Now what?

I am very torn here, but I feel like we still see 1150 area on S & P before we take any real big downturns, if then. I'm not holding much of anything, so just looking for good entries and opps regardless. Very interesting market here, everything says we should go down, even sentiment to a large extent, and yet we continue to defy gravity. Yes, we were down Friday off the putrid job #s, but down 20 points after being down over 100 when those #s were G-d awful is a pretty big victory for the Bullish camp. Still liking CRM into (not through) those August 19th earnings and would look for an entry on RIG long as I think it can see higher. I don't own any now, but if it dips back down to $50ish I'll probably poke it long. In the meantime, I do own (50) CRM calls and will see what shakes out.

In the meantime, big shoutout to my oldest daughter Joelle who made her acting/singing debut last night and I must say that life is pretty amazing when you watch your youngest daughter ask your oldest for her autograph!

I mean, how much better does it get then that? It's also great when you can block out all the rubbish and BS in the world and in each of our lives and focus on the task at hand. I did this when I was younger and studying some Eastern spiritual principals, just not watch the news or read the paper for a month and you realize how lucky you are. So much to be grateful for. It's a good thing to keep that first and foremost, front and center, the noise is just that - noise and it'll wait.

Wanted to update for those that have donated and hopefully those that will donate to the Haiti project. It's been a total B*t*h getting any help from the local government so we reached out to Sean Penn's people and it looks like there's some movement. I'm very hopeful that the school will be under construction shortly. It's such a mess down there and such chaos. Again, it's pretty cool living the way we do here. I can't imagine how devastating it must be to go through some of the things people around the globe have to put up with at times (or sometimes all the time).

Life is very good indeed.

Off to see night #2 of the best performance in the world going on tonight (yes, I'm a tad biased). My youngest needs to collect a few more autographs from the rest of the cast so we gotta stay.

In the meantime, keep rockin' and let's see what shakes, I'll be on vacation and completely out of commish (and the country) for about 3 weeks to refresh and reload and relax. Yes, that's 3 R's and not 2. Whilst away I plan on being completely cash and not trading. In fact, where we're going for part of it I'm told there's little or no internet baby. So...if I don't get back to ya, it just means I ain't gettin' the message.

I'll be back early September and will catch ya all on the other side...

Keep rulin' and Scott will be here, along with the rest of the gang. If you need to reach someone, feel free to email Scott@trendfund.com, or Ilene@trendfund.com and they will be happy to help.

Thanks for all the early Bday wishes, I'd love to be celebrating my 30th, but that happened a while ago, so I'll settle for #47.

Rock and RULE!

See ya on the other side -

Michael "Waxie" Parness
waxie@trendfund.com

*If you are interested in donating ANYTHING for the Haiti project, please email; yaffa_holmes@gmail.com and she'll give you info on where to send check or make a wire. YES, 100000000000% of all monies goes directly to charity always. The Trend Fund Foundation is a 501C-3 and has donated a ton of money to various children's causes. I'm very proud of the causes we've supported and beleive that giving is selfish because spiritually you'll get back a whole lot more anyway. Rock on and anything you can give is appreciated it. The 501C-3 makes all donations 100% deductible and we're now able to accept credit card donations. Thanks!

Jobs,jobs,jobs...

The jobs # tommorrow is all that matters now, babies. I posted on my Facebook page (Michael "Waxie" Parness please join) that I have a sneaky suspicion the #s are going to come out better then expected, maybe much better. Having said that, I obviously have as much info as everyone else. Just seems that with the elections upcoming it will be very good for the sitting party to be able to say we're in a stable recovery, hang in there everyone. Whether that's true, and I hope it is, is besides the point, but the market has rallied very hard to get where we are, even after a couple down days we're still right at the breakout to 1150 or new yearly highs even point if we get a sense that things are actually REALLY getting better.

It should be very interesting then to see what the # is, and then see market reaction. It's impossible to "play" as anything is a guess at this point but if I had to lean, I'd lean LONG and STRONG for sure...

Meanwhile, move should be dynamic and violent either way unless #s come in exactly where they are projected to be, then we should get an initial move and then I suspect a pretty flat bias.

Keep in mind we typically have a positive bias into the FOMC meeting anyway, and thats next week, so again I'd have to lean long, BUT it's a crapshoot til, well,,,til it's not...

Keep rockin' and rollin', more great stuff comin' soon. We're opening the Forex site shortly, and please keep those emails coming to; ilene@trendfund.com to get your FREE 1st newsletter.

Rock and roll, rock and roll...

Michael "Waxie" Parness

FREE FOREX NEWSLETTER

We're ready to roll out our new FOREX service. If you wish to receive our 1st Newsletter that will introduce our new service, it should be ready to be emailed out in about 10 days.

