User [gary fullett /172.143.133.94] joined forum on Tue Jun 06 20:49:27 EDT 2000
User [stockgirl /209.178.147.153] joined forum on Tue Jun 06 20:51:36 EDT 2000
<stockgirl> hi gary
<gary fullett> good evening
<gary fullett> how was your day?
<stockgirl> i'm not doing any trading right now. just trying to learn about commodities
<stockgirl> how was yours?
User [stockgirl] left forum on Tue Jun 06 20:55:43 EDT 2000
User [stockgirl /209.178.147.153] joined forum on Tue Jun 06 20:56:30 EDT 2000
<stockgirl> sorry i kicked myself when i opened the chart kelly sent me
<gary fullett> went well today
<gary fullett> what chart?
<stockgirl> the chart that kelly sends out every tuesday
<stockgirl> it's a bean chart
<gary fullett> did u get them?
<stockgirl> well i got one, which i've seen before
User [wyatt /166.93.111.152] joined forum on Tue Jun 06 21:00:19 EDT 2000
User [mrj /206.251.171.97] joined forum on Tue Jun 06 21:01:06 EDT 2000
<mrj> hi everyone
<mrj>
<stockgirl> hi mrj
<wyatt> hi mrj
<mrj> anybody home?
User [mrj] left forum on Tue Jun 06 21:03:18 EDT 2000
<gary fullett> i sec please
User [Name already in use /206.251.171.97] joined forum on Tue Jun 06 21:03:23 EDT 2000
User [Name already in use] left forum on Tue Jun 06 21:03:29 EDT 2000
User [mrj /206.251.171.97] joined forum on Tue Jun 06 21:04:09 EDT 2000
User [mrj] left forum on Tue Jun 06 21:04:43 EDT 2000
<gary fullett> im here
User [mrj /206.251.171.97] joined forum on Tue Jun 06 21:05:07 EDT 2000
<gary fullett> can u see me
<mrj> i cu
<wyatt> y
User [fibo /206.104.30.15] joined forum on Tue Jun 06 21:05:32 EDT 2000
<mrj> hi fibo
<fibo> hello everyone
<gary fullett> I m here sorry I was watching the grains for a sec
<gary fullett> I was placing a few orders sorry
<gary fullett> I am here
<stockgirl> gary do all the futures markets remain open
<gary fullett> how is everyone tonight
User [Jorg /172.145.222.43] joined forum on Tue Jun 06 21:06:50 EDT 2000
<fibo> corn made it to the 220 area and has rallied
<gary fullett> amos will not be here this week studying for an exam
<fibo> hi Jorg
<fibo> what kind of exam?
<Jorg> hi guys
<gary fullett> almost fibo went to 222 3/4
<gary fullett> hi Mr jorg
<fibo> 221.75 was the low
<gary fullett> some state examm
<mrj> hi gary
<Jorg> hi gary
<gary fullett> when doid corn get to 221 3/4
<fibo> at 11 today
User [Joe K /172.143.80.24] joined forum on Tue Jun 06 21:08:46 EDT 2000
User [fran /207.112.162.145] joined forum on Tue Jun 06 21:08:50 EDT 2000
<fibo> gary what do you have? mine might have been a bad tick
<fibo> hi fran
<mrj> hi fran and joe
<fran> hi everyone
<fibo> hi Joe
<Joe K> hello all
<wyatt> k
<gary fullett> I know some will be late so I am biding a few min for questions
<fran> hi Joe
<gary fullett> 223 1/4
<stockgirl> gary, you said you were placing orers
<stockgirl> orders
<stockgirl> are the markets still open?
<gary fullett> retest of the 222 3/4
<gary fullett> Yes
<gary fullett> grains curriencies energies stock indexes stock girl
<gary fullett> yes in the grains
<gary fullett> stovk girl
<stockgirl> thanks
<stockgirl> i knew the indexes but not the others
<gary fullett> u r welcome
<gary fullett> did everyone get charts?
<fran> y
<fibo> n
<stockgirl> i only have the one chart as i said, an older beans chart
<wyatt> yes but can't open them
<wyatt> i know i'm watching them now
<gary fullett> kelly will explain how to open charts
<fibo> gary the 221.75 was the correct low today in jul corn
<gary fullett> click on Start, Programs, Accessories, then Imaging
<gary fullett> the Imaging program allows you to look at the charts
<gary fullett> or you can use your fax viewer
<fibo> mine won't open either on imaging. it says an internal error has occured
<fibo> they used to but don't know
<fibo> now
<fran> fibo...I show 2.22 3/4
<fibo> gary call the floor and ask what the correct low was today please
<mrj> fibo samr here
<mrj> same here 222 3/4
<gary fullett> I show 222 3 /4 low
<gary fullett> what do u have for todays low?
