User [gary fullett /171.217.216.14] joined forum at Thu Apr 13 20:03:05 EDT 2000
<eric> hi gary
<mrj> hi gary
<Jimbo> gary!
<gary fullett> good evening good folks
<Gordy> Hey Gary
<gary fullett> how is everyone tonight
<mrj> glad I didn't take Bo short :)
<Jimbo> pooped but eager
<gary fullett> are there any cheap nasdaq stocks yet
<amos> beans up 7?
<gary fullett> yes
<Gordy> Did cotton have a SC yesterday?
<gary fullett> corn up 3
<amos> Is the Pope Jewish?
<Jimbo> not this one but i think the last was
<amos> I mean Catholic
<gary fullett> huh?
<gary fullett> beans are 8 1 /2 now
<amos> probably limit up inthe mroning
<gary fullett> okay any questions?
<gary fullett> what was the news?
<amos> 30-90 forcaset
<gary fullett> up almost 10 cents
<gary fullett> k
<gary fullett> but we dont watch the news :)
User [sherri /207.112.162.161] joined forum at Thu Apr 13 20:06:47 EDT 2000
<gary fullett> any way since the grains are rally now it may be a nice time to chart about them
<gary fullett> again
<gary fullett> it is interesting that the grains
<mrj> hi sherri
<Jimbo> eve sherri
<gary fullett> held support yesterday rallied today and are up sharply tonight
<sherri> hi mrj and everyone
<gary fullett> even thought he news came out today that the weather forecast was bullish for the graons
<gary fullett> by watching market action
<gary fullett> we can "know " this already
<gary fullett> by watching the market action
<gary fullett> tonights high in the may beans is 549
<gary fullett> it eill be interesting if they go to the contract high of 553 tomorrow
<gary fullett> 554
<gary fullett> As amos and I have mentioned many times
User [fibo /204.119.225.128] joined forum at Thu Apr 13 20:09:52 EDT 2000
<eric> 
<gary fullett> by watching the market behavior
<gary fullett> we are able to :know" the news
<mrj> hi fibo
<fibo> hello everyone
<gary fullett> the grains volume on the pullback a few days ago was on light volume
<gary fullett> now we are testing the top end of the tradig range
<fibo> corn & beans up tonite
<gary fullett> and a few days ago we tested the botton end of the range
<gary fullett> Mr J I hope you didnt sell today the oil
<mrj> I said so earlier :0
<gary fullett> this reaction just means to me that the trend appears to be up
<mrj> I was tempted though
<gary fullett> god I am glad you didnt
<mrj> me too
<gary fullett> good not g-d
<gary fullett> any way
<gary fullett> most of your trades when u see an uptrend should be to the upside
<gary fullett> unless you see something that that is of some distribution and you can take a short term position
<gary fullett> The crb index must be watched
<gary fullett> as it has a wonderful day yesterday
<gary fullett> and it continued today
<gary fullett> Now for cotton as gordy mentioen
<gary fullett> I think the cotton had some type of climatic action yesterday
<gary fullett> as I mentioned on the short term xhart
<gary fullett> but the market has undergone any real accumulation
<gary fullett> and there is no cause at this level in my opinion to go much higher
<gary fullett> if you see that the markets retests
<gary fullett> on lighter volume
<gary fullett> then I believe this will give cause and will warrant a long position
<gary fullett> okay gordy
<Gordy> thanks
<gary fullett> any otherquestions on any markets?
<amos> 
<gary fullett> I wanted to mention a market that i feel is undergoing accumaultion
<eric> 
<gary fullett> that is the rice market
<gary fullett> it retested the low end of support
<gary fullett> and retest a double bottom
User [davep /24.147.119.114] joined forum at Thu Apr 13 20:18:47 EDT 2000
<gary fullett> I belive this should be watched
<mrj> hey dave
<gary fullett> as it can lead to a large move
<fibo> hi davep
<gary fullett> the cuase is pretty god here
<davep> hi fibo<Enter Text Here>
<gary fullett> good here
<davep> hi everyone--sorry to be late
User [sal /216.192.243.70] joined forum at Thu Apr 13 20:19:28 EDT 2000
<fibo> hi sal
<mrj> hi sal
<gary fullett> so rice should be watched
<davep> hi sal
<sal> pant, puff, puff, hi sorry i'm late
<gary fullett> I attempted to buy today a tad lower but was unable to
<gary fullett> good evening sal welcome
<Jimbo> hello sal & davep
<gary fullett> last night amos mentioned rules from Linda Raschke
<gary fullett> was that helpful to uyou all
<mrj> y
<gary fullett> did u find it useful
<gary fullett> there were several other rules that he wanted to discuss with you
<gary fullett> would u like to heat them?
