I am thankful for this board and this thread because it's made me realize that the way my parents did it and the way you're told to just set it and forget it is just brainwashing...

Is it probably good for a lot of people? Sure. But it's also how they keep you locked in your 40 hr a week paycheck, slowly grinding away so that you can hope to retire and maintain some semblance of the standard of living you've grown accustomed to.

My light bulb went off when I realized the market is a dumpster fire and somebody, somewhere is still making a ton of money.

Healthcare is the ball and chain keeping us to our desks

CC09LawAg said:

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I am thankful for this board and this thread because it's made me realize that the way my parents did it and the way you're told to just set it and forget it is just brainwashing...

Is it probably good for a lot of people? Sure. But it's also how they keep you locked in your 40 hr a week paycheck, slowly grinding away so that you can hope to retire and maintain some semblance of the standard of living you've grown accustomed to.

My light bulb went off when I realized the market is a dumpster fire and somebody, somewhere is still making a ton of money.

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30K's signature says it all.

They done us dirty again, boys! I'm gonna have a drink and enjoy my weekend! Hope y'all do the same!

South Platte said:

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It's like they are just daring me to jump into SQQQ. Double dog daring me.

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Traded SQQQ all week following 30K's post about it on Monday or Tuesday. Best trading week in a long time. Rinse and repeat. Solid volume. Now to figure out next week's plays

I escaped today. Grateful for that.

Man! Glad I was too busy to trade today. I would've gotten rugged! But I'm glad I didn't chase it yesterday. The price action didn't fit my script so I stayed on sidelines.

And caution now, there's a dark cloud cover pattern forming on the daily chart. Pretty bearish pattern. Trade cautiously!

Oh, and my football team sucks this year. So many kicks in the groin.

BaylorSpineGuy said:

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Oh, and my football team sucks this year. So many kicks in the groin.

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Happy f'ing Friday fam.

Here's 2 recs that aren't exciting but pretty safe and offer good ROI. I'm not recommending options, but if you're a smaller account and have to due to the stock price, then go out several months. They tend to do well in recessions, especially in the fourth quarter because people have less to spend for Christmas.

Dollar General (DG) is a very good stock with strong management. The other is Dollar Tree (DLTR). They are both in a Darvis box, DG is further along, and the Bollinger bands are getting tight.

IMO, these offer solid potential with minimal risk. Do your own DD as always.

CC09LawAg said:

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Isn't it incredible how thirty minutes go by and down to the second there is a giant sell off?

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If you are actively day trading, look at an economic calendar every morning, so you are aware of important data releases. This one was Consumer Sentiment and Inflation expectations. The algo's fire off this data.

On the bright side if we see 3200 in coming weeks it will guarantee a GOP midterm victory.

Ah, Farmer, what's your take on this potential situation? I'm not as familiar with O&G as you and others in here.

https://finance.yahoo.com/news/u-refiners-preparing-potential-fuel-200000439.html

Quote:

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U.S. refineries are preparing themselves for the possibility that President Biden could impose a ban on fuel exports after the White House dangled the threat of the ban in front of refiners. No action has been taken to date, but with the mid-terms coming up and fuel prices continuing to rise, this could soon change.

Earlier this month, the White House requested that the U.S. Department of Energy (DoE) assess the potential impact of banning fuel exports including gasoline, diesel, and other refined petroleum products. The move suggested that President Biden may be preparing for a ban. This comes ahead of the mid-term elections, at a time when Biden is concerned about fuel prices rising even higher, and as the U.S. public battles with growing inflation levels and general economic uncertainty.

In August, the U.S. Secretary of Energy, Jennifer Granholm, addressed a letter to U.S. refining companies pleading with them to increase their domestic inventories of gasoline and diesel and to shift focus away from exports. In her letter, she pointed to the potential for "emergency measures" to be taken if they could not achieve this goal. In October, she suggested that restrictions on energy exports were a possibility, and although they were not being considered "at this time," that may change if deemed necessary.

Refineries across the country are uncertain about whether Biden will call for a ban on fuel exports in a bid to manage high gasoline and diesel prices. Due to the ongoing insecurity, U.S. refineries are now putting contingency plans in place to be prepared for any sudden decision from the White House.

