I received this email from Reader Bob titled “Someone has to tell me to stop being an idiot like I was today”: Might as well be you :-). So overtraded, didn’t focus on my edges, missed my #1 set-up on LEN (top of my trade plan). The easiest $1 anyone will see when it walked through the top of the … Read More
After Hours Trend with Confirmation Pattern
After the Close it can be tempting to leave the battlefield. I am tired. I could use a snack and some liquids. There are some emails to return. I didn’t check out that rain dance baseball video on Youtube yet. It is so nice out maybe I can sneak out early for a run. Who needs to risk taking a … Read More
Priorities
I was psyched for an opportunistic Monday after Friday’s action in GS and the market. On our Sunday night SMB University show on StockTwits TV I went through all the levels in GS, JPM, MS, BAC, DB and the market momentum leaders. I read every blog and article on the GS/SEC civil suit. I mapped out a plan for new breaking … Read More
The Power of Trading Skillz (RIMM 72)
The modern science of elite performance has taught us that reading and watching videos is not going to make us a great trader. Anyone interested in the markets can read a chart in RIMM and recognize the 71.80 and 72 levels. I call this acquiring domain knowledge. And that is important. And certainly RIMM is a Trade2Hold above 72. Oh … Read More
PLAYING AIG FOR A BIGGER MOVE
Wednesday AIG broke about an important resistance level of 36. If for some reason you have been trapped under a rock for the past two months you might have missed that most things breaking out head for higher ground. Boss Lindzon has labeled the recent market upmove as the “inconceivable rally.” One of the original trading bloggers, Rev Shark, on … Read More
The Superstar Effect
High Frequency Trading (HFT) is supposed to be the new superstar on the Street. I wonder if this will be the case in ten years. More importantly, are we ignoring excellent trading opportunities because we perceive HFTs as the superstar? The NASDAQ Day Trader used to be king. Tech and then Internet stocks rained money on then this new breed … Read More
I AM A TRADER
We watched tape of MEE from yesterday after the Close. It was a very difficult stock. But I heard a comment from a very bright trader that I bet is heard on other trading desks:” I don’t like scalping MEE because I can’t tell when it is going to spike 20c against me.” I know too many traders passed on … Read More
OPENING DAY
Tomorrow is Opening Day! All the statistics from last year are thrown out and we start anew. Spring has arrived with its warmer weather, flowers blossoming and sunlight extended. All those fans of non playoff teams gain a great gift- hope. No matter that the Tampa Rays failed to make the playoffs in 2009 as most predicted- this could be … Read More