<Gordy> y
<fibo> good
<Jimbo> I'll take cold
<Gordy> not too hot I hope
<davep> over a low flame
<eric> y
<gary fullett> okay amos if you dont mind can you discuss the rules
<gary fullett> hear :)
<sherri> 
<amos> I was busy the last few minutes going over last nite script.
<amos> I am not sure that you understand buy we mentioned several times how significant was the
<amos> strong rally in the CRB was off the long term uptrendlines we metnioned here the Thursday before when Kelly mailed the 3 charts of
<amos> the CRB-daily, weekly and monthly.
<amos> At any rate-- there are corners in the market where the meaning of a move has implications for
<amos> a lont time. This was one such corner--for many weeks to come. You heard it here first.
<amos> Now back to earth and LBR (I came to the States with LBJ!)
<amos> The 2 rules I quoted last nite were about "successful traders."
<amos> She has two more: Rule 7:
<amos> "Successful traders have a well-scheduled planned time for studying the markets"
<amos> (sorry this is rule 8.
<amos> Instead of asking for reactions--I will give my short interpretaition and then please add your input.
<amos> If you came to my room and looked at my four screens setup--you would see that my "screen saver" says in a runing marquee:
<amos> "DID YOU DO YOUR HOMEOWRK TODAY? HUH?"
<mrj> 
<amos> It just sits there in the dark and bounces in an orange on black endless flickering of photocells--bombarding me and my laziness.
<davep> 
<sherri> 
<eric> 
<amos> There is nothing that can be substituted for hard work in this business (but must work smart too)
<amos> that is my version of rule # *
<amos> 8 
<amos> any comments?
<mrj> I had my turn last night with BO
<fibo> yes that is a good plan..homework every day
<Gordy> my wife does not understand all the time I spend
<gary fullett> in trading you WILL ALWAYS
<gary fullett> have losing trades
<gary fullett> you will have trades that shouldnt make money and do
<sal> 
<Jimbo> maintaining a reg sched for this analysis would seem to help with feel for timing of cm movements
<gary fullett> and vice versa
<davep> 
User [sherri] left forum at Thu Apr 13 20:33:14 EDT 2000
<Jeff Z.> 
<Jimbo> when stalling - when shaking out etc
<fibo> 
<amos> Since market can change on a dime--you must analyze the incoming information non-stop
<amos> otherwise you will be caught off guard and this is frouned upon by the market.
<amos> frowned
<amos> Rule number 9 states:
<amos> "Successful traders isolate themselves from opinions of others."
<amos> Almosst the first lines from the Wyckoff long course are that unless you shut yourself to all news, opinions, Gurus
<amos> etc.etc.etc as Yul Briner used to say.... you will not make much money in the market.
<Jeff Z.> Present company excluded, of course.
<amos> This is such a complicated field--that if you do not fight your own war with the market--you cannot win.
<amos> Agfter all what is the biggest problem with asking someone's opiniion on trading?
<amos> It is that you are using someone else's brain for a substitute.
<amos> Now as long as the trade goes right--every thing is Hunkey Dory.
<amos> But when it goes wrong--YOU HAVE NO IDEA WHAT WENT wronand you are asea.
<amos> Inthis market--you r strength wont hurt you--only your weaknesses..
<amos> And you must deal with them alone.
<amos> It is lonely at the top
<amos> Ask Bill Clinnton
<amos> .
