somehthing that has a chance
<sherri> 
<amos> I trade!
<amos> If I lose, who cares?
<Peggy> 
<sal> gary, finist about options
<gary fullett> okay
<gary fullett> amos let a pro take over lol :)
<Peggy> hare hare
<gary fullett> I care if you lose money
<mrj> thanks amos
<gary fullett> I care if anyone loses money
<sal> me too
<fibo> isn't "feel" just being so knowlegable that when you see a Wyckoff signal your brain says "see it, i have seen this before" trade it..?
<amos> If you decision making mechanism is sound--then losing money is the best thing that
<amos> can happen to you becaue it bvrings you that closer to the next winner.
<gary fullett> as a former floor trader I use "feel" alot
<gary fullett> amos and I disagree on that
<gary fullett> but I know what amos is referring to
<amos> Oh, Gary, I do feel for you
<gary fullett> wyckoff pieces a puzzle togeher with facts so that elimainates
<gary fullett> feel'
<gary fullett> it appears that amos has started drinking on his weekned LOL:)
<Peggy> so are you both saying with Wyckoff there is no subjectivity???
<gary fullett> amos care to answer
<amos> this is a loaded question.
User [davep /24.147.119.114] joined forum at Thu Mar 09 21:45:19 EST 2000
<Peggy> my account sure isn't
<amos> If subjectivity means that I have a tendency to be more prone
<amos> to react to selling climaxes and another Wyckoff person has had
<amos> more success with sign of strength--=-then , of course subjectivity
<sal> 
<amos> is there.
<Lavona> 
<lmarsh> 
<amos> But if subjectivity means that I see distribution while you see accumulation
<Peggy> 
<amos> then one of us is Wyckoff and the other is ffokcyw
<sherri> :-)
<fibo> lol
<Peggy> :)
<lmarsh> lol
<amos> (which "sounds" like Foxy)
<sal> maybe that's myproblem i teach dyslexics
<gary fullett> :) 
<gary fullett> okay so we are bullish a market
<gary fullett> what are the ways to play a market?
<davep> 
<gary fullett> 1) buy calls
<gary fullett> unlimited gain limited risk
<Peggy> buy naked
<amos> we have a drink with Abby Cohen
<gary fullett> most conservative way
<gary fullett> trade naked
<lmarsh> dance naked
<gary fullett> is that your cousin amos?
<Peggy> yes, kinky
<amos> Oy
<gary fullett> 2 )
<sal> 
<gary fullett> options call spread
<gary fullett> buy a more expensive call
<amos> Gary, let me ask you a question
<gary fullett> sell a cheaper call
<gary fullett> limited risk
<gary fullett> to what what you buy the spread for
<gary fullett> actaully I amde a mistake this is the most consewrvative way
<gary fullett> limited gain
<gary fullett> limited risk
<gary fullett> why limited gain?
<gary fullett> example
<gary fullett> gold is trading at 293
<gary fullett> your are bullish
<gary fullett> you buy a 300 call
<gary fullett> and sell a 320 call
<sherri> brb
User [sherri] left forum at Thu Mar 09 21:51:16 EST 2000
<gary fullett> say the differnece is 600 dollars
<gary fullett> limited risk of 600 dollars
<gary fullett> this means ou have the right to be long at 300
<gary fullett> and omeone has the right to take it away from you at 320
<gary fullett> you dont care if they do you make money
<gary fullett> so you paid
<gary fullett> 600 
<gary fullett> and if the options closes
<gary fullett> above 320 at expiration 
<gary fullett> you make 2000 thousand dolasr minus
<gary fullett> what you paid
<gary fullett> 600
<gary fullett> or 1400 dollars
<gary fullett> do you understand this?
<sal> or anywhere abouve 306 you make some
<lmarsh> yes
<Peggy> y
<davep> y
<gary fullett> questions?
<amos> 
<lmarsh> what would just a 300 call cost?
<gary fullett> it could cost
<gary fullett> 1400 and the 320 can cost 800
<gary fullett> for this example
<gary fullett> it is hypothetical
<lmarsh> understand
<gary fullett> you can buy a midam gold contract
<gary fullett> whicj is 1 /3 of the big contract
<gary fullett> with a proper stop
<gary fullett> or you can buy the bidg comex contract
User [Lavona] left forum at Thu Mar 09 21:56:14 EST 2000
<gary fullett> if you want to be a tad more risky you can
<sal> is it as liquid as the grain midams
<gary fullett> sell the put options
<gary fullett> it is fairly liquid
<gary fullett> selling option have unlimited risk
<gary fullett> limited profit
<gary fullett> to what you sell the option for
<gary fullett> okay?