<fibo> 221.75
<gary fullett> I see that on the intraday chart
<fibo> it is on my intraday and daily
<gary fullett> but on my daily quote it is different
<gary fullett> have it on intradday
<gary fullett> but not on quote
<gary fullett> I will bow to Fibo :)
User [chris /63.15.181.98] joined forum on Tue Jun 06 21:16:07 EDT 2000
<fibo> hi chris
<gary fullett> well I mentioned last night that I though the grains would rally based on the meal oil spread
<chris> hi fibo, everyone
<gary fullett> I couldnt get my spread charts to work today
<gary fullett> so I could nt send itt
<mrj> hi chris
<gary fullett> but I will soon
<fran> hi chris
<gary fullett> I am getting adobe acrobat
<gary fullett> this wek so chart reading will be a brezze for u all next week
<gary fullett> exp program to buy
<fibo> good gary
<gary fullett> so if u cant open today u will do well next week
<gary fullett> I had to use my computer to send charts
<gary fullett> instead of kelly
<gary fullett> so all will be well
<gary fullett> not cheap but u all are worth it :)
<gary fullett> okay any questions?
<gary fullett> there are some nice examples here
<Joe K> I was before today :)
<gary fullett> :)
<stockgirl> i have a question about sugar
<gary fullett> please
<stockgirl> it's been gapping up two days in a row, it retraced but then moved back up today...any thoughts on direction from here?
<mrj>
<chris>
<gary fullett> question?
<gary fullett> okay great question
<gary fullett> the market went to resisatnce at the 816 area
<gary fullett> several days ago
<gary fullett> in a bull market it will retrace 1 -3 days
<gary fullett> so the market pullback for 2 days
<gary fullett> if the market was bearish it should have shown a sign of weakness
<gary fullett> on the second or 3rd day
<stockgirl> how would it have shown a sign of weakness please?
<gary fullett> so today was very important for trend
<gary fullett> IF the market had a price range that was wide with heavy volume to the downside
<gary fullett> this would have been Suppply coming
<gary fullett> in
<stockgirl> okay, thank you.
<gary fullett> so a sell was okay at the 815 area
<gary fullett> but the stop should have been on the close today for a scratch trade
<gary fullett> the tend is UP
<gary fullett> trend
<stockgirl> i don't understand your last point
<gary fullett> now this is a retest
<gary fullett> of the 815 area
<gary fullett> if the market fails tommorow
<gary fullett> there is some cause here
<gary fullett> but it is unlikely
<gary fullett> that it is earish
<gary fullett> bearish
<stockgirl> there is some cause?
<fran>
<gary fullett> but if u see a down move with wide action and heavy volume bingo
<gary fullett> for several days now
<gary fullett> I will go over a GREAT example
<gary fullett> tonight
<gary fullett> it is one that Radske talked about
<gary fullett> stock girl u will be pleased :)
<mrj> getting close to 882 high of 1-99
<stockgirl> yes, thank you gary
<gary fullett> yes mr j
<gary fullett> should I do that chart first stock girl
<gary fullett> it is Classic wyckoff
<gary fullett> :)
<stockgirl> sure!
<gary fullett> does that help with sugar
<stockgirl> i don't know, but i'll go with the flow here
<fibo>
<gary fullett> okay it will help u when I explain the example okay
<chris>
<gary fullett> any other questions?
<gary fullett> before I begin
<Joe K> OJ
<gary fullett> lots of charts
<gary fullett> oj will be discuss second tonight
User [Jorg /172.145.222.43] joined forum on Tue Jun 06 21:28:24 EDT 2000
<gary fullett> very very important chart
<gary fullett> no questions?
<gary fullett> lets begin :)
<fibo> Jorg put your name in once in awhile or you get bumped
<gary fullett> hit eneter Jorg
<mrj> gary in sugar would you consider price and volume of 5-25 preliminary supply?
<wyatt>
<gary fullett> could well be
<mrj> ok
<gary fullett> need to see a BC
<mrj> k
<gary fullett> lets talk Natural gas
<gary fullett> july
<gary fullett> if u dont have the chart
<gary fullett> it is on the archibves
<gary fullett> if not please just follow
<gary fullett> the trend has been UP
<gary fullett> for the past yr
<gary fullett> so what do we look for when a market has been rallying and in an uptrend
<Joe K> a top
<gary fullett> we look for a possible chane in direction
<gary fullett> we let the market tell us
<mrj> Preliminary supply and buying climax
<gary fullett> but we watch for anything
<fibo> psy & bc
<gary fullett> that will tell us the aprty i over
<stockgirl> gary, you make an important distinction
<gary fullett> party
<stockgirl> between a top and a change of direction.
<gary fullett> right fibo and mr j
<fran>
<gary fullett> I will stock girl
<gary fullett> promise
<gary fullett> so the market has been enjoying the ride
<gary fullett> pople are long
<chris>
<gary fullett> the funds
<gary fullett> are long
<gary fullett> the cm is long
<gary fullett> John q public is long
<gary fullett> the news is bullish
<gary fullett> they "talk" abit tightness in the market
<gary fullett> so all is bullsih and good
<gary fullett> now we look for an over zealous market
<gary fullett> too many longs
<gary fullett> how do we see this?
<gary fullett> we see this by increase
<mrj> vol
<gary fullett> in price action
<mrj> wide price range
<gary fullett> and high volume
<gary fullett> correct....
<gary fullett> when we First see this after an uptrend
<gary fullett> it is called
<gary fullett> a prelimary supply
<gary fullett> psy
<gary fullett> why?