<Jeff Z.> so true
User [lmarsh /12.14.197.187] joined forum at Thu Apr 13 20:38:17 EDT 2000
<mrj> hi marsh
<sal> so when you and gary converse you share whyckoff correlations but decision make independently right?
<amos> My shave and a haircut...two bits is up.
<fibo> hi lmarsh
<Jimbo> eve marsh
<gary fullett> hi lmarssh
<lmarsh> evening mrJ, everyone, hope all is well
<gary fullett> yes sal
<amos> yes sal, that is true.
<gary fullett> amos and I trade differnetly
<sal> but here we are listening to one another
<sal> working at synergy
<gary fullett> amos is longr term in duration
<gary fullett> I am shorter term
<gary fullett> more impatient i guess
<sal> understatement:)
<gary fullett> but that is because of my trading pit experience
<gary fullett> but I like to have some long term and trade off of that postion
<sal> got to be faster in lion's den
<gary fullett> but my losses when I am wrong are less
<eric> 
<Gordy> 
<davep> 
<Jimbo> 
<lmarsh> 
<gary fullett> when I see smoke I run dont wait for the fire :) sal
<sal> you'd be good at the school fire drills :)
<gary fullett> in this business if you arent sal u will be doomed
<gary fullett> look st the nasdaq if u decided to hold it this week long
<sal> but if you dont smell smoke why get out until you do
<gary fullett> very very good question
<sal> i have one put left !!!
<gary fullett> dont know the answer to that one
<gary fullett> sometimes you feel that a market will stall
<gary fullett> ND U GET OUT BEFORE THAT SMOKE 
<gary fullett> sorry about the caps
<gary fullett> sal that is great
<gary fullett> may be cliamctic tomorrow
<gary fullett> everyone here that follows
<gary fullett> wyckoff
<gary fullett> will trade it abit differently
<mrj> 
<gary fullett> it will be based on the size of your account
<amos> 
<fibo> lh0j
<gary fullett> and your profit objective
<gary fullett> but the final line is 
<fibo> oops wrong keyboard
<gary fullett> Profits
<gary fullett> vs loses
<gary fullett> and if you can show profit on a quartelt basis as well as yrly basis that is wonderful
<mrj> I was wondering fibo lol
<lmarsh> fibo: looking @ hogs?
<gary fullett> the whole reason we trade is to profit
<fibo> yes they have been straight up..
User [Frank /207.230.57.95] joined forum at Thu Apr 13 20:49:34 EDT 2000
<mrj> hey frank
<fibo> hello Frank
<Jeff Z.> 
<davep> hi frank
<lmarsh> hi Frank
<gary fullett> it doesnt matter how u get there just get there
<gary fullett> it can be 1 dollar a day
<gary fullett> or 30 dollars per month
<gary fullett> the idea is to make good desions
<gary fullett> with limited risk
<Frank> hello mr j and every one, sorry 2b late but my server has problems
<gary fullett> there are many ways to trade wyckoff
<gary fullett> based on time frames
<mrj> Gary that should be one of Linda's rules from Gary
<gary fullett> but we should all agree with the trend
<gary fullett> accumaultion -distribution
<eric> 
<Gordy> 
<Frank> 
User [sherri /209.100.190.170] joined forum at Thu Apr 13 20:53:26 EDT 2000
<gary fullett> we must try to recoginize
<gary fullett> wyckoff principles the best we can
<Jimbo> anybody trade OJ, daily & monthly both lookin tr
<gary fullett> ans execute when we see them
<Jimbo> accum?
<davep> 
<gary fullett> I do Jimbo
<gary fullett> I think so
<Jimbo> weekly a little hinky
<gary fullett> I am alittle differnt in my thinking from amos
<gary fullett> I beleiev that money does flow from commodity to stocks
<gary fullett> stocks to commodities
<amos> 
<gary fullett> stock commodtiy to commodities
<gary fullett> I feel that ther eis money in the world that always tries to find a home
<Frank> 
<gary fullett> this is why I believe that u see money go from sector to sector
<Jimbo> wouldn't this be why we follow CRB to track markets in general?
