Jan 13th's newsletter, i will post my letter here 2 weeks after i send them to my subscribers...however i am short term bearish, no longs here...
JERRY OLSON'S
"POINT" OF VIEW NEWSLETTER
DATED JAN 13TH 2002
"TRADING RANGES"
GO EAGLES...WHAT A GAME...THEY CRUSHED THE BUCS & WILL BE POUNDING THE BEARS HEH HEH HEH....UH OH?
Hi everyone...hope you're all doing well..I can certainly say that the real time trading room is coming together in a BIG time way..I only hope you can be in there once in awhile to hear everything that's happening each day..It's very important if your day--swing--or position trading...Please let your e-mail buddies know about this fabulous group of highly skilled team traders..
I re named the room to "Jerry Olson's Stock Market Real Time Trading Team"...and that's exactly what this room is all about..a TEAM effort all the way...watching each others backs, using the real time news feeds for info on stocks we watch and trade..earnings reports. conference calls etc etc etc..it goes on and on every single day...And while I cannot be there all day...a ton of very astute traders are there to help and guide anyone that wants or needs a helping hand...hey it's always up to you...but we can sure help you stop making novice mistakes...
to get into this room..you need to download www.paltalk.com..when that window opens..click on the word Groups..when that window opens scroll down to Misc. Category and click on that word...then when the next window opens...you'll see our room there, just click on the name of the room, and you'll be inside our real time virtual trading room...no password is needed...Come on in folks..it's warm and cozy inside...What's very important too is that I and others can put up charts for all of you to see and watch real time on the futures, stocks, indexes etc..this is serious business everyone....ok nuff said...
I want to address all the senior citizens we all know and love...Anyone that's retired on a fixed income, that has their money in a savings acct or CD or anything that's providing 2-3% a year income on the money...There are better and just as safe ways to produce 10-15% and more on this money if their willing to take some small risk...If you know of anyone that needs assistance send them my e-mail address...The basic concept is to buy a dividend yielding stock, say 1000 shares and writing a covered Leap Call on that stock...this will be a conservative way to reap some very nice gains over the whole year while sitting safely in slow moving stocks like the utility & energy type sectors...hey this works for anyone...and we may be looking back at this year and saying 10-15% HEY THAT WAS NICE!!!!....
I HAVE CONSISTENTLY POUNDED THE TABLE FOR ALL OF YOU SUBSCRIBERS TO WRITE COVERED CALLS ON YOUR SHARES....THIS MIGHT BE AN EXCELLENT TIME TO DO JUST THAT...
we can and should play both ends of this game like pros..yes we can dollar cost average into our leap calls, but why not take in some hard earned cash too..think about this will you?...too slow for you<G>?..it's not folks..steady income from CC's makes a world of sense..and it still means you can daytrade all you want with a portion of your total capital..right?
although for people with ants in their pants..I fully understand your plight<VBG>...
Ok so where are we going now?...Well like the heading says we are Trading Range Bound here on all indexes...and getting a bit overbought on all P&F indicators...I mean all...so do not chase here..this is BUY on PULLBACK only...if your long here..maybe write some covered on your stocks & leaps calls...I want to see how 1136 on the SPX holds up this week...we exploded off that number before..and 1120 is the new double bottom..so good support out there with a lot of very nervous bulls and some very scared bears too<G>..Wonder if the infamous "Wall of Worry" will take us higher for one more blowoff top...any break thru 1175 at 1180 SPX and lookout..1225 is doable & possible..this would annihilate the shorts one more time..they might even capitulate...now that would signal the top for now..and we'd short this market for all it's worth..hey this scenario could happen and soon...you know the numbers so set alerts, keep your eye on the ball and trade smart..stops?? yeah I dare you to not use them<G>...