<sal> k
<gary fullett> what option would u sell
<lmarsh> k
<gary fullett> u would sell the option strike price
User [Lavona /207.50.1.159] joined forum at Thu Mar 09 21:57:59 EST 2000
<gary fullett> for the area that you didnt think the market should violate on the downside
<gary fullett> so if support is at 286
<gary fullett> you can sell the 280 put
User [sherri /207.112.162.138] joined forum at Thu Mar 09 21:58:39 EST 2000
<fibo> 
<gary fullett> selling options is very effective especially with 30-40 days left
<gary fullett> I will go option in detail on monday
<Peggy> 
<sal> what is premium on that 280
<gary fullett> I have a great wall chart for anyone that wants it
<gary fullett> I havent priced any options out sal
<gary fullett> but I can
<gary fullett> i was giving a hypothetical
<sal> k
<gary fullett> with my example
<gary fullett> it is free
<gary fullett> let me know if anyone would like it
<Lavona> What month are you looking at now?
<sal> FREE???? :)
<gary fullett> as I said the best time to sell
<gary fullett> a put is on the selling cliamx
<lmarsh> What kind of wall chart is it?
<gary fullett> yes free
<gary fullett> everything I provide is FREE
<gary fullett> is shows every type of option strategy
<gary fullett> and when it should be used
<Peggy> sure, I'll take one. 
<sal> commissions? :)
<lmarsh> ditto
<Peggy> lol
<gary fullett> if you email to kelly
<mrj> 
<gary fullett> knorris@ltg-trading.com
<gary fullett> sal I cant do that :)
<sal> rats
<gary fullett> i have to pay the clearing firm
<gary fullett> if I could I would 
<gary fullett> is there anything from the week
<gary fullett> that anyone has anty wuestions on?
<gary fullett> any questions
<gary fullett> bot I have fat fingers...
<sal> cocoa today
<gary fullett> okay
<gary fullett> I mentioned last week
<Lavona> corn today
<gary fullett> that the jump over the creek was the 830 area
<gary fullett> correct?
<sal> y
<gary fullett> next lavona
<lmarsh> y
<Lavona> y
<gary fullett> then i said there was a trendline resistance next at 850
<gary fullett> right?
<gary fullett> go back to the archives
<gary fullett> then I said 880 would be key
<gary fullett> today high was 884
<gary fullett> and pullback to support
<gary fullett> we could retest
<gary fullett> the creek at 830
<gary fullett> but the next move should take u to 910
<gary fullett> I would be a buywer in the 830 area
<gary fullett> looking for a move to 910
<gary fullett> what should we look for if this was to occur
<gary fullett> what type of market behavior?
<fibo> 
<Peggy> Have we been looking at accumulation since 2-29
<amos> 
<mrj> 
<gary fullett> yes
<gary fullett> i would look for a pullback on light volume
<Peggy> if it moves back to 830 it should be on lighter volume?
<gary fullett> why light volume?
<gary fullett> this willshow lack of supply or selling pressure
<gary fullett> yes peggy
<Peggy> because it will show there is no supply/distribution?
<gary fullett> do u understand this?
<lmarsh> yes
<gary fullett> well there shouldnt be any disribution
<gary fullett> if the trend is up
<Peggy> can I teach class now???????!!!!!!!! lol
<gary fullett> on reactions
<sal> 
<gary fullett> u were almost right peggy
<gary fullett> not there yet\
<Peggy> :)
<gary fullett> we should retst the creek
<gary fullett> and go higher
<gary fullett> just like gold did
<gary fullett> at the 293 area
<sherri> 
<gary fullett> did they help explain sal?
<sal> y thnx
<gary fullett> u r welcome
<gary fullett> corn
<gary fullett> what is the trend?
<Lavona> up
<gary fullett> good
<lmarsh> up
<gary fullett> where is support?
<mrj> 20
<mrj> 220
<Lavona> it close above 251 CZ
<Lavona> y
<gary fullett> k
<gary fullett> both are correct
<lmarsh> 223
<davep> 
<gary fullett> ressisatnce?
<mrj> 236
<Peggy> 235ish
<Lavona> rok
<lmarsh> 228 1st
<gary fullett> I would say that support is clser to 222 in mabut 223-220 is the good support area
<Lavona> right
<Peggy> this looks like the second retest?
<gary fullett> correct lmarsh
<gary fullett> longer term correct
<gary fullett> peggy and mr j
<gary fullett> yes peggy
<gary fullett> very good
<gary fullett> we are in a range
<gary fullett> before probably moving higher
<gary fullett> amos disected
<gary fullett> this bean chart
<gary fullett> and he said 
<gary fullett> the markets action was construtive
<gary fullett> when the mrket was at 509
<gary fullett> he said that support was 506 area
<gary fullett> rememeber?