<gary fullett> this is the first time that supply or selling
<gary fullett> has come in
<gary fullett> so far so good?
<fran> y
<mrj> CM begins selling
<stockgirl> gary you mean after an orderly increase in price?
<fibo>
<gary fullett> Yes
<stockgirl> you start to see wide range and this a signal of psy?
<gary fullett> yes Mr J
<gary fullett> Yes
<gary fullett> in this case it is over several days
<mrj> compare price range before 5-17 and after 5-17
<gary fullett> 7 days ago
<gary fullett> very well said Mr J
<gary fullett> so when we see this we just dont sell short
<gary fullett> but it is a time to think about taking profits
<gary fullett> or tightening stops
<stockgirl> assuming one is already long
<gary fullett> if u look at 5 /18
<gary fullett> the market made New highs
<gary fullett> and finished on the lows of the day
<gary fullett> ( near the lows)
<gary fullett> and volume increased
<gary fullett> do u see this for those who are able to see charts?
<fran> y
<gary fullett> this is PSY
<gary fullett> questions?
<gary fullett> there is NO cause yet nor a Buying climax yet
<gary fullett> thai class will help u alot tonight
<gary fullett> scouts honor :)
<wyatt>
<gary fullett> questions>?
<Joe K> whats psy
User [lmarsh /12.14.197.184] joined forum on Tue Jun 06 21:40:32 EDT 2000
<fibo> hello lmarsh
<fran> hi marsh
<lmarsh> Hello fibo, everyone!
<gary fullett> I just said prelimary supply
<mrj> hey marsh
<gary fullett> scroll up joe
<Joe K> got it
<gary fullett> good :)
<fran> Joe...on the site here is a list of definitions that Amos has listed....copy them off when you get time
<gary fullett> so what do we see after PSY?
<chris>
<gary fullett> I made him work
<mrj> natural gas marsh
<Joe K> yes fran thats what is confusing me, the terms
<gary fullett> we then will see a Buying climax
<gary fullett> or BC
<gary fullett> 2 days later the market
<gary fullett> went to new highs
<gary fullett> but look at the close
<gary fullett> and look at the volume
<gary fullett> highest of the move see it?
<mrj> volume low friday and Monday
<mrj> compared to last week
<gary fullett> I will go over that
<gary fullett> so the market went to new highs
<gary fullett> finished on the lows
<gary fullett> 4 -5 days ago
<gary fullett> with heavyvolume
<gary fullett> classic Buying climax
<stockgirl> gary, linda raschke also said it was a short squeeze on 6-1
<gary fullett> the break the market had from the BC was one of the largest breaksin Natural gas history
<gary fullett> over 5 k a contract
<stockgirl> how does one differentiate between bc and short squeeze?
<gary fullett> well I Mentioned
<gary fullett> earlier that there was tightness
<gary fullett> as the reason for
<gary fullett> the rally
<gary fullett> U cant same thing
<stockgirl> okay, thanks
<gary fullett> short squezze is the fundemental reason
<gary fullett> BC is Wyckoff
<stockgirl> yes
User [Jorg /172.145.179.27] joined forum on Tue Jun 06 21:45:52 EDT 2000
<gary fullett> U can see a short squezze
<gary fullett> but u can see a BC
<gary fullett> watch the charts Not news
<gary fullett> of a squezze
User [stockgirl] left forum on Tue Jun 06 21:46:36 EDT 2000
<gary fullett> U will see this on a chart
User [stockgirl /209.178.147.153] joined forum on Tue Jun 06 21:46:47 EDT 2000
<chris>
<gary fullett> now the last 2 days
<fibo>
<gary fullett> the market tried to rally
<gary fullett> and retest
<mrj> wb stk girl
<gary fullett> on light volume
<gary fullett> after the BC and a sign of weaness
<gary fullett> weakness
<gary fullett> if this retest of the BC is on light volume
<gary fullett> the market is bilding cuase
<gary fullett> for distrubtion
<gary fullett> distribution
<gary fullett> building casue
<gary fullett> cause
<gary fullett> yikes
<fibo> lol
<lmarsh> lol
<gary fullett> see after a BC the market has not build a casue to break
<gary fullett> yes supply is coming in
<gary fullett> buy the cm just liquidated his longs on the PSY
<gary fullett> and then on the BC
<gary fullett> but hasnt distributed
<stockgirl> gary what do you mean by after bc
<gary fullett> yes to build a cause
<gary fullett> to go lower
<stockgirl> the market has not built a cause to break
<gary fullett> the CM corresponds his campagn
<gary fullett> to the news
<gary fullett> so he "knows"
<gary fullett> he cant break the market
<gary fullett> when the "news"
<gary fullett> is so bullish
<mrj> Gary price range and volume are really striking on weekly for July
<gary fullett> it takes time for that news to become less bullish
<gary fullett> after the market goes to a BC
<gary fullett> it takes time to biuld a cause to go lower and for the CM to get short stock girl
<gary fullett> yes mr j
<gary fullett> after the BC occurred stock girl
<gary fullett> undrstand?
<gary fullett> questions?