<sal> 
<lmarsh> 
<gary fullett> yes jimbo
<eric> 
<davep> i think some of those day traders, who cut their teeth on nasdaq, will be lookin' at futures in couple months
<sal> i wish it would find our homes
<gary fullett> it it an index of commodities
<lmarsh> : ) @ sal
<fibo> :-)
<gary fullett> we are trying sal
<gary fullett> I agree 
<gary fullett> when I started
<gary fullett> trading stocks
<gary fullett> commodities were risky
<gary fullett> and stocks were safe
<sherri> 
<Gordy> 
<gary fullett> no it is that stocks seem more risk
<mrj> 
<gary fullett> I think that money will flow back into commodities
<davep> unless perceivable economic downturn
<gary fullett> this was a violent shake out in the nasdaq
<Frank> when all else fails just sick janet reno on micro soft, like Teddy Roosevelt did in the first decade of this century
<davep> "sorry" to mention possibility :-)
<sal> :)
<Frank> to us steel and jp morgan
<gary fullett> amos do u have a comment on the nasdaq
<gary fullett> or a comment on the bnd market
<amos> I think this is a large AR from the buying climax. It can be deep and scarey--but it is only an AR
<amos> whcih means that we can get into a very large multimonth
<amos> trading range after that.
<amos> I doubt that this is another just washout. Too many people are conditioned to buy the dips. This time many of the dogs wil simply
<amos> lie there and punt.
<amos> The next rally will not make people money. But i donot think we are going to crash (even tho individual issues will lose 90% of their value)
<gary fullett> do u think we had the BC?
<amos> Jeses! yes
<amos> Jesus
<fibo> 90% sounds like a crash :-)
<davep> know we wyckoff students aren't supposed to notice . . .but today heard traders had $$ on sidelines, waiting 200 points lower to buy
<amos> Not in individual stocks. remember you have companies with zero profits that the market in its
<fibo> yes
<gary fullett> right 
<Jimbo> but notice still to buy
<amos> infinite wisdome evaluates at billions and billions. When these issues come to reality they are worth some, but not more than a few buck
<sherri> 
<Jeff Z.> 
<gary fullett> these stock cant recover withut cause
<amos> So if an issue goes from 300 a share to 10 where it belongs--it is a big loss, but not too many of those fliers have
<amos> done so well.
User [Guest /171.212.116.215] joined forum at Thu Apr 13 21:09:46 EDT 2000
<gary fullett> no one bought the IPO price
<amos> The only ones that can recover without a cause are the rebels.
<fibo> lol
<sal> :)
<Jimbo> lol :)
<lmarsh> : )
<eric> 
<Jimbo> amos dean
<gary fullett> do u think the Dow has a BC
<fibo> lol
<gary fullett> Amos James Dean
<amos> The dow, had something much more interesting!!!
<gary fullett> can u share :)
<Frank> the index has been balanced in favor of low value inflated tech stocks
<sherri> 
<amos> I am waiting in this class to bombard you one nite with the whole shebang!!
<Gordy> 
<amos> But we may have a very classic upthrust of the PLS!!! on the DOw weekly.
<Frank> amos u are one for cliff hangers
<amos> This will be amazing if it really happens.
<davep> you mean the manipulation by changing dow's & S&P's components?
<amos> I am lost
<sal> my thoughts too dave
<amos> cliff? hangers? hangover? components?
<Jimbo> x-files conspiracy theories
<amos> The dow already finished the Ar several weeks ago--it is in a more advanced star as of now.
<davep> amos, when u said dow had something more interesting, i leapt to (wrong) conclusion :)
<fibo> amos what date for PLS on weekly?
<gary fullett> so the dow is ahead of the nasdaq
<amos> NO, dave, no sex tonite
<Frank> cliffhangers, u always keep us waiting for the next interesting fact
<lmarsh> LOL
<davep> and i was counting on it
<amos> I never promised you a rose garden
<lmarsh> hey did'nt somone say not faggots in here?
<Jimbo> do we need adultcheck ID for this site?
<amos> This is one of the risks in studying Wyckoff. Too many climaxes
<gary fullett> amos besides commodities 
<gary fullett> grains that is
<Frank> too many???
