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Free Trading Newsletter:
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Samples of Recent Calls
In October 2007, Jack called the market top. Below are samples of his market updates that he published advising subscribers on moving to the short side:
Sent: Thursday, October 11, 2007 11:28 AM
Subject: All Plays Off Immediately All Etf's Stay ON
We are extremely overbought and we are seeing some massive reversals on leading plays today after running straight up. This is often but not always a sign that it's time for a short term top and thus some decent selling is on the way. Based on this we are taking off all of our plays. Better safe than sorry. This is a real key reversal day. All etf plays are long term, and thus they stay on.
Coming off immediately are: Ba, Tk, Ssri, Gsf and Fpl. We just took off Stld and Amgn.
96.50 -4; gsf 78.92; ssri 39.00; fpl 62.93 and tk 57.00
Peace
Jack
Sent: Wednesday, October 17, 2007 9:52 AM
Subject: Important Update
The bull bear % that came out this morning took us by surprise. Our job for you is to adjust our thinking in the very near term when necessary. This 42.7% spread shows extreme complacency and this must be respected. We were fortunate to have overall strong gains with those 6 etf's and thus the reason for having no trouble removing them for now. They will definitely be put back on from lower prices down the road. We must adapt for all of you. That's one of our jobs and thus let's relax a bit. We're doing great overall and soon we will be shorting a few plays and going long an inverse etf which acts as a short. We'll do it when we feel the timing is right. I'll deal with rimm during the day so stay tuned for that.
Peace
Jack
Sent: Monday, November 05, 2007 10:47 AM
Subject: All longs Off Immediately
We don't like the market action here folks and we're going to 100% cash and thus all longs are off immediately. It is what it is and we're going to remain cash for as long as we need. If it takes weeks so be it. If it takes longer, so be it. We will not play anything on the long side until we get a strong Macd divergence on heavier selling.
Peace
Jack
Sent: Monday, November 12, 2007 12:53 PM
Subject: All cash Immediately
The leading stocks are breaking down one by one with no respect for massive support levels. All cash here folks. 100% cash.
Peace
Jack
Sent: Monday, November 19, 2007 10:15 AM
Subject: A Little Education, Especially For Newcomers
One thing you can focus on for your future trading careers is to watch how the market internals are with regards to the advance decline line when understanding whether a market is behaving well or not. For instance, over the past many weeks, when the markets were higher, the advance decline line has been negative. Friday was a great example of that. A nice up day but horrific internals. Use that as a guide for yourselves. As a market is trending higher the internals should confirm. Same is true in reverse. As a market is trending lower, the a/d line should be poor as well. When things don't confirm on that level it tells you things aren't as they seem. Just a little tidbit, especially for those of you new to trading. This is why we haven't been bying the recent rally days.
Peace
Jack
Sent: Wednesday, December 12, 2007 6:54 AM
Subject: Fed And Feeling Proud
When you get a gift you take it. We decided to eliminate our beta by taking off Fxi and yes, a winner of nearly $3. All we have left is Atu which is a nice little winner so far and Bdk which is barely down. There is a 42 cent dividend on it this morning thus add that to the price of the current stock. Here's our stops on the final 2 plays. $79 on Bdk and 31 on atu. At 31 it would be a flat play and at 79 we would lose about 3 on Bdk. Our plays in the last three weeks have been Pii, Fxi, X, Fcx, Aapl, Ma, Tnh and Pkx. Every one a winner and some quite large. we feel great aobut that thus we'll let the last two lower beta plays sit out there. Too much danger here to take on new plays. We MUST be a spectator for now to gain more insight. Today is an artificial prop job from a fed who clearly knows he made a terrible mistake yesterday. Let's watch here.
Peace
Jack
Sent: Wednesday, January 02, 2008 8:25 AM
Subject: All remaining longs off Immediately
Time to be cash other than shorting based on market action.
Ba--87.02
Rimm--113.05
Sent: Friday, January 04, 2008 6:43 AM
Subject: Market Update
The SP is closing in on 1420. Please remember that the bulls will fight with every ounce of their being at this level. We have no long exposure other that the sds which is inverse and thus acts as a short. We're up nice on the Iyt, Sds and Goog. Let's see what the market does in this area. A long day ahead. We're making good money in today's carnage which feels nice. No losses on a day like today is always a great feeling.
Peace
Jack
Sent: Monday, January 14, 2008 6:50 AM
Subject: Short Alert ICE
50 day from underneath with a very poor daily macd.
ICE--Intercontinental Exchange
January 14, 2008Best Entry--171.00-174.00
Target--155.00
Stop--177.00
Beta--High
Current Price--172.54
Sent: Tuesday, January 15, 2008 9:33 AM
Subject: Ice and Nas 2438 Updates
The Nas continues on its symmetrical triangle breakdown or bear flag at 2438. If this holds decently below by the end of the day the bulls are not going to be happy. yes, there is an earnings report from Intc tonight and that could help but it better be very good. Technically it's all about 2438 now. Ice is now a big winner for us and it too is on breakdown below 170 and thus we're holding it.
Peace
Jack
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Former columnist for TheStreet.com, Jack Steiman is renowned for calling major shifts in the market, including the market top in October 2007.
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