<mrj> I'll be quiet now
<gary fullett> No mr j talk up
<gary fullett> I appreciate it
<gary fullett> your knowledge is wonderful
<fran>
<Joe K> so what are we looking for next, for an excellent shorting opertunity
<gary fullett> if the retest is on light volume after a BC yes Joe K
<stockgirl> gary, you said the cm knows he can't sell because of bullish news
<gary fullett> right
<stockgirl> so there's no cause to go lower right now?
<gary fullett> he cant break the market when all the funds and world are agiant him
<gary fullett> he can sell short and bide time
<stockgirl> so joe's question, we're looking for a short, where and when does that come into play
<gary fullett> but realy cant break the amrket
<gary fullett> it would be foolish to do so
<stockgirl> aren't we looking to see where the cm is looking rather than just a short opportunity?
<gary fullett> on a retest of the BC
User [Jorg /172.145.179.27] joined forum on Tue Jun 06 21:53:58 EDT 2000
<gary fullett> around todays highs
<Joe K> so we wait yet
<chris>
<fibo> wb Jorg
<gary fullett> yp
<gary fullett> more sideways action
<gary fullett> more cause larger the break
<gary fullett> we will prbably form
<gary fullett> a trading range fordistribution
<gary fullett> after a BC
<stockgirl> so sideways action, spec is doing what?
<Jorg> Gary what is BC?
<gary fullett> selling calls is generally for good
<fibo> cm wants to sell all he can at the high prices..
<gary fullett> buying stock girl
<gary fullett> as the cm sells
<gary fullett> buying climax Jorg
<gary fullett> it is when GREED sets in
<fran> buying climax Jorg
<gary fullett> GREED
<stockgirl> because they don't realize that the run is over for now?
<Jorg> thanks
<gary fullett> and the whole world is long
<gary fullett> Right
<gary fullett> they buy ( public
<gary fullett> the market doesnt really rally
<gary fullett> why not?
<gary fullett> the CM is selling to the public
<fibo> because cm is selling
<gary fullett> who do u think will win
<gary fullett> public is getting long at the Highs
<fibo> the deep pockets
<Jorg> CM ?
<stockgirl> the cm, because he bought low to begin with
<Jorg> sorry for those questions
<gary fullett> cm is getting short at the highs
<fran> yep Jorg
<gary fullett> i would bet the CM wins
<gary fullett> it is like buying a stock
<wyatt>
<gary fullett> at 300 times PE
<Joe K> So is there a time frame ( generally ) we look at Distribution to kick in ?
<stockgirl> but the cm doesn't just swing trade by the sound of things
<gary fullett> look for sideways action
<gary fullett> he does but generally not
<Joe K> ok just like a Triangle forming, or a range, to look for a break out ? correct ?
<gary fullett> he will scalp to fool the public
<lmarsh>
<gary fullett> buying 100 selling 50
<gary fullett> to be on balance long
<gary fullett> trading range joe
<gary fullett> horizontal one
<stockgirl> i meant in this case (swing trade)
<gary fullett> good questions I love it
<fran> trading range will form Joe support-resistance-break of support
<gary fullett> u mean buy at 520 beans
<gary fullett> sell at 524 stockgirl
<gary fullett> right fran
<fran> understand Joe?
<gary fullett> please ask
<gary fullett> this will help u trade
<gary fullett> it is important
<Joe K> yes got it totally
<gary fullett> because if u understand BC and sc u will do well
<Joe K> just trying to write as fast as he's typing
<Joe K> lol
<gary fullett> joe u can print this out
<gary fullett> the log
<gary fullett> on the archives u dont have to write it down
<Joe K> yes, but ya got me going here
<gary fullett> several hundred people do this
<gary fullett> and dont come to class
<stockgirl> gary does sideways action, following BC usually preclude a downside to the market, even with bullish news
<gary fullett> YES
<gary fullett> the news will start to become less bullish stock girl
<gary fullett> but still will be friendly
<stockgirl> how can the news become less bullish? is it manipulated also?
<gary fullett> by the way the opposite is a selling climax sc
<Joe K> So gary, arnt we also keeping tabs on COT for net comercial position ?
<gary fullett> Yes tock girl it can and it does
<chris>
<gary fullett> if the COT does what the CM does yes
<gary fullett> but they generally dont
<gary fullett> of course news is maniputed
<Joe K> Comitment of traders report
<gary fullett> the news is BEST on the top worse on the bottom
<gary fullett> I know what it is JOE
<Joe K> dont understand your answer
<gary fullett> but the COT is noot always the CM
<Joe K> but doesnt it disclose com positions
<gary fullett> I said that if the COT report is what the CM yes u can follow it
<gary fullett> but it generally doesnt equte the COT to,CM
<fran> I sure like it Joe
<gary fullett> the concept appears to be simlair
<gary fullett> but not exact
<Joe K> ok
<gary fullett> cot is a good indictor
<gary fullett> and its intention
<gary fullett> was to follow the CM
<Joe K> these points may seem small, but to me they are important
<gary fullett> but it is not always the same
<Joe K> realise Im converting to understand wyckoff
<Joe K> so terms arnt easy at first
<stockgirl> gary, when you say the intention of COT
<stockgirl> was to follow the CM
<stockgirl> what do you mean, exactly?