DJIA---IN A TIGHT TRADING RANGE FOR NOW...9700 TO 10,300 JUST 600 POINTS!..I LOOKED AT THIS INDEX ON THE 100 POINT PER BOX CHART FOR A LONGER TERM TREND...THE INDEX RAN RIGHT INTO THE BRL LINE..I CALL THIS THE BEARISH RESISTANCE LINE FOR YOU NEWBIES...THIS TERM IS ON WWW.DORSEYWRIGHT.COM SITE ON THEIR P&F UNIVERSITY..TAKE THE FREE TRIAL AND THE COURSE...AND TELL TOM DORSEY I SENT YOU..HE'S MY FRIEND AND MENTOR...ANYWAY IT SOLD OFF AND REVERSED DOWN 3 BOXES SO FAR TO 10,000..9800 IS THE DOUBLE BOTTOM(DB) AND THE "MIDDLE OF THE 10 WEEK TRADING BAND"...ON ALL P&F CHARTS ON THE RIGHT SIDE YOU'LL SEE THE WORDS TOP--MIDDLE--BOTTOM..THESE ARE NUMBERS AT WHICH THESE STOCKS AND INDEXES ARE OVERSOLD OR OVERBOUGHT ON THE 10 WEEK MOVING AVERAGE...10,400 IS THE NEWS IMPROVED BUY SIGNAL..
NAZ/COMPX---THIS INDEX AND THE NDX HAVE BOTH MADE OUTSTANDING MOVES OFF THE SEPT LOWS STRAIGHT UP TO THERE RECENT TOPS...THE NAZ HAS BEEN RANGE BOUND FOR ALMOST 2 MONTHS NOW MOVING SIDEWAYS...SO EITHER IT BREAKS UP AND OUT..OR DOWN FOR A WELL NEEDED REST...BUT HOW FAR DOWN?...1900 IS THE NORMAL PULLBACK IN THIS CHART..THE .38% FIBONACCI RETRACE IS 1872..CLOSE ENOUGH?...2100 IS A SERIOUS BREAKOUT BUY SIGNAL...2150 WOULD TAKE IT THRU THE BRL LINE TO BOOT...
SPX---THE INDEX I FOLLOW THE MOST ALONG WITH THE ES02H(S&P'S) FUTURES...RANGE BOUND STILL..1120 TO 1170..1110 THE BREAKDOWN 1180 THE BREAK OUT..1136 IS IMPORTANT SUPPORT TO ME..IF WE MOVE LOWER THIS WEEK AND HOLD AND REVERSE UP I AM GOING LONG WITH STOPS AND WILL TRAIL UP TILL I'M TAKEN OUT...IF WE BREAK THRU THE NUMBER THEN 1120 IS A CERTAINTY..AND WE'LL SEE FROM THERE...BTW FWIW..THE .38% RETRACE DOWN ON THE FIBO WEEKLY---IS 1085.00 THAT'S STRONG...
SOX---STILL HOLDING UP SO FAR..WE HAD A DOUBLE TOP THAT FAILED SO FAR AS WE DID ON THE SPX TOO...THE 600 NUMBER IS R SO FAR BUT I THINK WE COULD POP THAT SHORTLY...540/520 AREA IS TOUGH S SO FAR...500 BREAKS IT DOWN...SEMIS WERE AWESOME TO TRADE EITHER WAY HUH<g>?
BTK---NOW THIS INDEX LOOKS WEAK TO ME..THE CHART IS A ROUNDED TOP FORMATION, AND IT LOOK LIKE IT COULD JUST IMPLODE...NO LONGS HERE UNLESS WE REVERSE BACK UP TO 580 ON GOOD VOLUME..I WOULD SHORT ALL RALLIES TILL THIS CHART PATTERN CHANGES...SUPPORT(S) IS STILL 540..BUT 530 IS THE BIG TIME BREAKDOWN...