<gary fullett> do u feel are accumaulting here
<gary fullett> cocoa sugar?
<mrj> amos you didn't answer fibo's question.
<amos> Gary, I think, again, that the crb says that commodities should continue to rally.
<gary fullett> coffee appears interesting at these levels
<amos> Since the energy and meats have already done nicely--it is other groups that should come in.
<gary fullett> if the money comes out of the stock market where will it go?
<amos> I think grains, metal and softs are the next candidates.
<sherri> 
<amos> Gary, money from pensions funds will onlyl go to bonds!!!
<Jimbo> strongest sectors, strongest commodity in sector
<amos> t-bills, cash, you name it.
<fibo> what is left of them
<gary fullett> so bonds trend is up here
<amos> Remeber the say:"Raise cash?"
<amos> that came after raising arizona (or was it Indiana?)
<amos> NOt at all, bonds have very significant resistance around the 100-102 it is the 50% retracement
<eric> 
<amos> ov the decline!!
<gary fullett> I checked the volume of t bills on tuesday and do u know what the volume was
<gary fullett> any one care to guess?
<amos> 2
<lmarsh> ?
<amos> 3?
<eric> 100000
<fibo> 
<sal> i give
<Frank> ?
<amos> 2-100000
<gary fullett> amos was closer 1
<gary fullett> One contract
<amos> 1 what? bushel?
<gary fullett> if it gets 5 contracts it will be a climax :)
<gary fullett> tbill 1 contract
<fibo> ROFL!
<lmarsh> gee
<gary fullett> that used to be one of the largest contracts
<amos> Anything that has to do with "Bill" these days has a hard time getting up
<eric> lol
<amos> ask Jay Leno
<gary fullett> :)
<davep> 
<gary fullett> so tomorrow is the weekly close in the grains I would expect a decent clodse for the week
<Jeff Z.> 
<amos> not a doji?
<gary fullett> doji?
<amos> youwrote decent cloud and I responded with another candle (stick)
<amos> shtick
<gary fullett> everyoone should try watching all individula commodities
<fibo> lol
<lmarsh> almost did'nt catch that one. : )
<Frank> I was wrong on corn, caught it this AM and did not loose mponey
<gary fullett> for strenghth over the next few months
<amos> Frank, this is a good sign of a trader!!! all the power to you
<fibo> great Frank
<gary fullett> a person who can admit that he is wrong will make it in this business
<gary fullett> because admitting that u r wrong a trade
<sal> i'm wrong, i'm wrong, i'm wrong
<mrj> lol sal
<gary fullett> will lead to a clear mind and better trade decisions
<gary fullett> I am serious
<sherri> 
<Jimbo> gn all, early day tomorrow
<gary fullett> I know of the best traders that lost mone every day for weeks
<gary fullett> night jimbo
<sherri> nite jimbo
<mrj> nite jimbo
<lmarsh> night Jimbo
<Frank> just out of curosity what do any of u know about george angells LSS day trading technique?
<sal> me too, i was remembering my first three trades a month ago
<gary fullett> and still have great careers 
<fibo> my husband always says don't get married to a position..just treat it like a mistress..get what you can and leave. 
<davep> :-)
<lmarsh> : )
<mrj> lol
User [Jimbo] left forum at Thu Apr 13 21:29:09 EDT 2000
<sal> hope that's not from his experiences fibo
<sherri> guess that is my problem fibo...married to beans
<sal> :)
<gary fullett> :)
<amos> fibo, we need you husbandhere!
<gary fullett> u r right
<fibo> lol! 
<gary fullett> beans give u gas :)
<Frank> Fibo I had some pretty serious mistresses while I was single
<fibo> amos he is sitting right here beside me :-)
<sal> sherri , if you're married to beans can we take photos of the kids for the Enquirer?
<sherri> sure sal
<lmarsh> lol, 
<eric> 
<fibo> lol@Frank...married to your mistresses? :-)
<fibo> lol@sal
<amos> give him a hug and a kiss and tell him to keep up the good work
<Frank> No too buzz
<gary fullett> lol
<fibo> lol o.k. i will :-) he says thanks
<sal> i 'm thinking of marrying cocoa and having little cocoa puffs
<gary fullett> well are ther eany other questions about anything
<fibo> ROFL!!!