<stockgirl> and does it or not?
<gary fullett> the commitment of traders
<lmarsh>
<gary fullett> is a lagging indictor
<chris>
<gary fullett> it is 2 weeks behind
<fibo>
<Joe K> Bingo got it
<gary fullett> u can see what the cm is doing every day
<Joe K> thankyou
<gary fullett> 2)
<gary fullett> I am not so sure how accurate the numbers are
<gary fullett> 3)
<stockgirl> yes, thank you
<gary fullett> options cash postions are not included
<Joe K> Means commercial positions shown, may not be where they are right now
<gary fullett> Not all large traders
<mrj>
<Joe K> on COT
<fran>
<gary fullett> are Cms
<fibo>
<Joe K> fran is that daily ?
<gary fullett> cot encomposes many traders
<Joe K> Gary Question
<gary fullett> but NOT all CMs
<gary fullett> okay
<gary fullett> CMs
<gary fullett> are s pecail
<gary fullett> special
<gary fullett> cot includes cms
<gary fullett> that is true
<gary fullett> not all the large traders of the COT are CM's
<gary fullett> okay?
<gary fullett> but cm's
<gary fullett> are in the COT
<gary fullett> Understand?
<gary fullett> wow spent alot of time on this chart
<gary fullett> and concept
<gary fullett> but that is fine
<gary fullett> so please keep them
<gary fullett> okay Joe
<Joe K> Ok Fran, I've been there
<Joe K> thanks though
<Joe K> Gary
User [jim /172.162.14.44] joined forum on Tue Jun 06 22:13:35 EDT 2000
<gary fullett> joe did u have a question?
<gary fullett> any questions?
<jim> hi,all.
<Joe K> Is Coffee going through, what Natural Gas is ? But in reverse ?
User [jim] left forum on Tue Jun 06 22:13:51 EDT 2000
<chris> yes coffee?
<gary fullett> well i think u know my position
<chris> and oj
<Joe K> SC as oposed to BC
<gary fullett> i would say the answer is YES
<Joe K> ok
<stockgirl> gary what did you mean when you said "not all cms are special"?
<gary fullett> I think coffee will rally about 40 cents from here
<Joe K> lol
<gary fullett> they are a specialized group stock girl
<gary fullett> cms are part of the COT
<stockgirl> yes, i undestood everything but that phrase
<gary fullett> but not all cot are cms
<stockgirl> yes, i understood that as well
<gary fullett> I meant they are a specail group
<gary fullett> I may have mistyped
<stockgirl> okay, makes more sense, thank yu
<gary fullett> they are very special and the KEY to wyckoff
<Joe K> Gary your snappy tonight
<gary fullett> thank u for mentioning it
<Joe K> lol
<gary fullett> snappy?
<mrj> Gary: would you say that coffee had an Automatic rally to 145 and is now re-testing the lows during accumulation?
<Joe K> yes
<stockgirl> they would bey key to wyckoff, they were key to livermore
<gary fullett> yes maam
User [wyatt /166.93.111.152] joined forum on Tue Jun 06 22:16:56 EDT 2000
<gary fullett> livermore the best
<gary fullett> questions on the BC natural gas
<Joe K> whats livermore
<stockgirl> jesse livermore
<gary fullett> a great trader in the 1900's
<Joe K> ok
<gary fullett> get his book joe
<stockgirl> reminiscences of a stock operator
<Joe K> ok
User [Jorg /172.145.179.27] joined forum on Tue Jun 06 22:17:41 EDT 2000
<stockgirl> you have to read it, joe
<stockgirl> will blow your mind
<Joe K> will do
<Joe K> thanks
<gary fullett> read it 100 times then read it another hndred times
<gary fullett> it will be the best book u will read
<gary fullett> on the psychiology of trading
<Joe K> then 1 time more for good measure
<gary fullett> u can get it on my website
<Joe K> ok, ok, ok ,ok
<stockgirl> market wizards recommend it as their top book, almost unanimously
<gary fullett> Must read
<gary fullett> I want to talk OJ
<gary fullett> then grains
<Joe K> I will I promise
<lmarsh> It's a good read, very interesting
<Joe K> cool
<gary fullett> and then do the rest of the charts tomorrow
<Jorg> gary I got disconnected which book?
<gary fullett> I want to talk metals
<gary fullett> tomorrwo
<gary fullett> though that rally i thought in gold did happen
<Jorg> thanks
<gary fullett> Jesse livermore
<Jorg> Jesse...
<Joe K> did ? or is ?
<Jorg> L
<gary fullett> U must read it jorg
<Jorg> sure
<Jorg> got it
<fran>
<Jorg> just read the first version
<gary fullett> it is about 20 bucks paerback
<Jorg> how to trade stocks by J L
<gary fullett> great :)
<gary fullett> OJ
<fran> guilty
<fibo> lol
<Joe K> lol
<gary fullett> what has this chart been doing for the past 6 months?
<gary fullett> he was and always will be fran
<fran> yep
<gary fullett> sideways
<gary fullett> support at 80
<gary fullett> ressiatnce at 8500
<gary fullett> 5 cent range
<gary fullett> very very tight
<gary fullett> do u see this horizontal range?