<lmarsh> y
<sal> y
<gary fullett> and that resisatnce was 515-516
<fibo> y
<gary fullett> then we said 520
<gary fullett> what was the high today?
<gary fullett> 520
<gary fullett> then I said a trendline is at the 522 area
<gary fullett> reemeber?
<amos> I am also saying we are going to 6.50
<lmarsh> y
<gary fullett> but what is more important
<gary fullett> is the longer term
<gary fullett> move that the grains can have
<lmarsh> when amos,........only g_d knows?
<gary fullett> :)
<sherri> got a time frame amos?
<amos> you should never predict price and time simultaneously
<gary fullett> but we watch market actin
<gary fullett> and the support when hit
<gary fullett> reacted well
<Lavona> y
<gary fullett> so the market is acting
<gary fullett> the way one would expect
<gary fullett> if we feel this is accumaltion
<amos> feel?
<sherri> AMEN
<gary fullett> corn goes to support at the 222-225 area
<gary fullett> and seems to bounce well
<gary fullett> if we observe
<gary fullett> I like to feel amos sorry
<amos> These are the choices, you are either barbara streisand or a Jew?
<davep> 
<gary fullett> so corn appears to have good support
User [sal] left forum at Thu Mar 09 22:18:36 EST 2000
<gary fullett> and undergoing longer term accumation
<lmarsh> I though streisand was jewish?
<amos> but he wants to feel or to observe
<Lavona> thanks
<gary fullett> okay lavona
<gary fullett> any ohter questons
<amos> sorry, it is friday
<Peggy> yes, a Q
<gary fullett> on thursday we will have light conversations
<gary fullett> since it is the end of a long week
<lmarsh> good points gary, thanks
<Peggy> markets like corn and cocoa, would I wait for the area
<Peggy> to be hit by price and volume action or 
<gary fullett> okay peggy
<Peggy> put an order there waiting
<amos> you can do both if you have the pocket
<gary fullett> amos is correct
<gary fullett> if your funds are limited
<sherri> 
<gary fullett> I would buy support with a stop just undersupport
<gary fullett> but amos many times like to buy
<amos> the professionals differentiate between a position and probing
<gary fullett> a breakout of the 60 minute chart
<gary fullett> but I believe by buying support
<gary fullett> u limit risk better
<gary fullett> but many time sby buying a break out u will make money immediatly
<gary fullett> but the risk is greater
<gary fullett> because of the stop loss
<amos> The difference between buying support and buying a thrust is that with ther first you are
<gary fullett> kay peggy>
<gary fullett> it is a matter of style as well
<amos> not sure to be in the trade, and your risk is lower
<Peggy> how far above the break, does it become "support"?
<amos> with the second you are sure to be in the trend and your risk is higher
<gary fullett> the creek area peggy
<gary fullett> please read what amos wrote
<sherri> 
<gary fullett> it what i said as well but very very important
<lmarsh> 
<gary fullett> any other questions?
<Lavona> what day
<gary fullett> there is a grain report tomorrow at 730 am
<sherri> peggy ...do you know fib numbers?
<gary fullett> if you want to be out before the report you can get out tonight
<Peggy> a little bit, not confidently though
<amos> pay attention to the Nasdaq.
<gary fullett> what about the nasdaq?
<Lavona> why amos
<sherri> look for those fib retracements of the prior move
<amos> We may have had a PLSY three days ago and now in a buying climax.
<Lavona> ok
<Peggy> will the money go to commodities, Amos?
<fibo> 
<gary fullett> why would u say that
<gary fullett> we are in the biggest bullmarket in history
<amos> as if I know
<gary fullett> why fight the trend
<gary fullett> we can go much higher
<amos> Gary, we HAD already one sign of supply.
<gary fullett> isnt this what u told me about crude on tuesday?
<gary fullett> ;)
<amos> NOOOO
<amos> crude may have had its plsy and now the next rally should
<amos> be watch carefully,
<amos> I am not guessin, I am trying to follow the market
<sherri> you means lpsy?
<gary fullett> prelimary supply
<amos> NO, preliminary supply, not last point of supply
<gary fullett> the nasdaq has no weekly or monthly resistance
<gary fullett> but crude does
<amos> they also both do not have "Z" in their nhames
<fibo> lol
<gary fullett> amos the nasdaq
<gary fullett> volume has been about 2 billion shares
<mrj> 
<gary fullett> what would u think the volume would be on a bc?
<amos> We had a potential plsy2 days ago. That is all I am saying
<gary fullett> 300 billion?
