Schabacker gets the parting word.

It was true when Schabacker wrote it back in 1932, and it's still true today. See you tomorrow, guys.

Going to post a little re-cap here with the pretty color-coded charts that people like.

ATVI initial risk was 22 cents or about 1.18%. 2000 shares was a nice size given my risk tolerance. It closed at 18.91 for a 40 cent gain, about two to one reward to risk, that's fine, not great but OK. After the 1 o'clock bar formed it would have been wise to tighten your protective stop, cut your risk down.

TIBX initial risk was 13 cents or about 1.93%. 4000 shares was a good size to buy given my risk tolerance. It closed at 6.95 for a 35 cent gain, which is better than 2.5 to 1 reward to risk, which is decent. After the 2 o'clock bar formed it would have been wise to tighten your protective stop, cut your risk down.

It doesn't matter how many times I write it because people just do their own thing, but always 1) trade with the trend, 2) cut your losses short, 3) let your profits run, and 4) manage risk. Sounds easy, looks easy, but it's anything but easy.

Sold TIBX at .95, good doggy! WOOF WOOF.

Sold ATVI at .95, good doggy! RUFF RUFF.

I'm patiently waiting at 6.96 for TIBX but if she doesn't reach up by 3:59 I'm just gonna hit the bid.

Looking at the market tone you can see what a solid trend up day it has been today. Trend days are nice because you can't help but do all right, assuming you're not fighting the tape or wasting your time scalping the tricks and the traps.

Be nice if TIBX can get the morning high here with the last bar... in any event the p-stop is 6.67.

ATVI reversed after touching the morning high, p-stop is 18.42, cut the risk in half.

The least you bums can do is toke the dealer a few chips for ATVI and TIBX. The Chairman recommends you tip at least 10% of your profits. Keep your losses to yourselves. ;-)

Richard Schabaker wrote a fine book back in 1932 called Technical Analysis and Stock Market Profits. When people ask me about my book recommendations, I always say read either Edwards and Magee or Schabaker. Anyway, here's a nice little excerpt:

See how wonderfully people used to write? Back in the day before universities were destroyed when people had to learn how to read and write, but I digress....

I've got a standing order on ATVI at 18.51 but don't think it's going to trigger in the next 20 mins. See you at the close, guys.

P-stop 6.60 TIBX

You can see the lovely spot the NQ gave to get long this morning. Selling out at 1423 for a scalp would have been the old risk three points to make three points play. You can make a living doing that assuming your win rate is extremely high.

E-mini Nasdaq 100 futures (NQ), 5-minute chart

Interesting that Goldcorp's (GG) Chairman and CEO sold 39% of his stock holdings. Is the smart money selling off their gold holdings up here?

Puppies look like they want to come in now.

The broad market tone is the best I've seen since last Thursday (12/11), which of course was a trend day. But intraday sentiment can turn on a dime and usually does.

When that 11:00 AM expansion bar formed in SSTI it would have been smart to tighten up the old p-stop, reduce the risk. Trading is mainly about managing risk.

SSTI gave a good 16-cents-of-risk spot to get long off the 15 min. chart but nothing doing for those of us sitting back with the 30 min.

Those dogs really jumped out of the gate so we just have to be patient, see if there's a spot to get in before lunch time.

I'm going to put a Google Ad on the front page here today to get a better handle on the site traffic... the jokers from Bear Stearns and Goldman Sachs are skewing my site stats with their manic refreshing of the page... have to eliminate them from the picture.

Our good friend from yesterday, SSTI, is moving up in an unusually active way. Might be fun to play it long today, assuming it gives us a spot.

Alex Salkever writes of Google's growing influence in Google Here, There, and Everywhere.

Given the good tone I'm watching ATVI, BBBY, and TIBX a little closer.

The Guardian posts its Best of British Blogging winners.

Tone is positive this morning... it looks like the bonds broke out of that large multi-month triangle on that CPI news the other day.

10-Year Treasury Note Yield, Daily chart

PNC Bank's Christmas Price Index is kind of cute.

Google starting to crawl a richer set of information:

Eyes on AMLN, ATVI, LOUD, MMPT, TMTA, TTWO, among others.

Ciena (CIEN) is also in breakout mode.

CIEN, 30-minute chart

Ask Jeeves (ASKJ) is coiling nicely.

ASKJ, 30-minute chart

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