VXN---THE NAZ VOLATILITY INDEX...LOW LEVELS RIGHT NOW..EITHER WE BREAKDOWN AT 45 AND THE MARKET RALLIES UP HARD..OR WE RALLY UP TO 51 BREAK A DOUBLE TOP AND THEN TEST 53 THE TRIPLE TOP..SET ALERTS HERE 45 & 51..
VIX---THIS INDEX HELD THE DOUBLE BOTTOM AT 22..AND IS TRYING TO BREAK UP AND OUT HERE...26 THE DOUBLE TOP BUY SIGNAL ALBEIT FROM VERY OVERSOLD LOWER LEVELS...21 BREAKS THE WHOLE INDEX DOWN HARD...
QQQ---THE Q'S ARE HOLDING UP WELL HERE...43 IS R..44 THE BREAKOUT BUY...39 IS S WITH 38 THE SELL SIGNAL..SIMPLE AND EASY<G>...NO MUSS NO FUSS..HAHAHAHAHA
OK LET'S SEE WHAT DAMAGE WE CAN DO THIS WEEK TO OUR FAVORITE STOCKS...
MCDT---WHAT A P&F CHART..6 CONSECUTIVE BUY SIGNALS ON P&F...HIT THE TOP OF THE 10 WEEK HERE..AND REVERSED DOWN 3 BOXES SO FAR...33 3/4 THE BUY SIGNAL..WITH 35 KEEPING YOU LONG...31 3/4 THE SHORT SALE TRIGGER(SST) WITH A POTENTIAL PULLBACK TO 27/28 IF WE MOVE LOWER IN THE MARKETS.
AGIL---LOW FLOAT STOCK BUT TRADABLE...THE DOUBLE BOTTOM IS AT 16...15 3/4 THE SST A TRIPLE BOTTOM BREAK...17 1/4 THE BUY TRIGGER LONG(BTL)...18 1/2 R(RESISTANCE) IS THERE
NEWP---WE MADE SOLID MONEY ON THIS STOCK FOR WEEKS NOW...THE BREAKOUT BUY WAS AT 21 AND IT WAS NICE<G>...23 1/2 THE SST..23 THE 3 BOX REVERSAL BACK DOWN OFF THAT NICE RUN UP....25 1/2 THE BUY TRIGGER LONG WITH 26 1/2 KEEPING YOU IN THE TRADE WITH TIGHT STOPS...
BRCM--HELL OF A TRADING STOCK FOLKS...BOTH WAYS TOO...50 3/4 THE BUY TRIGGER LONG WAIT FOR IT...52 THE 3 BOX REVERSAL BACK UP...48 THE SST WITH 46 SOLID SUPPORT...
EMLX--ON A HIGH POLE HERE STILL?<G>..ONE STRONG STOCK FOR MONTHS...MIGHT GET DINGED HERE THO...44 3/4 THE PERFECT SELL SHORT TRIGGER(SST) AND 3 BOX REVERSAL DOWN...46 3/4 THE BUY TRIGGER LONG(BTL) TIGHT STOPS...48 THE DOUBLE TOP 47 THE LOWER TOP...KAPISH?
TUNE---WHILE I LIKED IT LONG FOR WEEKS..IT LOOKS A BIT WEAKER TO ME HERE OFF THAT FAILED DOUBLE TOP..CHECK THE DAILY CANDLE CHART...21 3/4 THE SOLID SST...A TRIPLE BOTTOM BREAKDOWN...23 3/4 THE BUY TRIGGER LONG..26 THE 3 BOX REVERSAL BACK UP..CAREFUL HERE...
CCMP---WHAT A STOCK..UP OR DOWN..IT HAS THESE 3 AREAS ON THE P&F CHART THAT SHOW SELL SIGNALS ALONG THE WAY UP TO THE RECENT TOP..IT'S FORMING ONE OF THOSE NOW...77 1/4 THE SST...MIGHT GET TO 74 IF WE PUSH LOWER..BUT WATCH FOR A QUICK UP TURN HERE TOO...79 3/4 THE BUY TRIGGER LONG WAIT FOR IT..WITH TIGHT STOPS..IT MAY BE SLIGHTLY OVERSOLD ON THE ADX...
