With my post nasal drip cough I tucked myself into my trading station ready to perform. AST who sits to my left was interested in RHT. I didn’t have a stock(s) I needed to trade, so I traded his. RHT on the Open was a lesson in how not to lose money. 1) RHT first moved higher after its gap … Read More
SMB Morning Rundown for December 23, 2009
Today, the Market appears set to open slightly higher. The levels we are watching in the SPY are 111.90 (inflection point), 111.50(sup) and 112.40(res). Below 111.50, the next support level is 110.80. Above 112.40, there are no clear resistance levels. Our best AM Idea for today, which we highlighted in our AM Meeting is to buy AMZN close to 134. … Read More
Trade2Hold
As a trader our quest is to make trading opportunities our own. We are all different. We process information uniquely, have a different tolerance for pain, trade specific set ups better than others, etc. As intraday traders we must have Trades2Hold, longer term intraday trades in our quiver. But it is up to find these best ones for us. Today … Read More
STJ Earnings Play: Great Shorting Opportunity
One of my absolute favorite plays is a stock that breaks down, comes back up to a great short price where a battle ensues and then breaks to the lows again. Today, STJ presented that opportunity. It had caught my eye in the morning because I generally like the way it trades on earnings, but when I typed it up … Read More
SPYs Holds Below 90
Last night I was hoping we would gap down near 90, get tested and hold so that we could have a strong day. I did get the gap I wanted and was trading lightly in premarket with the idea of buying into the gap. Unfortunately, the retail sales data at 8:30am was worse than expected and the SPYs traded cleanly … Read More
Respect The Support
We talk about the easy money constantly in this blog. Yesterday offered some great easy money opportunities that you have to be able to capitalize on. The first situation is the 47.50 level in RIMM. Bella discussed this level the other day in his blog post, and how a great amount of volume went off at that level. Yesterday RIMM … Read More
Lehman Support
Just wanted to write a quick note that LEH has been showing support around 7.50 all day. It spiked down there a few minutes ago and I got hit for 1,000 shares. I have a stop order below 7.45. If sellers come down aggressively below 7.40 I will change my bias to the short side again. Above 8.15 I will … Read More
July 3rd Recap
Today’s holiday shortened trading day was another great day for SMB’s young traders. As I mentioned yesterday I was looking at JRCC and RIMM for potential bounces and was focused on the jobs number for a trading cue for the day. The jobs number was benign and so the market initially reacted positively. I sold my JRCC and RIMM positions … Read More