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The way you guys need to think about weeks like this are whether or not you had a green week. Red days happen. I barely scratched out a positive day today and it was difficult. The price action sucked and failed breakdown setups didn't work. Today had a lot of traps and didn't present linear price action after the initial move.

Week was green, I'm going to call it a win. Next week is a series of fresh opportunities.

Bio looks strong by the way.

I also want to call attention to respecting stops.

I attempted to long TSLA this morning. The setup was there for it. Bullish open that gap filled. I got long at just below 223 on the gap fill and then it spiked very quickly to 225+. I thought I was on my way and set a stop below support of 219 (stop 218). It didn't work, but TSLA closed the day at 204! While it sucks to take a paper cut, I'd much rather take that paper cut immediately on invalidation instead of bagholding. Happened to me twice on UPRO today, but you know, because I was disciplined with it and didn't go ape shirt on risk on a Friday after a huge move, it was a minor set back.

Gaining $50 on your account is better than losing $5,000.

How's your new freedom from walking away from the rat race feeling? It was liberating for me when I finally did it. For me it was one of the scariest and unsure decisions I've ever made, but it was the best thing for me personally, except for my son.

ProgN said:

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Ah, Farmer, what's your take on this potential situation? I'm not as familiar with O&G as you and others in here.

https://finance.yahoo.com/news/u-refiners-preparing-potential-fuel-200000439.html

Quote:

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U.S. refineries are preparing themselves for the possibility that President Biden could impose a ban on fuel exports after the White House dangled the threat of the ban in front of refiners. No action has been taken to date, but with the mid-terms coming up and fuel prices continuing to rise, this could soon change.

Earlier this month, the White House requested that the U.S. Department of Energy (DoE) assess the potential impact of banning fuel exports including gasoline, diesel, and other refined petroleum products. The move suggested that President Biden may be preparing for a ban. This comes ahead of the mid-term elections, at a time when Biden is concerned about fuel prices rising even higher, and as the U.S. public battles with growing inflation levels and general economic uncertainty.

In August, the U.S. Secretary of Energy, Jennifer Granholm, addressed a letter to U.S. refining companies pleading with them to increase their domestic inventories of gasoline and diesel and to shift focus away from exports. In her letter, she pointed to the potential for "emergency measures" to be taken if they could not achieve this goal. In October, she suggested that restrictions on energy exports were a possibility, and although they were not being considered "at this time," that may change if deemed necessary.

Refineries across the country are uncertain about whether Biden will call for a ban on fuel exports in a bid to manage high gasoline and diesel prices. Due to the ongoing insecurity, U.S. refineries are now putting contingency plans in place to be prepared for any sudden decision from the White House.

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Okay. To my knowledge, it is unlawful, against the law, whatever you want to call it, for the President to stop/halt/ban the export of refined petroleum products (with exception to wartime). The President can stop the exportation of crude at any time. If this President stops/halts/bans refined products, I believe this gets ramped to the U.S. Supreme Court pronto. I would think this is unreasonable restraint of trade where the Clayton Act, Sherman Anti-Trust Act or Federal Trade Commission Act would come into play for refined product manufacturers. I'm not aware of "emergency measures"(<- as noted in article) that would over-ride those Act's mentioned above. This is insanity. If the libs do this to U.S. refiners, I hope the refiners shut off LNG and call Force Majeure on forward contracts and let all of Europe freeze. Then shut down the California refineries with a bogus maintenance problem. I'm a little guy that could not make a ripple, but I am truly stunned by what I read above. My logical side says relax, after November 8th the libs will not care about the price of crude, gas or diesel. (I'm stewing,....if it's so bad, those SPR Releases should have been stopped months ago. Frankly, it is bad, those S&D's have been screaming for months. However, we have a POTUS and an Administration that is not good, or smart.)

I know a whale that has been collecting MRO with the thought that crude export would be banned and refined products zoom in value and he makes bank. He's been collecting MRO for 18 months that I know of. (I don't own any MRO stock) I'll see if I can reach him this weekend and get his take on this refined products messaging from the Administration.

Thanks, I'm nowhere near familiar with that Industry but I didn't get a warm and fuzzy feeling while reading that.

So glad I made the change. Really love what I'm doing at the moment. Just about the work and not the BS.