BBY--8 BUY SIGNALS ALONG THE WAY UP WITH ONLY 1 SELL SIGNAL..TRULY AMAZING STOCK CHART...PULLED BACK NICELY HERE...73 3/4 THE BUY TRIGGER LONG AND A GOOD ONE FOLKS...76 THE 3 BOX REVERSAL BACK UP...71 1/2 THE SST...AND A SWEET DOUBLE BOTTOM SELL SIGNAL THERE..NOT TOO BAD EITHER...I'M GONNA TRADE THIS ONE..BOOTERS LIKES IT TOO<G>...HAHAHAHAHAHAA
MANU--WE DID VERY GOOD WITH THIS STOCK ON THE BREAKOUT BUY...IT'S HOLDING UP WELL TOO..ONE TO TRADE AND WATCH...20 3/4 THE BUY TRIGGER LONG...22 THE DOUBLE TOP..WITH 23 A VERY NICE BREAKOUT TO STAY LONG...19 1/4 THE SST...18 IS THE DOUBLE BOTTOM BREAK..HOLD ALL SHORTS SHOULD THAT HAPPEN..
QCOM--THIS STOCK HAS BROKEN DOWN AS CALLED A WHILE AGO AS IT TOOK OUT 1ST 56..THEN 49 THE TRIPLE BOTTOM...MIGHT GET A TECHNICAL BOUNCE THO...47 1/2 THE BTL---49 THE 3 BOX REVERSAL BACK UP...45 1/2 THE SST...HECK 43 IS THE BOTTOM OF THE 10 WEEK TRADING BAND...AMAZING..
QLGC---IMPORTANT HERE FOLKS HEADSUP...THIS STOCK BROKE OUT AT 57 A TRIPLE TOP AND MADE A 52 WEEK HIGH...IT'S HOLDING LIKE A ROCK...NOT A LOT OF SELLERS YET<G>....57 1/2 THE BUY TRIGGER LONG(BTL)...58 KEEPS YOU LONG BREAKEVEN STOP IF WE'RE MOVING UP...55 1/4 THE SST...54 THE 3 BOX REVERSAL DOWN BUT A NORMAL MOVE FOR THIS STOCK SO FAR..
NVDA----WE TALKED ABOUT THIS STOCK IN THE ROOM LAST WEEK..IT BROKE DOWN AT 65 HIT 63...THIS IS THE FIRST SELL SIGNAL IN AN UPTREND..WE NORMALLY IGNORE IT.....62 THE SST...61 STAY SHORT...64 1/4 THE BTL...66 THE 3BXRVUP...3 BOX REVERSAL UP...
VRSN--THIS STOCK CONTINUES TO MOVE LOWER HERE..TESTING THE SEPT LOWS AND BOUNCED A BIT TO THE UPPER DOWNWARD CHANNEL...35 1/4 THE SST...33 IS HARD S..32 BYE BYE CITY...37 1/2 THE BTL...39 STAY LONG...
BRCD--ANOTHER THAT BROKE A 52 WEEK HIGH LAST WEEK ON A TRIPLE TOP AT 41...VERY SOLID CHART...40 3/4 THE BUY TRIGGER..42 KEEPS YOU THERE TIGHT STOPS...38 1/4 THE SST..WITH ANY BREAK OF 37 STAY SHORT...OH WOW..I LOVE THE MARKETS..WE GO BOTH WAYS ALL THE TIME...NEUTRAL IS THE BEST WAY TO THINK..FORGET BULL OR BEAR..WE BE RIGHT IN DA MIDDLE...