<Joe K> yup
<fran> y
<wyatt> y
<chris> y
<lmarsh> y
<mrj> accumulation
<gary fullett> if this was a bear flag
<fibo> n
<fran> LOL
<gary fullett> the market should have broken long ago
<gary fullett> when the market "should break"
<gary fullett> and doesnt
<gary fullett> this may mean a move in the other direction
<gary fullett> look at the high 7 days ago?
<gary fullett> 8 days ago sorry
<gary fullett> it was a rally on heavier volume
<gary fullett> this to me is demand
<gary fullett> now the market pullback on lightr volume
<gary fullett> fo the past week
<gary fullett> now I am not 100 percent sure
<gary fullett> but by my puzzle
<gary fullett> looks to me that if the market gets bove 8310
<gary fullett> this will be very bullish
<gary fullett> do u see this area?
<gary fullett> and under 8100
<gary fullett> very bearish
<gary fullett> we will need volume to confirm
<gary fullett> if th volume picks up on the down
<fran> WARNING...remember coffee
<gary fullett> I ukld be earish
<gary fullett> bearish
<gary fullett> if to the up I would be bullish
<gary fullett> I think OJ can go to at least 90
<stockgirl> why those numbers, please gary?
<gary fullett> what about it fran?
<gary fullett> I drew trend lines from previous highs
<fran> kc...did a move and failed
<gary fullett> and previous lows stock girl
<gary fullett> coffee and NY markets do that alot
<stockgirl> using what period?
<fran> yep
<gary fullett> remeber the move 2 yrs ago in coffee
<Joe K> lol
<gary fullett> same thing happened
<gary fullett> went down about 8 cents than rallied 40!!!!
<gary fullett> from the end of april
<Joe K> Question
<gary fullett> till now
<gary fullett> a pennant
<gary fullett> otr flag forming
<gary fullett> k joe
<Joe K> When OJ is in a tight range, and a pennant is formed.
<Joe K> Does a brake out match the distance of the range ?
<Joe K> Meaning The longer the greater the breakout ?
<gary fullett> that is a good guestimate
<gary fullett> YES YES YES
<gary fullett> longer the move
<Joe K> taking a bow
<Joe K> lol
<gary fullett> sideways the larger the pending move
<gary fullett> watch this market!!!!!!
<Joe K> Also Gary
<gary fullett> it will give u a great risk to reward ration
<lmarsh>
<gary fullett> it is also not a bad idea to buy calls and puts
<gary fullett> since a pending move is about to occur
<stockgirl> because accumulation by smart money is now ready to move the market up?
<Joe K> What does it mean, when it is said, a market may favor the " Flat" side for breakout
<gary fullett> I think so stock girl
<fibo>
<gary fullett> not sure joe
<stockgirl> why to a staddle for an impending move?
<Joe K> ok
<gary fullett> because
<gary fullett> if u are unsure direction
<gary fullett> volitity
<gary fullett> is low here
<gary fullett> so u will lose on 1
<gary fullett> but should be ableto make it up on the other side
<gary fullett> volitity decreases as the market coils
<stockgirl> but what it remains rangebound for a while?
<gary fullett> but it will increase greatly
<Joe K> So would you place buy and sell stops at 81, and 83.10 ?
<gary fullett> when the move occurs
<gary fullett> hmmmm
<gary fullett> i think I would
<gary fullett> u can use the other side as a stop
<Joe K> ok
<gary fullett> not a llarge risk for the pending move huh?
<Joe K> no
<gary fullett> 200 points to make more than that
<fran> 300 dollars?
<gary fullett> i think the move will be over 600 points
<chris>
<gary fullett> so it is a 3 to 1 risk to reward
<Joe K> Cool Gary
<gary fullett> very proper risk management
<gary fullett> I want to say soemthing very interesting
<stockgirl> so then, why the straddle (sorry to repeat the question)
<gary fullett> does anyone watch seasonals?
<fran> yes
<Joe K> sometimes
<wyatt> n
<fibo> n
<gary fullett> I wouldnt stock girl
<gary fullett> but one could if they feel unsure
<gary fullett> and want to do this before the breakout
<stockgirl> yes, i understand now.
<gary fullett> novice traders will strddle
<Joe K> I think seasonals are far over rated
<Joe K> lol
<gary fullett> I would rather have an idea
<gary fullett> of what the h..ll is going on :)
<stockgirl> yes
<gary fullett> well I dont watch seasonals at all
<gary fullett> But a clients called me today
<Joe K> Is h..l a Wyckoff term ?
<stockgirl> yes
<gary fullett> and said that the seasonal in OJ happens ina day or so
<gary fullett> what do u think that seasonal is?
<gary fullett> naw Joe wyckoff is in heaven :)
<Joe K> lol
<lmarsh> : )
<gary fullett> KR is in h...ll :)lol
<Joe K> Seasonal by there understanding means buy
<stockgirl> see joe, i told you it was a wyckoff term
<gary fullett> The seasonal in OJ
<Joe K> I dont like Seasonals
<lmarsh> at least maybe his EX will put him through it!!! : ^)
<gary fullett> is very definitive and large
<Joe K> Yes Hell is Term ! lol
<gary fullett> he says down
<gary fullett> I say up
<Joe K> Now, Now, OJ curently has a 1,2,3, bottom in
<Joe K> So careful
<Joe K> lol
<gary fullett> the seasonal is down
<fran> lots of bottoms for oj in the sept-oct time frame
<stockgirl> gary, i'm not quite following here.