<gary fullett> plsy prelimary supply
<gary fullett> this means that the market has encouterd some selling
<gary fullett> the cm begins to unload
User [sal /216.192.235.66] joined forum at Thu Mar 09 22:31:40 EST 2000
<gary fullett> and on the bc unloads the rest of his longs
<gary fullett> so the psy
<gary fullett> is the possible beginning
<gary fullett> of the BC
<gary fullett> and the end of the uptrend
<sherri> ok psy
<gary fullett> but it must be watched carefully
<gary fullett> it is a dangerous market
<Lavona> 
User [Rich /208.223.134.137] joined forum at Thu Mar 09 22:32:54 EST 2000
<gary fullett> does anyone know what the margin is on the Nadaq?
<lmarsh> it sure went up like crazy
<sal> which one i ws gone?
<gary fullett> yes a BC
<gary fullett> nasadq sal
<sal> thx
<gary fullett> margin is 48 k
<gary fullett> more than the s and p
<gary fullett> and the dow is at 10k
<gary fullett> and the nasdaq at 5 k
<gary fullett> so the margin on the nasda is higher than the s and p
<amos> You do not have to trade a market, just watch its behavior and see if 
<gary fullett> and that
<amos> you can detect a buying climax.
<gary fullett> doubled in price
<gary fullett> I know amos I was just making a point
<gary fullett> hi rich
<gary fullett> oh by the way
<gary fullett> I was told by someone on the floor today
<gary fullett> fyi
<Rich> hi everyone, got my puker I mean puter back!
<gary fullett> that procter and gamble
<gary fullett> will be replaced by Cisco systems in the dow
<gary fullett> yeah rich
<davep> how much vol on nasdaq for BC? 2.5 bill?
<gary fullett> Ia sked amos that
<gary fullett> I think about 3 billion
<Rich> It will be interesting when all the Dow is hitech...
<amos> First watch the price action, then the volume
<gary fullett> when livermore traded 
<sherri> 
<mrj> 
<gary fullett> it was union Pacific
<gary fullett> agree amos
<gary fullett> any other questions?
<lmarsh> 
<amos> any one has a illema with cotton?
<fibo> what about when cisco has a day like procter & gamble did?
<amos> dillema
<davep> maybe 2 late, but tactical ?
<mrj> good night all thanks amos and gary
<Rich> Could one play this market over next 6 mths with put spreads if BC looks confirmed?
<gary fullett> that will happen sal
<gary fullett> when they get to the dow they become dogs
<Peggy> nite Mr. Jay. See you tomorrow?
User [mrj] left forum at Thu Mar 09 22:38:11 EST 2000
<lmarsh> nite mrJ!
<fibo> nite mrj
<gary fullett> night rich
<gary fullett> imenat mr j
<amos> rich- if you see a sharp and strong bc-then either sell calls (with protection) or buy puts
<gary fullett> yes rich
<gary fullett> if you buy puts you may want to wait for a retest
<gary fullett> and some distribution first
<gary fullett> if you buy puts on the BC
<gary fullett> you must sell them when the reation hits
<Rich> amos, gary, is there much correlation with nasdaq & S&P price movement?
<gary fullett> other wise
<amos> is it a coincidence that puts and putz are spelled similiarly?
<gary fullett> u will pay for volitity
<sal> since it was out i assume youre talking nasdaq ?
<lmarsh> lol@amos
<gary fullett> and time eriosion may hurt
<Rich> lol
<gary fullett> no rich
<fibo> lol
<gary fullett> yes sal
<amos> yes rich. there is a spread and smart money is long it
<sal> are you talking nasdaw puts or qqq puts?
<Peggy> Thanks for sharing your time and knowledge, Gentlemen. Good night.
<gary fullett> lol amos
<fibo> nite Peggy
<gary fullett> night maam
<sherri> nite peggy
User [Peggy] left forum at Thu Mar 09 22:41:00 EST 2000
<davep> nite paggy
<gary fullett> any other questions?
<lmarsh> nite peg
<Rich> interesting, thx
<Lavona> thanks everyone and a good night
<gary fullett> I need to be a good son and call my parents and walk the dog so I shall leave you
<gary fullett> thanx lavona
<fibo> nite Lavona
User [Lavona] left forum at Thu Mar 09 22:41:41 EST 2000
<fibo> nite gary thanks
<sherri> nite gary and amos....thank you
<gary fullett> thank you fibo
<sal> rich were you asking about nasdaq puts?
<amos> have a nice weekend all
<gary fullett> you know I apprecuiate u
<davep> good night, & thanks, Gary & Amos
<gary fullett> dont trade those too thin
<Rich> sorry havent been able to attend lately, but i read all logs
<amos> gn
<Rich> yest sal?
<fibo> nite sherri
<gary fullett> thanx davep
<fibo> nite amos
<gary fullett> good night
User [gary fullett] left forum at Thu Mar 09 22:42:31 EST 2000