<gary fullett> thursday nights are light 
<sal> enough seriousness, gotta go gn all
<fibo> sal i am laughing so hard i am crying
<lmarsh> nite sal
<sherri> nite sal
<fibo> nite sal
<gary fullett> u like cocoa sal?
<Frank> nite sal
<eric> nite sal
<sal> yep
<davep> nite sal
<sal> nite
<Jeff Z.> Everyone have a great Friday and weekend. See y'all monday night.
User [sal] left forum at Thu Apr 13 21:33:29 EDT 2000
<eric> nite jeff
<fibo> nite Jeff u 2
<Frank> nite Jeff
<lmarsh> nite
<davep> nite jeff
<gary fullett> night jeff
<mrj> nite all It was fun
User [Jeff Z.] left forum at Thu Apr 13 21:34:06 EDT 2000
<Frank> nite mr j
<lmarsh> later mrJ,...
<fibo> amos..what star do you think the Live Hogs are in?
User [mrj] left forum at Thu Apr 13 21:34:25 EDT 2000
<gary fullett> sometimes good to have fun
<fibo> nite mrj
<sherri> nite everyone
<amos> 1 sec
<gary fullett> galaxy
<lmarsh> goood question fibo
<fibo> nite sherri
<lmarsh> nite sherri
User [sherri] left forum at Thu Apr 13 21:34:59 EDT 2000
<davep> fibo, just looked; u c 80, 85 from '97 highs?
<fibo> 12 & 13 is my guess
<fibo> on the daily..
<fibo> weekly
<amos> looks like 11 to me. But need more study. (linda's rule 8)
<fibo> o.k. 
<amos> pretty soon we could talk here without words: rule 8; star 12
<amos> it is like the joke telling club story
<fibo> dave are you looking at weekly or monthly?
<Frank> lean hogs are at 87 perceny of 8680 the 97 high Fibo
<davep> weekly continuous from '91--just got it--so don't know how good, yet
<fibo> the high was 86.55 in 97
<davep> mine says 86.60, 4th wk of April
<Frank> thought it was 8680 in 97
<Frank> usin my old paper charts to go that far back
<fibo> 86.55 week of apr 25th & i use expiration
<davep> this was on continuous, not april
<fibo> yes weekly continuation.
<fibo> it was made the week of 4-25 97
<lmarsh> 
<fibo> look to me like it went back to the ice line today on weekly
<Frank> 25 points is not a big thing
<fibo> line from the low on 3-21-97 through low of 8-22-97
<fibo> amos & gary am i reading that right? 
<Frank> gn all ,got to go to town and mail my income tax.been an expensive year
<fibo> nite Frank
User [Frank] left forum at Thu Apr 13 21:45:55 EDT 2000
<amos> fibo, I do not have a chart in front of me but you cannot go too wrong because
<amos> only 4 words in the English language can ce called:"right:
<amos> write, right wright and ?
<davep> fibo using your points my trendline hits 72.50 . . .agree?
<gary fullett> :)
<eric> yes, fibo, I can see that
<amos> and rite.
<lmarsh> ditto
<fibo> oh ok:-)
<amos> fibo are you long?
<gary fullett> I havent lookked at the weekly
<lmarsh> 4/30/97 8660
<fibo> no i just happened to notice it today.. it might be interesting to keep an eye on 
<gary fullett> I need to colect garbage the garbage man comes at 6am
<amos> the trend is up and I cannot buy. Do not sell , of course.
<amos> So NMT
<gary fullett> it was easier when i lived in the city
<fibo> nite gary thanks
<gary fullett> thank u fibo
<gary fullett> go grains
<eric> 3/21/97 68.05 low
<lmarsh> nite gary & thank you
<eric> gn gary
<davep> thanks gary, g'night
<amos> ok gn all
<gary fullett> night eric
<gary fullett> call if I can help anyone :)
User [gary fullett] left forum at Thu Apr 13 21:49:14 EDT 2000