FLOYD is NOT ONLINE at all today. FISHING. I will lead with this, before I tell you all: I TOLD YOU SO! There! It felt so good to see us in the know watch the May655P move to highs of 16.90, allowing profits to all traders that held it out, and trusted in the FACTS, not the false facts.
The Dow moved to a low of 12,759 on the theoretical Dow. Not sure if I could have been more close in my top level projection. And it's not to brag, but to PROVE to you that the financial babble of the "bulls have taken over" macroeconomic gobblegook that so influenced you all for days. Here's a few comments:
1. “Floyd, That was the single hardest thing I have ever done with regards to investing – keeping to the 4 day rule of stop loss. It was unbelievable how challenging it was. The key element however that you have introduced us to a time tested successful model. I would have NEVER thought to hold that option through the lows. I can’t say the emotion was completely out of it (yet) but I can say I am thrilled I followed your advice/model!!!” - Gratefully, RC
2. “ Sorry about the nervousness. I just lost a lot over the last few days, over $6,ooo after yesterdays reversal. I have 10 puts at a 13.65 average cost so I’m still $4775 out. I wasn’t home yesterday do to work and got burned when the market reversed before it reached my sell order. I would like to stay with it, but I’m concerned it will do like it did yesterday again. I know I over extended on the buy by my own stupidity, but I would appreciate any help you can give me on bailing myself out of this.
Floyd, thank you I bow to your wisdom. sorry I was such a pest. I turned a $6000 loss into a $2000 profit with your advice. I just became a member today and can’t wait to learn more. thanks again.” – D
3. “Floyd, you amaze me. I fought to listen to you, and just realized I wrote you over 15 times on "how wrong you were" and "what I had read", but I kept the faith. I just made 42% and total profits of $31,000 on the one trade. I've never seen the psychology of the trade so perfectly analyzed as your many reader comments. I'll tell them all: subscribe to Advanced Mentoring. Listen and read to you. You can trade full time within a year. And, I agree with your rants...I’ve begun to see what I did not understand. "NC, Asheville
4. “Hi. just wondering why over the last two days, the price has ended up at the opposite level the "first 30-60 minutes of trading" rule of the price in relation to the pivot point said it would. I'm probably just misunderstanding something.
Floyd: Indicators are just indicators.
Also, yesterday, I seem to remember the bias being to the put and yet the day ended up significantly positive. Was this bias fulfilled in the morning? Because that was a short-lived dip in price followed by a much longer-lived rise. Is the bias intended to predict to entire trading day?
Floyd: The bias lasts sometimes 30 minutes:) Puts were profitable yesterday.
This morning's signal was to buy OEYQK again. I already had a contract I bought at 8:40 or so (Which today filled out to sell giving me a 36% return) a little while ago. So this new signal for the day was to add to my position?
Floyd: Can we see from this email that the subscriber still has to learn? It was a new signal. No need to add, if we already owned the signal.
If so, I'm assuming I was supposed to follow the buying rule of waiting until it drops 30% of the price I paid for the original contract. That's how I filled out my pre-market buy orders. They obviously didn't get filled, but I'm just wondering if when you give us a new signal for a position we already have, if you still expect us to wait for it to drop the 33% of our first buy, or if you think its ok to buy at up to 20% of the previous day close?
Floyd: This subscriber needs to read our manual and study.
I made a mistake last week. I had only 10,000 in my paper trading account and bought into OEYQK at a little over $16.00 . My first mistake was to pay more than 10% of my account into that trade. MY second mistake was not buying at 33% discount when the price fell. There I couldn't have held two contracts at a lower averaged cost and profit off of yesterday's early morning drop in the oex. So I took a loss. THANK GOD IM PAPER TRADING!! I'm also glad I had a chance to lose fake money right off the bat. I've learned so freakin much over the last week and a half since I subscribed to you service. I will NEVER make those mistakes again. I might even paper trade longer than 4 months. And just to let you know, I've been considering subscribing to you service for almost a year and have been sourcing you out to see if you're a scam. (20-40 percent returns daily sounds like a scam). But honestly, all I found was positive feedback. I'm deadly serious about trading for a living. I'm only 24, but I'm very committed and serious about it. I'm really glad there’s a mentoring service out there where I can get one on one help. Once I start making real money, I'll also subscribe to bluechipoptions.com and bump up my oexoptions.com level to level 3. "
Floyd: This would be the time this subscriber should subscribe to Level 3, not after making money:)
5. “Man did those guys eat there words today that wrote the emails. Nice call. I still have much to learn though. I was getting restless and sold out just above S1 level and missed out on 125 points of downside. I got back to break even on old 655 trade and then sold the more in the money option I bought yesterday for a decent profit. I just should have had patients, guess it just a learning process. I can not beat myself up for making less profit than I could have. Just learn my emotions.”
With this all said, it's time to move on. The Friday before Mother's Day the Dow has been up 8 of the last 12 years. Be prepared. I suspect we could have a bit more downside today, and will keep the same Dow projection potential bottoms for the short term, and NOT issue a new signal for market opening.
As noted above I plan to "fish" a few hours. For those of you that are new to my style, FISHING means I will not watch the market, will do NOTHING, and will let the dust settle a bit. As I see futures, and appropriate bias clarification, I'll watch for entry to the call. Read our Dow projections carefully.
Lastly, one subscriber wrote yesterday with the question "Is George Soros right?". Soros is a billionaire investor that I believe as astute as Buffett, and like Buffett, he believes that the "worse may be over" and the "recession controlled". Meanwhile, back at the political ranch, the economists and children of government still argue when the recession has begun, or if we are in one. Just as most do not understand that the price of oil has NOTHING to do with supply or demand, or the oil companies, but with oil traders and how they've bet futures, and with how Bush took it from $32.00 a barrel to $120.00 a barrel in his eight years of idiocy, by how he bet our lives on "democracy in the Middle East", and the control of Iraqi oil.
As I teach: ALL is not as it appears.
And one last trader who made my day – “Hey Floyd, My kids are vying for my attention right now so I don't have much time. There is so much I'd like to write to you about.
At this point, all I can say is that I think you are a freakin' genius. Utterly amazing. I cannot believe how someone can predict the market with this kind of accuracy. I realize that you cannot be correct 100% of the time...but I'm telling you right now - I will NEVER doubt you again.
I am studying your manual, watching your videos, and reading your articles. I am only 34 and I know you are older than me. I will have a membership for as long as you are offering your services. However, I want to make sure that on the day you retire, I'm not left with my thumb up my rear not having a clue as to what to do. I am so glad that I signed up for Level 3.
I can't wait to hear what you have to say next. One happy camper!” – MP
Floyd: Thanks MP
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