<gary fullett> but i think Up
<gary fullett> but those 2 points are critical
<stockgirl> your client called today and asked you about seasonal
<fran> it could go up....then down gary
<lmarsh> yes gary please continue about the seasonal....
<stockgirl> your client thinks seasonal means down (i.e. something fundamental)
<stockgirl> you think oj is headed up based on the chart?
<gary fullett> no he said that seasonal is down in OJ
<gary fullett> yes I do I think accumaltion
<stockgirl> correct, he said down, you said up
<gary fullett> but under 8100 I am wrong
<gary fullett> I think this is accumaltion
<stockgirl> but the difference of opinion is because
<gary fullett> be warned I have been rong before
<chris> what about very high voume day near 4/27
<gary fullett> and will again
<Joe K> What are commercials doing in OJ ?
<stockgirl> he is looking a fundamentals and you're looking a technicals?
User [Guest /172.145.179.27] joined forum on Tue Jun 06 22:41:07 EDT 2000
<fibo> hi guest
<gary fullett> i think this was a retest that held above support chris
<fran> hi guest
<gary fullett> bullish
<gary fullett> dont know Joe
<stockgirl> i'm just trying to understand why you and your client have divergent opinions about the same market
<mrj> What "news" occurence will cause OJ to move upward?
<Joe K> Anita Briant come back ?
<Joe K> lol
<gary fullett> seasonal stock girl not sure if fundamnetals
<stockgirl> and why you don't follow seasonals and s/he does
<gary fullett> but i guess so
<mrj> lol
<gary fullett> in the oit tock girl there are hundreds of diffeent opinions
<gary fullett> u will know after the fact mr j
<stockgirl> yes, but you aske a specific question
<gary fullett> I think it may be the drought in florida
<mrj> anticipation
<stockgirl> you asked if people here were following seasonals
<stockgirl> then you gave an example of a client who called you today.
<gary fullett> it isnt wyckoff seasonals
<gary fullett> so i dont follow it
<mrj> agree
<lmarsh>
<fibo> what about the grains gary
<stockgirl> my mind is very simple right now, forgive me for being slow here
<gary fullett> I dont want u to follow seasonals
<gary fullett> the reason why i mentiond it
<gary fullett> it ibecause
<fran> keep asking stockgirl
<gary fullett> the CM knows this
<gary fullett> and many epople follow seasonals
<gary fullett> so this will add fuel to the fire
<gary fullett> if the market rallies
<gary fullett> because there are shorts enetering
<fran> don't trade them...but be aware of them
<gary fullett> if the CM is accumalting
<stockgirl> this conflicts with what you said earlier
<gary fullett> and John q public is selling
<gary fullett> I want to be
<gary fullett> with the cm
<gary fullett> why?
<Joe K> Because CM is bigger bucks
<gary fullett> I mentioned sesaonals to show u the other side
<stockgirl> well you said your client was bearish on seasonals
<gary fullett> of what i think
<stockgirl> so how can that add fuel to the fire of a rally up?
<stockgirl> maybe i should just keep quiet, i'm generally confused right now about your point on this.
<gary fullett> if the public is short
<fibo> the cm needs lots of public selling so they can buy
<gary fullett> and the market rallies
<stockgirl> yes
<gary fullett> the shorts will buy to cover their shorts
<stockgirl> yes
<gary fullett> so if the market rallies
<Joe K> Because average Joe is shorting for seasonal, bigger money knows this and is going long
<gary fullett> the shorts will cover
<gary fullett> see the breakout
<gary fullett> and will buy and reverse
<gary fullett> right Joe
<gary fullett> and with "news"
<gary fullett> the market can have a large rally if it gets above that 8310 area
<Joe K> cool
<stockgirl> yes, much clearer now, thank you.
<Joe K> But Im scared
<Joe K> lol
<gary fullett> Undersatnd stock girl?
<gary fullett> shorts will cover if wrong
<stockgirl> yes, thank you gary, it's much clearer.
<gary fullett> funds and the public
<gary fullett> then reverse adding fuel to the long side
<gary fullett> great
<Joe K> Contrarian and quite
<Joe K> Grains ?
<fran> kinda like a squeeze gary?
User [Guest] left forum on Tue Jun 06 22:50:00 EDT 2000
<chris>
<fibo>
<lmarsh>
<wyatt>
<gary fullett> One more thing
<Joe K> yes yes
<gary fullett> when wyckoff mentions a spring board
<gary fullett> this what he means
<gary fullett> when a market has prepared
<gary fullett> for a peding move
<gary fullett> pending
<gary fullett> and it is about to occur
<gary fullett> it is called on the spring board"
<gary fullett> so watch this
<fibo> jul corn had a spring today
<gary fullett> please ask whateverr questions u want
<gary fullett> I dont want to go further
<gary fullett> if u dont understand previous stuff
<wyatt> agree fibo
<gary fullett> yes and I did BuY:)
<fibo> same here
<gary fullett> almost go stoppped out to :)
<gary fullett> remeber when I mentioned
<gary fullett> that the meal oil spread was bullish yesterday
<Joe K> yes
<fibo> oh you bought before the spring
<gary fullett> and that I htought that thre market would rally
<gary fullett> well if u bough the opening today u made about 7 cents
<lmarsh> looks like a good call on the cn0!