SEBL---BLOW OUT OFF THAT BREAKOUT..BUT EXTENDED HERE ME THINKS..ON A HIGH POLE TOO<G>..OH AND AT THE TOP OF THE 10 WEEK...HMMM...THIS CHART IS POWERFUL THO FOLKS...36 THE BUY TRIGGER LONG..TIGHT STOPS FOR SURE...33 3/4 THE VERY GOOD SST...33 THE 3BXRVDN(THREE BOX REVERSAL BACK DOWN)...COULD PULLBACK TO 31ISH...THE 20 EMA DAILY..
EBAY---OUR OLD FRIEND<G>...BACK DOWN OFF A FAILED TEST OF TOP..TO 64 THE DOUBLE BOTTOM..HAS EARNINGS THIS WEEK AND THEY WILL BE BLOWOUT...64 3/4 THE BUY TRIGGER LONG...67 THE 3BXRVUP...62 3/4 THE SST..WE'LL VISIT 60 FOR SURE THE BSL LINE..THE BULLISH SUPPORT LINE...WHERE SUPPORT USUALLY IS FOR ALL STOCKS AND INDEXS..
GNSS---THIS STOCK IS UP FROM 20 AT THE SEPT LOWS TO 74?..OH ME O MY..WOOWIE...JUST REVERSED BACK DOWN HERE 3 BOXES...71 THE SST...LOOK FOR A GOOD PULLBACK HERE IF WE TREND LOWER TOWARD THE 66 AREA...73 1/4 THE BUY TRIGGER LONG 74 THE DT(DOUBLE TOP) WITH 75 ANOTHER BUY SIGNAL LONG...
ELNT---STAIR STEPPIN' HIGHER AND HIGHER SO FAR...BREAKS A TRIPLE TOP BY 2 BOXES AND THEN PULLS BACK HERE...43 3/4 THE BUY TRIGGER LONG...41 1/4 THE SST...
MYGN--TRYING TO BOUNCE OFF THAT DB AT 42..IT WILL DEPEND ON THE BTK WATCH IT CLOSELY...45 1/4 THE SST..WITH 44 THE 3BXRVDN...STAY SHORT ESP..IF THE BTK SELLS OFF TOO...41 IS A KILLER BYE BYE CITY SS...47 3/4 THE BUY TRIGGER LONG...
HGSI---WOW WHAT A SHORT HUH??? HOLY COW..A FAILED TRIPLE TOP AND IT PLUNGED TO 32, A SMALL RALLY BACK UP TO SHORT THEN HERE IT IS AT 29+++30 3/4 THE BTL....33 THE 3BXRVUP...28 3/4 SST...
IDPH--BACKSIDE BOUNCE HERE ON THE DAILY UP INTO HEAVY R FROM 2 TIME FRAMES THE 20 & 40 EMAS...66 3/4 THE BTL---MIGHT GET TO 68/69 BTK WILLING...64 1/2 SST...63 THE 3BXRVDN WITH 61 STAY VERY SS...
GENZ---SAME LOOK TO THIS CHART..FOR THOSE OF YOU LONG THE LEAPS..EITHER SELL ON A BREAK OF 52..OR WRITE COVERED CALLS FOR FEB/MAR AT THE 55 STRIKE...IF THE BTK BREAKS DOWN SO WILL THIS STOCK...56 1/4 THE BUY TRIGGER LONG...57 HEAVY R THERE..54 1/4 THE SST...52 STAY SHORT AND HEDGE FAST..
GILD---VERY STRONG BIO TECH IN THE FACE OF BTK TROUBLE...70 1/4 THE BUY TRIGGER LONG...TEST 73 THE 52 WEEK HIGH...68 1/2 THE GOOD SST...
OK THATS IT FOR THIS WEEK EVERYONE..LET'S HAVE ANOTHER SUPER WEEK OF TRADING THE MARKETS WITH OUR GROUP...
BEST OF LUCK GOING FORWARD..
WARMEST REGARDS
JERRY
Jerry Olson
Master Class Trader
jerry.olson@verizon.net
www.buyitbuyitsellitsellit.com |