Please email; ilene@trendfund.com and get put on our email list, the newsletter is 100% free, no credit card necessary, no fuss, no muss.

Over the years we've had a mass amount of clients interested in learning more about trading FOREX (Currency markets) and it's time for us to offer it to you.

So, with that in mind, Scott Littlefield and I are working on our 1st issue of the newsletter.

Just email; ilene@trendfund.com and get on our list for the FREE 1st issue. All we need is a valid email address, your name, address and phone #. No credit card necessary. The idea is to give you an introduction to FOREX and to what we plan on doing from a traders perspective.

Thanks and as always, we look forward to rolling out the BEST service of all FOREX services out there.

Rock on...and RULE!

Michael "Waxie" Parness
waxie@trendfund.com

Market continues to plow higher...Workshop in Florida Monday...

Wall of worry is being climbed over at this point. S & P now above 1125, that 1150 market is looking tasty. Interesting split market as Banks and Home Builders continue to lag badly and yet Tech and select issues just plow higher and higher.

Earnings runners still rocking, and if you are picking your spots you are doing pretty darn good. You're doing even better if you had PCLN over earnings (we didn't, fyi - though wish we did!).

DNDN looks higher, this stock reminds me a lot of the former IMCL in that it would dip on "bad" news and then rocket higher and higher until it got bought out. My suspicion is that DNDN gets taken out so I think it has to be on your radar both ways. I own 50 calls on it currently, had 25 into today and added 25 today, for full disclosure sake. So, yes, I did indeed have a very nice day...

I'm doing a "1 on 1" intensive 1 day workshop this coming Monday in West Palm Beach Florida. If you are interested in more info email me and I'll get you details. Email me; waxie@trendfund.com

Let's keep plowing ahead, life is freakin' beautiful babies and it's all GRAND! We're moving ahead on all cylinders and so is the market. Gotta love the summer, I sure do.

Heading out to free some Butterflies with my beutiful daughter. Who'd a thought that a soon-to-be 47 year old 6'4" dude from Queens would be freeing Buttleflies and sharing about it when I was growing up? Not I. And, hence the beauty of life.

We're releasing some soon to be finished DVD's that are brand new shortly, stay tuned. 2010 is turning into a GREAT YEAR, rock on...

RULE

Michael "Waxie" Parness

Sometimes its better to be lucky then good...

It's easier for me to post on Facebook, so I post there more often, if you wish to follow me just join my fan page it's listed under; Michael "Waxie" Parness

Today was a total chop fest, but the market until it breaks below that recent breakout of about 1110 area is trading like it wants to go higher. We'll see, tomorrow should be a pivot day. FOMC coming up next week, so I suspect we'll chop around and stay around where we are, with an upside top around 1150 on the S & P and downside risk to about 1100, though again more then likely we'll hold that 1110 area unless news that sucks comes down the pike. So, I'd stick to buying the dip.

Today we also got very lucky. I had called CTSH few days ago for a run into earnings and we were up on it, but I had it listed as reporting earnings TODAY AFTER the close so I got a bunch of people thanking me for the play. It's nice to get lucky once in a while. The calls I think went about 200+% and I woke up and was up a nice little ka-chingo, but for the record, I rarely hold over earnings and the general rule is to sell before earnings, which was the plan.

Trading isn't a perfect system and neither is luck, I've had that happen the other way a few times in my career as well. But, its nice when you catch a little luck going your way.

A couple months ago we had DNDN calls and they went BONKERS for us, a HUGE gainer (I think it was about 500% but don't hold me to it) and the FDA approval came early and gave us a lot of the gains. I think we were up about 100% going into that, but much of the gains came after. I remember last year getting cracked on a trade involving a little company, CHTP when the same thing happened, but it went against us. That's why we try to trade using good money management skills and not try to rely too much on "news" events.

I wanted to bring it up because the "norm" plan wise is to not take that trade through earnings, it just so happens that the earnings date was wrongly posted on the calendar.

In the meantime, watch CRM for a run into earnings on the 19th, thats one I own some calls on (25 of them) and think the trend should be higher into earnings. I'm a buye ron pullbacks. I think we entered around $97 and its $101, but regardless if we pull in thats one to keep an eye on.

On August 13th we have a VERY special guest doing a class with us. Stay tuned for more details, but we are making some amazing partnerships and there are soon to be some very major announcements. If you are interested in the class its from 8:30 am EST to 11:00 am EST on Friday, August 13th...stay tuned...email me; waxie@trendfund.com

Rock on...

Michael "Waxie" Parness