<fibo> hubby wanted one more new low to 220 area then a rally
<stockgirl> gary a question on oj
<Joe K> So is July Corn going further ?
<gary fullett> sundays night high is ctircal in grains
<gary fullett> I think so joe
<gary fullett> yes stock girl
<gary fullett> remember what i said about spreads
<gary fullett> how they lead
<gary fullett> in grains they did today i said this yesterday
<Joe K> Does a spring Board help indicate range ? If so ? How
<lmarsh> yes you did!
<fibo> no Joe
<stockgirl> if you were going to buy oj here, would you place your order in under the most recent low of 81.40 looks like?
<Joe K> thanks fib
<fibo> lots of springs fail in a bear market
<Joe K> ok
<gary fullett> not a range but a pending move
<gary fullett> joe
<Joe K> yes
<fibo> your welcome Joe
Joe K> Just trying to understand how a spring board is developed more so
<gary fullett> thank u fibo we agree :)
<gary fullett> good
<gary fullett> yes on springs in a bear
<Joe K> what am I looking for, to see potential spring board
<gary fullett> questions?
<fran> nite everyone...thanks to all
User [fran] left forum on Tue Jun 06 22:59:34 EDT 2000
<Joe K> night Fran
<lmarsh> time to leave,...thanks everyone,nite
User [lmarsh] left forum on Tue Jun 06 22:59:55 EDT 2000
<fibo> nite all thanks
<mrj>-><gary fullett> price is reaching a point of eqilibrium and needs resolvement soon
User [fibo] left forum on Tue Jun 06 23:00:12 EDT 2000
<Joe K> Gary Springboard ?
<stockgirl> gary a question about oj
<Joe K> go ahead Stockgirl
<wyatt> thank you Gary, you are the best....see you in the AM
<stockgirl> if you were a buyer of oj here
<stockgirl> would you put in an order below the low of 81.40
<gary fullett> i try
<stockgirl> and would you do a bull spread
<gary fullett> u can buy at that level
<gary fullett> yes that is support
<gary fullett> u can do that
<stockgirl> would you put the order in a tick below support
<wyatt> nite everyone must turn the computer over to my wife.
<stockgirl> or above with a stop one tick below?
<gary fullett> wyatt hjave a greta night
<gary fullett> be nice to your wife :)
<gary fullett> I would prob buy strenghth
<wyatt> :))
<stockgirl> meaning breakout?
<gary fullett> so i would buy around the 8330 area
<gary fullett> with a stop under 8100
User [wyatt] left forum on Tue Jun 06 23:02:45 EDT 2000
<gary fullett> it is preferable than buying support at 8140
<gary fullett> in this case
<stockgirl> that would be my strategy, i like to buy when the trend is happening already
<gary fullett> because if if breaks it will break hard and slippage be real bad
<gary fullett> it will get volitile when it breaks out
<stockgirl> in which direction?
<gary fullett> right stock girl I agree
<gary fullett> buy stenghth
<gary fullett> I was long grains from yestrday
<gary fullett> I waited to buy near the close today
<gary fullett> I could have bought at a lower price
<gary fullett> but I waited for strghth
<gary fullett> because the market as been weak recently
<gary fullett> so I waited cor comfirmation
<gary fullett> yes I could have bought 5 cents cheaper but I waited
<gary fullett> for strenghth
<gary fullett> in oj I think the same
<gary fullett> u will only miss about 200 points
<gary fullett> but I think it is worth it
<Joe K> So wheres JUL Corn going to Target ?
<gary fullett> I wanted to go over more tonight but I think tonight was good
<stockgirl> which means you could catch about a 1/3 to half of the move
<gary fullett> tomorrow I will contiue charts
<gary fullett> I thikm 240 july joe
<stockgirl> yes, thank you very much. i have to go now as well.
<stockgirl> goodnight all
<gary fullett> that is all I want to catch
<mrj> nite stk girl
<gary fullett> I will be here tmorrow same time same bat channel
<Joe K> ok gary Are we killing you with questions ? lol
User [stockgirl] left forum on Tue Jun 06 23:06:24 EDT 2000
<gary fullett> any other questions b4 I walk the dog?
<chris> thanks and goodnight
<gary fullett> that si fine joe
<mrj> good night everyone
<gary fullett> many hudreds get these logs
<gary fullett> so they love it
<Joe K> Talk to you in AM Gary Thankyou for class
User [mrj] left forum on Tue Jun 06 23:06:56 EDT 2000
<gary fullett> as they have the same questions...
<gary fullett> good night all
User [gary fullett] left forum on Tue Jun 06 23:07:15 EDT 2000